PM Hun Manet witnessed an MoU signing between Royal Group and renewable energy firm Blue Circle. - PPP
PHNOM PENH: Six memoranda of understanding (MoUs) were signed between Cambodian and French companies in France on Jan 15, during Prime Minister Hun Manet’s official visit.
The Government Spokesperson Unit view these as further drivers of economic and investment ties between the kingdom and French-speaking countries.
The MoUs involved the Cambodia Chamber of Commerce (CCC) and the Alliance des Patronats Francophones (APF); Royal Group and renewable energy firm Blue Circle; Techo International Airport (TIA), which is still under construction, and Lagardere Travel Retail; the Overseas Cambodian Investment Corporation (OCIC) and Aloest Productions; OCIC and Platform Impact Co Ltd; and LYP Group and SEMMARIS.
“Through [these memoranda], economic development in Cambodia and other French-speaking countries will be driven. It will support the businesses of French-speaking countries through trade meetings, seminar workshops and other business events,” stated the unit.
During the France-Cambodia Business Forum, Manet encouraged potential French businesses to commence or expand their operations in the Kingdom.
He highlighted several sectors for French investors, including agriculture, food processing, electricity, electronics, renewable energy, healthcare, education and IT.
He also urged French companies to explore other first-mover advantages in areas including the automotive, innovation and transformation, green energy and sustainable development, medical research, and cultural and creative industries.
“Cambodia offers numerous benefits to investors, in addition to our excellent competitiveness and good opportunities, all of which make the country an attractive destination for investors,” the prime minister stated.
Lim Heng, vice-president of the Cambodia Chamber of Commerce (CCC), noted that the MoU between the CCC and APF is crucial as it will enable the council to connect with other Francophone members to invest in the kingdom.
“In 2026, Cambodia is likely to host the Francophonie summit, which is an important event ... It’s much larger than the Asean Summit because it will be attended by the 10 Asean member states and 80 other French-speaking countries,” said Heng.
“We won’t call it just a business forum, but a business summit between Francophone and Asean. When the summit comes, the country’s leaders, like [Manet], will discuss government-level issues, while those in the business sector will hold our business summit,” he added.
While Manet was in France, former Prime Minister Hun Sen, who currently chairs the Supreme Privy Council to the King, took to social media to showcase investment potential in Cambodia.
“Cambodia is ready to welcome investors from all regions around the world,” he said.
He highlighted the investment potential of the country, such as its economic growth of around seven per cent, and a 10-fold increase in gross domestic product (GDP) from $3.113 billion in 1998 to $28.60 billion in 2022.
“Foreign Direct Investment [FDI] momentum has increased 15-fold between 2007 and 2022. According to the 2024 FDI Standouts Watchlist, Cambodia ranks No 1 in FDI momentum, with an Index Score of 96.11 out of 100,” Hun Sen stated.
He added that the government is committed to enforcing economic reform and has a clear strategy in driving the country to achieve its goal of upper-middle-income status by 2030 and high-income by 2050.
The International Monetary Fund (IMF) reported that Cambodia’s economic growth reached 5.6 per cent in 2023 and projected it will increase to 6.6 per cent in 2024. - The Phnom Penh Post/ANN
