Hong Kong And Cambodia Sign 13 MoUs To Expand Business Opportunities And Foster Mutual Economic Growth
A delegation led by John Lee, Chief Executive of the Hong Kong Special Administrative Region (HKSAR), visited Phnom Penh from July 30-31, 2024, to strengthen business and economies ties between Cambodia and Hong Kong.
During this visit, 13 memoranda of understanding (MoUs) were signed in diverse areas, such as trade and investment promotion, innovation and technology (I&T), transport, banking, and industrial development.
The delegation, organised by the Hong Kong Trade Development Council (HKTDC), included some 30 leaders of international, Mainland Chinese and Hong Kong enterprises and conglomerates operating in finance and insurance, innovation and technology, professional services, infrastructure, transport and logistics, energy and hospitality.
Cambodia was the second stop in the Hong Kong delegation’s visit to the ASEAN region, which began in Laos on July 28, and will conclude in Vietnam on August 2. The delegation’s arrival also marks the first ever visit of a Hong Kong Chief Executive – the head of the Hong Kong government – to Cambodia, signalling the HKSAR’s growing interest in ASEAN.
While in the capital city, Phnom Penh, the delegation visited Canadia Integrated Group, one of the largest conglomerates in Cambodia, and learned about local business opportunities and financing needs.
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Seeking Deeper Business Cooperation Between Hong Kong And Cambodia
To foster bilateral collaboration, the Hong Kong Economic and Trade Office in Bangkok (HKETO Bangkok) and the HKTDC organised a business luncheon, which was attended by more than 350 business leaders and key officials.
Delivering the keynote speech at the luncheon, Chief Executive Lee said, “The HKSAR Government is working to attract enterprises, capital and talent from around the world. We are seeking more of the right companies, and professionals, to spearhead the high-quality development of our economy – now and long down the road."
He also mentioned that Hong Kong brings to the Greater Bay Area international experience and expertise in finance and trade, as well as world-class professional services, transport, logistics and more.
“I welcome Cambodian enterprises and entrepreneurs to partner with Hong Kong and, together with us, tap into the area's far-reaching business and investment opportunities,” he said.
Prior to the start of the luncheon, Chief Executive Lee also addressed the media to give a statement on his main reflections on his delegation's visit, as well as to share what he discussed with Cambodian Prime Minister, H.E. Hun Manet, when meeting with him earlier in the day:
I told the Prime Minister that Hong Kong acts as the super connector… to the wide ranging opportunities of Hong Kong and the Chinese market. Hong Kong is the only city in the world that can capitalise on both the China advantage and the International advantage. Hong Kong can collaborate on different aspects of Cambodia's development.
Watch a snippet of Chief Executive John KC Lee's media address ahead of the luncheon:
Hong Kong Trade Development Council To Establish Consultant Office In Phnom Penh
"The objective of our mission is to explore opportunities and forge connections that will strengthen the relationship between Cambodia and Hong Kong,” said Dr Peter K N Lam, Chairman of the HKTDC.
He noted that Hong Kong is renowned for its strengths in traditional sectors – like finance, trade logistics and professional services – but is also making strides in new sectors, such as innovation and sustainability, all of which are potential areas of collaboration and business expansion that can be explored between Hong Kong and Cambodia.
We are impressed by Cambodia's robust economic growth in recent years and its efforts to diversify its economy, develop its private sector and foster sustainable development.
Dr Lam added, “The HKTDC has 50 offices globally, including 6 in ASEAN – Bangkok, Ho Chi Minh City, Jakarta, Kuala Lumpur, Manila and Singapore. Very soon, we will establish a new consultant office in Phnom Penh, further expanding our network in ASEAN and along the Belt and Road.”
What Were The 13 MoUs Signed Between Hong Kong And Cambodia?
The following 13 MoUs were signed by members of the visiting delegation from Hong Kong, Cambodian government bodies and Cambodian companies:
- Invest Hong Kong and the Council for the Development of Cambodia (CDC);
- Hong Kong Trade Development Council (HKTDC) and the Council for The Development of Cambodia (CDC);
- The Chinese General Chamber of Commerce, Hong Kong and Ministry of Industry, Science, Technology and Innovation of Cambodia;
- The Chinese General Chamber of Commerce, Hong Kong & Ministry of Commerce of Cambodia;
- Hong Kong Trade Development Council (HKTDC) and theCambodia Chamber of Commerce (CCC);
- The Hong Kong General Chamber of Commerce and the Cambodia Chamber of Commerce;
- The Federation of Hong Kong Industries (FHKI) and the Hong Kong Business Association of Cambodia (HKBAC);
- Airport Authority Hong Kong and Société Concessionnaire de l’Aéroport;
- FWD Group Holdings Limited and Department of Media and Communication, Royal University of Phnom Penh;
- CCB International (Holdings) Limited and ACLEDA Bank Plc.;
- CCB International (Holdings) Limited and Sihanoukville Special Economic Zone Co., Ltd.;
- Cathay Pacific Airways Limited and Société Concessionnaire de l’Aéroport; and
- Hong Kong Airlines Limited and Cambodia Airways Co., Ltd.
With the Belt and Road Initiative (BRI) entering its second decade and amid greater regional cooperation facilitated by agreements, like the Regional Comprehensive Economic Partnership (RCEP), the delegation affirmed that Hong Kong will continue to build on its role as a ‘super connector’, linking the wider China market with ASEAN and the world at large.
The HKSAR Government and HKTDC will host the Belt and Road Summit on September 11-12, 2024 in Hong Kong. At this annual event, which gathers key players from diverse sectors across Belt and Road markets and beyond, Cambodian companies can make connections and find new partners.
The visit to three ASEAN member states – Laos, Cambodia and Vietnam – this week are aimed to deepen economic and trade relations, enhance cultural exchange and explore collaboration opportunities between ASEAN and Hong Kong, building on the HKSAR's previous ASEAN missions to Singapore, Malaysia and Indonesia in 2023 and Thailand in 2022.
This article is adapted from a supplied press release.
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