Suon Sophal, director of the CDC’s Public Relations and Promotion of Private Investment, addresses the Economic Diplomatic Forum in Thailand on February 16. Photo supplied
The Council for the Development of Cambodia (CDC) announced that Thai investors are slated to visit Cambodia in early March to explore three projects, with a projected investment totalling around $1 billion.
The visit is part of the council’s broader expectation of increased Thai investment in Cambodia over the course of 2024.
Suon Sophal, deputy secretary-general of the CDC’s Cambodian Investment Board (CIB), addressed an economic diplomatic forum titled “Cambodia’s New Page: Business and Investment Opportunities”, held on February 16 in the Thai capital Bangkok.
During the event, he emphasised the country’s stable and appealing investment climate, its current and favourable investment law, the growth of the private sector, the commitment to investment facilitation mechanisms, the government’s flexible and adaptable incentive package and the reliability of investment trust services for financers.
“In line with the event, Thai investors, having previously participated in the Cambodia-Thailand Business Forum, have expressed confidence in exploring investment opportunities under the seventh-mandate government led by Prime Minister Hun Manet,” he stated.
The council identified four key topics that the Cambodian delegation presented at the forum.
The first topic, presented by Phan Phalla, secretary of state at the Ministry of Economy and Finance, focused on the country’s political stability and economic growth, alongside a favourable environment for business and foreign direct investment (FDI).
The second topic, “Business Opportunity in Cambodia”, was presented by Sok Sopheak, secretary of state at the Ministry of Commerce.
The third topic, “Business and Investment: Why invest in Cambodia?”, was delivered by Sophal, and the fourth topic, presented by Bun Neary, deputy director-general of the General Department of Taxation (GDT), covered “Procedures and Process of Tax: Cambodia’s Legal Perspectives on Investment and Tax Procedures, Capital Transfer, Terms and Overview of the Double Tax Agreement [DTA]”.
Tan Monivann, vice-president of the Cambodia Chamber of Commerce (CCC), highlighted the significance of Thailand as a vital and indispensable trading partner, with annual trade volumes reaching into the billions of dollars.
He noted that the Cambodia-Thailand Business Forum, co-organised by the CCC, the Thai Chamber of Commerce and Board of Trade of Thailand in early February, was aimed at bolstering bilateral trade and investment between the two countries.
He said the event was particularly focused on attracting major Thai companies to discuss and consider investment opportunities.
“I believe that the primary aim of both the Cambodian-Thai Business Forum and the economic diplomatic forum, which sees participation from Thai government representatives, is to draw more Thai investors to Cambodia,” he stated.
“It’s evident that the government is committed to attracting new investments and retaining existing ones. At the same time, our private sector, represented by the CCC, has been diligently working towards this goal,” he added.
According to the General Department of Customs and Excise (GDCE), trade between Cambodia and Thailand amounted to over $3.712 billion in 2023, marking a decrease of 17 per cent compared to 2022.
In January, trade between the two countries totalled more than $341 million, registering a marginal increase of 0.2 per cent from January 2023.
The latest report from the National Bank of Cambodia (NBC) on FDI in the country, showed that as of the first quarter of 2023, direct investment from Thai financers reached 7.8 trillion riel ($1.917 billion), accounting for approximately 4.5 per cent of total foreign investment in Cambodia, ranking it seventh among the country’s top 10 financers.
