Manila: Samdech Moha Borvor Thipadei Hun Manet, Prime Minister of the Kingdom of Cambodia, highlighted six tangible benefits that the Kingdom offers to investors, at the Philippines-Cambodia Business Forum, held in Manila, the Philippines this afternoon.
According to Agence Kampuchea Presse, the Cambodian Premier outlined the first benefit as a pro-business environment and incentives. The Royal Government has introduced reforms, including streamlined regulations and generous tax incentives, to create a business-friendly atmosphere. The Council for the Development of Cambodia (CDC) acts as a single window for applications for the Qualified Investment Project (QIP), providing up to 15-year tax holidays and launching special investment programs in specific provinces.
The second benefit is a strong public-private dialogue, where open communication between the government and investors is prioritized. The Government-Private Sector Forum, with its 16-sector working groups, addresses the challenges and concerns of the private sector regularly.
Third, Cambodia’s strategic location and infrastructure growth offer unparalleled access to the ASEAN regional market. Significant investments in logistics, transport, and connectivity within Cambodia and the broader ASEAN region help reduce costs and optimize business operations.
The fourth benefit involves regional and global market access. As a member of ASEAN and a participant in the RCEP, Cambodia provides access to expansive regional markets. Its bilateral FTAs with China and South Korea, and the Comprehensive Economic Partnership Agreement (CEPA) with the United Arab Emirates, enhance these advantages. Cambodia and the Philippines are urged to explore untapped business and investment potentials, leveraging their comparative advantages.
The fifth benefit focuses on the digital economy and innovation. The Royal Government emphasizes the transformative power of digitalization and has developed the Cambodia Digital Economy and Society Policy Framework 2021-2035. Filipino investors in digital technologies, FinTech, and e-commerce are encouraged to collaborate with Cambodia in building its digital future.
Lastly, Cambodia’s commitment to sustainable energy and green growth is highlighted. The country’s abundant natural resources, especially solar and hydropower, make it an attractive destination for green investment. The Power Development Masterplan 2022-2040 outlines renewable energy expansion, aligned with the Royal Government’s goal of carbon neutrality by 2050.
The Cambodian Premier emphasized the Royal Government’s dedication to facilitating investment journeys through supportive mechanisms, ensuring smooth and successful experiences. Cambodia’s emergence as a prime destination for FDI is underscored by its inclusion in the Financial Times’ FDI Intelligence Standouts Watchlist 2024, attracting over 400 investment projects worth nearly US$7 billion in 2024-a 40 percent increase in capital from 2023.