Phnom Penh (FN), Mar. 14 – Cambodian Prime Minister Hun Manet underlined the crucial role of the private sector in attracting and partnering with foreign investors, speaking on Friday (Mar. 14) during the closing ceremony of the 2024 Cambodian Oknha Association annual meeting at Premier Centre Sen Sok in Phnom Penh.

Samdech Thipadei Hun Manet thanked the Chamber of Commerce for collaborating with partners and the Cambodian Oknha Association to strengthen connections within the private sector, emphasizing that the government cannot do it alone. Regarding economic diplomacy, he noted that the Royal Government's role is to build bridges, open borders, and negotiate incentive policies to attract investors.

Samdech Thipadei Hun Manet stated, "The Royal Government cannot directly partner with foreign investors; that role belongs to the private sector. At each event, whether abroad or at home, I can only offer a brief speech. The private sector, however, is the one that engages with its counterparts in other countries, facilitating company partnerships. This is the approach that must be pursued."

Samdech Thipadei Hun Manet underlined that if, after the prime minister’s speech at business forums, there are no follow-up discussions with the private sector to attract foreign investors, then Cambodia will not attract investment. He noted that global competition for foreign investment is fierce, and that attracting investors relies on the private sector actively promoting investment opportunities, regardless of the country’s size.

On the occasion, Prime Minister Hun Manet highlighted the critical role of the private sector as a key partner in attracting foreign investment. He explained that foreign investors often seek local private sector partners to ensure credibility when investing in a new country. He highlighted that signing memorandums of understanding (MoU) between private sector entities after business forums has been a common practice, fostering investment, creating job opportunities, and strengthening the overall investment environment.

Samdech Thipadei also expressed hope that Cambodia will secure even more foreign investment projects in 2025. In the first two months of this year alone, the CDC approved 44 investment projects, amounting to approximately USD 322 million in capital investment.

The premier added that the Royal Government continues to deploy working groups from various ministries and private sector representatives to promote investment abroad. Simultaneously, the government is making significant efforts to streamline policies and procedures, including customs regulations, taxation, and investment conditions, while addressing existing challenges to attract more foreign investment.
=FRESH NEWS