ASEAN business opportunities

Cambodian Prime Minister Khon Manay outlined his strategy in his address to the Global Chinese Economic and Technology Summit (GCET) 2024. He outlined Cambodia's strategic policies aimed at attracting investment and promoting sustainable economic growth, as well as the government's role in creating an environment conducive to business flourishing.

On November 26, the 2024 Global Chinese Economy and Technology Summit (GCET), hosted by the Cambodian government in collaboration with the Asia-Pacific Institute for Strategic Studies (KSI), was held in Phnom Penh, offering new insights into fostering partnerships that benefit entrepreneurs, businesses and communities.

"Cambodia is the most open and liberalized economy in Asia." Hong Manet throws "hydrangeas" to global Chinese investors. Khon Manay said Cambodia's network of trade agreements provides broad market access. Through the Regional Comprehensive Economic Partnership, Cambodia offers access to a market of 2.3 billion people - encompassing the highly dynamic East Asia and ASEAN regions - an economic bloc that accounts for nearly one-third of the world's gross domestic product.

Hosted by Cambodia's Prime Minister, the summit on November 26 witnessed the attendance of more than 200 participants, including ministers and senior government officials, ambassadors, business leaders, academics and members of the media, the Khmer Times said in its report on November 27.

Originally known as the World China Economic Summit, the annual international forum was established 14 years ago in Kuala Lumpur with the aim of improving business networks and connectivity between China and the world. Since its inception, the Forum has been held alternately in Melbourne, Chongqing, London, Malacca, Macau, Beijing, Bonn and Penang.

The founders of the Global Chinese Economy and Technology Summit (GCET) said that China is emerging as a leading economy in the world, and they are committed to building the GCET into a platform for high-level discussions on global and regional events related to China.

This year, the forum was renamed the Global Chinese Economy and Technology Summit (GCET) to highlight the critical role of business in driving sustainable economic growth and fostering connections across communities, nations and cultures. The summit also aims to promote entrepreneurship, smart partnerships, digital economy, connectivity and green growth, while working to build Bridges between East and West and unite Chinese investors around the world.

In his keynote speech, Hummanet stressed that the renaming of the summit reflects the undeniable reality of the contemporary world, where economic growth must be supported by technological advances.

Khon Manay said the Cambodian government firmly adheres to the principle that the main driver of economic growth is not the government itself, but businesses and investors. He added that the role of government is to create an enabling environment in which businesses can thrive, innovation can progress and economic growth can be sustained.

He added that in today's turbulent world, peace and political stability are only the aspirations of certain countries. Not every country is blessed with peace and stability, which are both precious and rare commodities.

"I think peace and political stability are not only a preference for investors, they are indispensable factors," the prime minister said. Cambodia is the most open and liberalized economy in Asia."

"Cambodia offers 100 percent foreign ownership of businesses with no restrictions on repatriation of profits or capital, which sets Cambodia apart from some other countries in the region. By allowing investors to keep more of their earnings, Cambodia has truly become a competitive investment destination."

"I firmly believe that the success of investors is also the success of the government," Hummanet said.

Hong Manay noted that Puzhai's network of trade agreements provides broad market access. Through the Regional Comprehensive Economic Partnership, Cambodia offers access to a market of 2.3 billion people, an economic bloc that accounts for nearly one-third of the world's gross domestic product.

For all tech companies, entering the Cambodian market means not only accessing its 16 million domestic consumers, but also a combined market of billions, he said. Cambodia offers not only a location for investment, but also the potential for investors to participate in the region's future growth.

Sixty-two percent of Cambodia's energy mix already comes from renewable sources. The Prime Minister said that we affirm that protecting the environment is also in the interest of investors. With the growing global demand for green supply chains, Cambodia can offer investors a competitive advantage in this space.

He noted that Cambodia's commitment to achieve 70% renewable energy by 2030 and carbon neutrality by 2050 sends a clear message that when investors choose Cambodia, they are not only choosing a place to invest, but also being part of building a sustainable future.

The Prime Minister highlighted Cambodia's strategic location in Southeast Asia, making it a key point for regional connectivity, especially through its integrated transport network. He highlighted the country's priority in regional connectivity through the Mekong Integrated Transport and Infrastructure Plan, which connects roads, railways and waterways to provide cost-effective and efficient logistics services.

He also noted that Cambodia has a young population, with two-thirds of the population under the age of 35, creating a dynamic workforce skilled in technology and innovation. To harness this potential, the Government has launched a human capital development programme to train 1.5 million young people in technical and vocational skills.

Hun Manay stressed the importance of digitalization in business operations, with Cambodia offering digital company registration and streamlining investment approval procedures.

"My administration has added 'technology' as a new component of the Pentagonal strategy phase in order to diversify and modernize our technology and knowledge industries," he said.

In addition, to support businesses, Cambodia has adopted two high-level initiatives: a policy Advisory committee to ensure competitiveness and a private sector dispute resolution committee to resolve issues quickly.

The Prime Minister reiterated the Government's unwavering support for business success and pledged to continue collaboration in sectors such as technology, green energy and digital innovation, inviting investors to participate in Cambodia's journey of change.

According to KhmerTimes Chinese website, Tan Sri Michael Yeoh, GCET Preparatory Chair and Chairman of the Asia Pacific Institute for Strategic Studies (KSI), said, "Cambodia is one of the fastest growing economies in ASEAN and we believe, This summit will help to show international investors and entrepreneurs a real, objective Cambodia with great investment potential."

Tan Sri LEE Kim Yew, founder of the Global Chinese Economy and Technology Summit, said: "On this earth, wherever there is a sea, there are Chinese, and the Chinese have played an important role in the economic development of various countries and regions around the world."

"The summit comes at a critical and challenging time." Yang Yuanqing noted that cooperation, partnership and the pursuit of inclusive and sustainable development were the focus of the discussions. In addition, China is a global leader in digital and green technologies and can assist ASEAN and the "Global South" in achieving digital transformation and green transformation, which are key objectives and strategic priorities of GCET.

Yang Yuanqing said that GCET hopes to promote better understanding between Western countries and countries of the global South, strengthen cooperation, and build a common future based on trust, mutual respect and mutual benefit.