The business matching event between the Cambodia Oknha Association (COA) and the Japan-Cambodia Association (JAC) on November 19, 2024. - Photo: CDC
PHNOM PENH: Cambodia is optimistic about attracting additional direct investment from Japan, following a meeting between major Cambodian business leaders and Japanese financiers to explore the business climate and partnership opportunities across various sectors.
The Cambodia Oknha Association (COA), in collaboration with the Japan-Cambodia Association (JCA), organised the "COA & JCA Business Matchmaking" event on Tuesday (Nov 19).
The forum was attended by Sun Chanthol, first vice-president of the Council for the Development of Cambodia (CDC), and JCA president Fumiaki Takahashi, former Japanese ambassador to Cambodia, alongside leaders and members of both associations and the Japanese-Cambodian business community, totalling approximately 120 participants.
According to the CDC, the event sought to foster stronger connections between the business communities of both nations, reflecting Chanthol’s vision during his investment mission to Tokyo in May.
In his opening remarks, Chanthol praised the efforts of the two organisations in promoting Japanese investment in Cambodia, which contributes significantly to the country's growth.
He also emphasised the government’s dedication to facilitating business and investment, describing the private sector as a vital partner and driver of economic progress.
He stated, “This is a mission of the CDC, and we are fully prepared to offer comprehensive cooperation to the private sector interested in investing in Cambodia.”
"I urge Japanese and Cambodian investors present at this event to join hands and explore opportunities for business cooperation, as well as gain a clearer understanding of the investment landscape in Cambodia.
"The COA should continue to promote Cambodia’s investment environment to other potential investors to attract more capital, create more jobs for the Cambodian people and drive national economic growth toward achieving the goal of becoming a high-income country by 2050," he added.
Takahashi noted that the event followed discussions between the COA and JCA after Chanthol’s visit to Tokyo.
He stated, “Through today’s meeting, both sides will strengthen their relationship and build mutual trust.”
COA board member Kuon Thida highlighted the association’s commitment to contribute to the country’s social and economic development.
She said, “I am confident that today's business matching event will be beneficial in enhancing relationships and building trust between the business communities of both countries, paving the way for further business and investment cooperation.”
According to Thida, the association comprises 420 members from various sectors of Cambodia’s economy.
Collectively, its members manage over 800 companies and enterprises, providing more than 500,000 jobs nationwide.
The CDC reported that in the first 10 months of 2024, it approved 346 investment projects worth approximately US$5.5 billion, representing a 38% increase from the same period in 2023. Japan ranked seventh among foreign contributors, with a total investment of US$40 million.
Prime Minister Hun Manet, during his official visit to Japan in December 2023 to attend the commemorative summit for the 50th anniversary of Asean-Japan Friendship and Cooperation, also took part in the Cambodia Investment Forum.
During the event, he encouraged the Japanese to increase their investments in Cambodia and proposed collaboration between the private sectors of both countries to establish a Cambodia-Japan special economic zone (SEZ) in Cambodia.
According to the General Department of Customs and Excise (GDCE), trade between the two nations totalled $1.76 billion from January to October, marking a 17.1% increase compared to the same period in 2023.
Cambodia's exports to Japan amounted to $1.15 billion, a rise of 18%, while imports from Japan totalled $611.13 million, up 15.5%.
The country’s trade surplus with Japan stood at $539.55 million, compared to $445.91 million during the same period in 2023.
Japan ranks as the Kingdom’s fifth-largest trading partner, following China, the US, Vietnam and Thailand. - The Phnom Penh Post
