A new business association representing Cambodian and Chinese businesspeople has been created to further stimulate investment in small and medium-sized enterprises (SMEs) and encourage start-ups to take advantage of free trade agreements (FTAs).
The Cambodia Chinese Commerce Association (CCCA), inaugurated on May 25, is a branch of the China Business Association in Asia, whose president is Dr. Ben Li and Mrs. Catherine Chan, honorably president and president of Urban Village, a project of mixed development on Boulevard Hun Sen.
According to Li, the establishment of CCCA comes at a good time as it aims to attract local players and those from Singapore and Malaysia, as well as Hong Kong, Taiwan and mainland China to develop their businesses in the current economic climate, in particularly in trade and SME development.
Li said the CCCA also hopes traders and investors will exchange experiences and support each other in all sectors, whether transportation or insurance services.
“We know that in the past, new investors from markets like Malaysia and Hong Kong wanted to invest here, but it was not easy to start a new business in Cambodia.
“But now it’s no longer a problem because the Chinese Business Association, which has opened a branch in Cambodia, will support these new businesses,” he said.
Ly Ly Food Industry Co Ltd CEO Keo Mom said CCCA has “great potential” to attract Chinese investors, especially those from Hong Kong, and is a “good opportunity” for Cambodian SMEs to grow. associate to develop their activities.
She said the Cambodian government has created a favorable and convenient environment for investors, which has allowed investments to grow in the Kingdom despite the Covid-19 pandemic.
“The SME sector is the backbone of the economy, which has helped it grow. So today we have helped many investment partners who are interested in SMEs in Cambodia, especially in the agribusiness sector.
“We hope the CCCA will attract more traders and investors to Cambodia to spur overall economic growth,” she told the Post.
Cambodia was ASEAN’s largest exporter to China from January to March this year – during the first quarter of the bilateral Cambodia-China FTA, according to trade officials from the Chinese Embassy in Phnom Penh.
Official statistics from the Chinese Embassy revealed that the China-Cambodia trade volume reached 3.75 billion U.S. dollars, up 39.2 percent year-on-year, in the first quarter of this year.
During the same period, Chinese non-financial direct investment in Cambodia amounted to $206 million, up 35.2% year-on-year, while the Kingdom’s investment in China amounted to $24.86 million. million, up 255% year-on-year.