Cambodia-India Launch Joint Business Council To Promote Trade And Investment
The Cambodia Oknha Association (COA) and the Federation of Indian Chambers of Commerce and Industry (FICCI) launched the India-Cambodia Joint Business Council (ICJBC) on February 23, 2024, in New Delhi to boost trade and investment between India and Cambodia.
According to a press release issued by the COA, the launch event was jointly-chaired by the Cambodian Ministry of Commerce and the Indian Ministry of Commerce and Industry, with facilitation from the Department for Promotion of Industry and Internal Trade (DPIIT) of India.
The delegation from Cambodia was led by Tith Rithipol, Undersecretary of State at the Ministry of Commerce, accompanied by businessmen and top private sector leaders in Cambodia, while the Indian delegation was led by Rajesh Kumar Singh, Secretary of the Department of Industrial Promotion and Internal Trade and Representative of the Ministry of Commerce and Industry of India.
The creation of the council aims to promote trade and investment activities through dialogue and cooperation between the private sectors of both countries. It also aims to establish a bilateral consultation mechanism for businesses to discuss and propose solutions that would enable trade and cooperation between Cambodia and India.
The release added that the council aims to match industry partners and coordinate technological exchange between the two sides, with a particular focus on priority sectors such as agriculture, food processing, health, medicine, construction and infrastructure, information technology, education, tourism, the automotive industry, and other related fields.
The ICJBC’s launch ceremony also acted as an initial platform for the matching of Cambodian and Indian investment partners.
Key Details On The India-Cambodia Joint Business Council
The FICCI and COA are set to jointly sign a number of documents to establish the mechanism for the joint business council’s annual meeting, which will be held in either India or Cambodia. Other key points to know about the ICJBC are:
- The council will be co-chaired by senior industry leaders of each country;
- The council includes multidisciplinary members representing private companies interested in the economic development of India and Cambodia;
- The council will seek to establish mechanisms for regular exchange of information and legal norms related to trade, investment and market trends between the two countries;
- The council will make recommendations to the Cambodian and Indian governments to improve the business and investment environment and business operations.
Mutual Support From The Government And Private Sector
Devyani Khobragade, Ambassador of the Republic of India to Cambodia, was quoted in the press release saying that the ICJBC provides an opportunity for the Indian and Cambodian private sectors to formally connect with one another at the highest level with the full support of the government.
“[This] will surely boost trade and investment activities and strengthen the bilateral partnership between India and Cambodia,” she said.
Neak Oknha Ly Yong Phat, President of the COA, noted that the business council is a step toward establishing a new era of economic cooperation between the two countries.
“This is a platform that will allow us to identify new challenges and competitions for mutual national economic interests and to create opportunities,” he said.
Oknha Hun Lak, Secretary General of the COA, said the ICJBC has made great strides and the success of the 2024 meeting, as well as the official announcement of the business council’s launch, has given him a lot of optimism. He added that the two sides held open and fruitful discussions during the launch event, which proves that Cambodian and Indian business leaders are committed to the highest level of private sector cooperation between the two countries.
In 2023, total trade between Cambodia and India reached a value of USD $485.7 million, which was a 10.4 per cent increase from 2022. India currently ranks as Cambodia’s 17th largest trading partner.