Phnom Penh (FN), Jan. 19 – The Embassy of India in Cambodia organised a grand inauguration ceremony for the Indian Business Chamber in Cambodia (IBCC) with the primary objective of bolstering trade and investment ties between Cambodia and India.

The event aimed to foster stronger ties between the Indian business community and their counterparts in Cambodia, facilitating collaboration, growth, and mutual success.

Pich Rithi, Secretary of State of the Ministry of Commerce and Representative of Minister of Commerce Cham Nimol, co-presided over the inaugural ceremony with Devyani Khobragade, the Ambassador of the Republic of India to Cambodia, along with dignitaries from both governments, influential business leaders, and key stakeholders from both the Indian and Cambodian business communities. The momentous occasion unfolded on the evening of 17 January 2024, at the prestigious Sofitel Phnom Penh Phokeethra.

Ambassador Devyani Khobragade, in her address, underscored the shared civilizations and cultures of India and Cambodia, emphasizing that historically, trade and commerce have brought the two nations together.

“Cambodia has remained the top performing economy in Asia. The country has maintained a high-growth rate of 7 percent constantly for more than two decades before the COVID pandemic. This is a remarkable achievement. After the COVID19 pandemic, Cambodia's economy has solidified and recovered solidly with a growth rate of 5.2 percent in 2022 and 5.4 percent in 2023,” the ambassador underlined.

Ambassador Devyani Khobragade added, “Cambodia aspires to attain the upper-middle income status in 2030. These will require structured changes in the Cambodian economy and will require many measures from the Cambodian government to adopt as the timeframe and the preferential trade subsidies given to Cambodia. Therefore, at this time, it is a necessity for Cambodia to have another large economy as a partner, as they go ahead to gain the 7 percent and reach the upper-middle income country in 2030.”

“For digital connectivity, we are working with the National Bank of Cambodia and NPCI International Payments Corporation Limited, called NIPL in India. They both signed a memorandum of understanding in March 2023 on collaboration in areas of cross-border payments and remittances between Cambodia and India. We are sure that this digital payment mechanism and connectivity will be realized soon and will facilitate payments between the two countries, between individuals as well as between businesses. I am hopeful that all these initiatives will contribute positively toward facilitating trade and investment between the two countries,” the ambassador underscored.

On this auspicious occasion, Secretary of State Pich Rithi extended his heartfelt gratitude and congratulations to the Indian Embassy and the Indian Business Council in Cambodia for their instrumental role in formalizing and fostering trade, investment, and other business activities between Cambodia and India.

He also highlighted the pivotal role of the IBCC, expressing confidence that it will serve as a vital platform for creating networking opportunities among business leaders and investors. He emphasized its potential to facilitate meaningful connections between members of the business community, business owners, and professionals across various fields, further enhancing collaboration and engagement between Cambodia and India.

The Indian business chamber in Cambodia (IBCC) was established in 2023 by a group of Indian entrepreneurs and business leaders. The IBCC was formed to promote business and commerce between Cambodia and India, and to provide a platform for networking and collaboration between Indian and Cambodian businesses.

It should be noted that the General Department of Customs and Excise of Cambodia (GDCE) reported a consistent rise in Cambodia's exports to India, reaching nearly USD 300 million in 2023, reflecting a substantial increase of almost 50 per cent compared to the same period in 2022. The bilateral trade between both nations surpassed USD 485 million in total.
=FRESH NEWS