Cambodia: German delegation visit boosts economic ties

The delegation visited the CDC on Monday afternoon and held talks with Chea Vuthy, Secretary General of the Cambodia Investment Board of CDC, exploring opportunities to further strengthen the ties, said a press release from CDC.

The visiting team was accompanied by Stefan Anton Messerer, Ambassador of the Federal Republic of Germany to Cambodia.

“The main purpose of the meeting was to pay a courtesy call and discuss bilateral development cooperation, as well as exchange views on investment aspects and partnerships in Cambodia,” the release stated.

Welcoming the delegation, the Secretary-General expressed his deep gratitude and appreciation to the government and people of the Federal Republic of Germany for their continued technical and financial support to Cambodia in three priority areas – sustainable development, sanitation and climate change mitigation.

“This support has provided significant contributions to the socio-economic development of Cambodia,” Vuthy pointed out. At the same time, the Secretary-General informed the head of the delegation and his colleagues that the Royal Government of Cambodia has launched the Pentagonal Strategy for the first phase of 2024-2028.

The new strategy focuses on strengthening cooperation with other countries and also on developing human capital, economic diversification, competitiveness, employment development, resilience, sustainability and environmental protection.

According to the Secretary-General, the economic and social development targeted by the Pentagonal Strategy is expected to help Cambodia achieve its vision of becoming a high-middle-income country by 2030 and a high-income country by 2050.

Chrupalla, meanwhile, expressed his appreciation for the work done by the Royal Government of Cambodia and the progress achieved by the Kingdom.

The delegation leader also informed the Secretary-General that the German Government intends to continue to support Cambodia’s development. It will encourage German investors to diversify investments in the Kingdom.

The Secretary-General explained to the delegation about the investment opportunities in Cambodia and the attractive incentives stated in the Investment Law of the Kingdom. He also hoped that the visit of the delegation could boost the interest of German entrepreneurs to further invest in Cambodia.

It may be recalled here that the European Chamber of Commerce in Cambodia (EuroCham) and the Delegation of German Industry and Commerce in Vietnam (AHK Vietnam) signed a Memorandum of Understanding recently, aiming to increase German investment in Cambodia.

Aside from trade and investment, the MoU seeks to foster cooperation in assisting the sustainable development of Cambodia, upskilling the Cambodian workforce, and providing business development services to companies. A working group featuring representatives from both sides will be formed to undertake joint initiatives, with EuroCham assisting AHK Vietnam in setting up meetings with Cambodian authorities and other relevant parties.

Diplomatic relations between Cambodia and Germany were established in 1967 and Germany supports Cambodia’s development process.

The cornerstone of relations is the extensive official and non-governmental development cooperation between the two countries. To date, over 540 million euro have been pledged for official development cooperation. The core themes of development cooperation are ‘health and social security,’ responsibility for our planet – climate and energy’ and ‘training and sustainable growth for good jobs.’

Source:Khmer Times