The Regional Comprehensive Economic Partnership (RCEP) will offer Cambodia new avenues for economic growth, a legal luminary has opined.

Dr Sok Siphana, Managing Partner of Sok Siphana and Associates as well as one of the leading authorities on Cambodia’s legal system, international relations and economy, made the observation while delivering the keynote address at the ‘2023 Annual General Meeting and Dinner’ of the Malaysian Business Chamber of Cambodia (MBCC) held at Sun & Moon Hotel in Phnom Penh.

Sharing insightful views on Cambodia’s geopolitical landscape and opportunities from RCEP, he said: “About 20 years ago, I was in charge of Cambodia’s accession to WTO, which created tremendous opportunities for the country and Cambodia would open its economy to the world.

“Now after 20 years, the effects of joining WTO are gradually melting down and RCEP has emerged the new fuel for growth for Cambodia.”

He pointed out that Cambodia will have to push forward trade diversification for growth, beyond the US and the EU. “Through RCEP we now have better access to Japan, South Korea, Australia and New Zealand.

“With the next elections, Cambodia will witness a generational change in policy-making and implementation. The new generation of young ministers, mostly Western-trained, will change the direction of development of this country. We will have young dynamic ministers who are highly capable. And when they combine with RCEP, it will become a powerful combination.”

Praising the country’s economic partnerships with China, Dr Sok said Cambodia is one of the major beneficiaries of the Belt and Road Initiative. “China will remain a source of growth for Cambodia and will be its strongest economic partner.”

The AGM saw MBCC President Tan Khee Meng providing a comprehensive report on the activities of the chamber during the past 12 months.

The highlights of the past year included a series of highly successful charity events, networking engagements, and forums with government agencies, which showcased the MBCC’s dedication to fostering strong business relationships and contributing to the local community.

The AGM also featured the re-election of the executive board members for the 2023-2025 term. Tan was re-elected as the President of MBCC, while the other six board members include Syed Azmeer and Mohan Bandam as Vice-Presidents, and Michael Chai, JJ Ng, Alex Lim, and Nikki Sim as Directors of the Board.

In his address marking the re-appointment as President, Tan reiterated his mission to lead MBCC with the spirit of making the best efforts to unite all Malaysian corporate entities and individuals in Cambodia, in order to create a lasting impact and promote the good name of Malaysia in Cambodia.

“I strive to lead MBCC to achieve and grow its membership base and enhance our influences by gathering Malaysian investors’ strengths in Cambodia to make collective efforts to promote more business opportunities for Malaysian businesses as well as continue to actively engage with relevant government agencies through business forums.”

He said that MBCC membership has grown across three categories by 47 percent since the Covid era and it also set the standards for other chambers and business associations to emulate.

“The Charity Gala Dinner held on August 1, 2022, was graced by General Hun Manet, which saw a sell-out attendance in excess of 500 people and the fundraising stood at $77,700. This was given a further boost by General Manet, who personally contributed $10,000.

“With these funds, MBCC enabled four villages and one commune to be completely free of landmines, returning the land to more than 1,000 villagers.”

In addition, to enable Cambodia to achieve landmine-free status by 2025, MBCC, together with Khmer Times and Wing Bank signed an MoU to launch a fundraising campaign known as ‘4,000 Riel for a Mine-Free Cambodia’.

MBCC is also one of the six pioneering members of the Cambodia Confederation of Investors Association (CCIA), which was officially launched on June 17.

The event sponsored by APD Bank was attended by members of MBCC, the Malaysian business community in Cambodia and their business partners, with Eldeen Husaini Mohd Hashim, Ambassador of Malaysia to Cambodia and Dr Sok Siphana as the guests of honour.

In his speech, Eldeen Husaini congratulated the new MBCC leadership and expressed strong support of the Malaysian Embassy for MBCC’s activities in Cambodia.

Source: Khmer Times

• EU to ban products made with forced labour - a progressive tool against modern slavery
• VN needs drastic reforms to create firm ground for economic growth: experts
• Enterprises want clearer regulations on seafood production
• Foreign businesses increasingly seek export sources in Vietnam
• Sailing through storms: The fallout of Red Sea disruptions for global trade and inflation