The Cambodia Chamber of Commerce (CCC) has signed a memorandum of understanding (MoU) with the Philippine Chamber of Commerce and Industry (PCCI), fostering collaboration in agriculture and the advancement of micro, small, and medium enterprises (MSMEs).
This agreement was formally sealed during an evening ceremony in the Indonesian capital Jakarta on September 5.
The MoU signing ceremony was presided over by Prime Minister Hun Manet and Philippine President Ferdinand Romuladez Marcos.
CCC vice-president Lim Heng, accompanying Manet to the 43rd ASEAN Summit in Jakarta, reported that the private sector, represented by the CCC, participated in an ASEAN Business and Investment Summit (ABIS) attended by approximately 2,000 companies on September 5.
The ABIS had the objective to bolster trade relations within the private sector and further enhance the development of an even more robust ASEAN Economic Community (AEC) in the future.
Heng said the CCC also entered into an MoU with the Philippine private sector, focusing on agricultural cooperation and the advancement of MSMEs.
“The primary aim of this MoU is to stimulate investment and business expansion in both countries, with a particular focus on agriculture and MSMEs as integral members of the AEC”.
“Furthermore, the signing of this MoU not only benefits the two nations but also strengthens the connections between the private sectors of ASEAN countries,” he added.
Manet also said at the 2023 ABIS that as the world’s fifth largest economy, ASEAN needs to have close cooperation, adhere to the principles of ASEAN unity and centrality, and deepen economic integration in the region.
“Promoting trade between us is vital, particularly within the framework of different trade agreements like the ASEAN Free Trade Agreement and the Regional Comprehensive Economic Partnership [RCEP] as well as linking our local production lines,” he said.
Manet affirmed that the government’s Pentagonal Strategy-Phase I of the 7th-mandate government also concentrates on nurturing the growth of the private sector.
This emphasis is achieved by offering incentives and safeguards, all within the context of Cambodia’s Investment Law, the Law on Public-Private Partnerships, and numerous established bilateral and multilateral free trade agreements.