Remarks by Samdech Thipadei Hun Manet at the “Solidarity Dinner with the Global Lin Family Entrepreneurs” [Unofficial Transcription]

Remarks by Samdech Thipadei Hun Manet at the “Solidarity Dinner with the Global Lin Family Entrepreneurs” [Unofficial Transcription]

CMF: 12/11/2024

His Excellency Lok Chumteav Member of the Royal Government;
Tan Sri Dato Lim Soon Peng, Founder of Lin World Chamber of Commerce
Mr. Lim Singfa, President of Lin World Trade Association
Dr. Chhay Sinath, President of the Lin Family Association in Cambodia
Congratulations to all the members of the Lin family business! 

[1]

[…] To our friends from Malaysia, China, Singapore, South Korea and other countries, I wish to welcome you to Cambodia for it is your first time or your returning trips for this evening. Welcome to the conference and I congratulate on your success in holding the conference of the Lin Family in Cambodia.

[2]

Because we have our friends from overseas, I would like to make a short speech in English […] may I once again welcome our friends from all over the world in the Lin Family to hold the conference here today.

Business needs favorable and conducive environment to operate and strive. I think businesses are (important) just like everyone and every sector, unless you love war and fighting. As for those who love peace and stability as the goals, Cambodia offers that.

With the world situation continuously changes and sometimes in a very uncertain direction, stable and predictable environment become even more a requirement of precondition for setting up businesses, especially overseas business. In this regard, I would like to raise a few key factors that Cambodia could be an attractive destination for investments.

Firstly, Cambodia offers peace and stability. It offers a peaceful and stable environment, a fundamental factor for investors when deciding where to invest. You are visiting Cambodia today and you stay for a few days. Maybe you can see that Phnom Penh or in other places, Cambodia is very safe. I understand that some of you may have heard in the news recently about situations on security aspect of Cambodia that makes a lot of people nervous. But, please rest assured, Cambodia is safe, peaceful and stable for you to conduct business. Please trust Cambodia and be assured we provide security and safety for all – including expats – who live in Cambodia, investors, tourists who visit Cambodia. We take the utmost priority to provide security and stable environment for you just like Cambodians who live here.

Secondly, Cambodia offers macro-economic stability. Cambodia ranks as a top emerging market for foreign investment in 2024 according to FDI intelligence and thank to strong GPD growth, low inflation and an expanding in FDI sector. Over the past few years, inflation has remained below 3%.

Thirdly, we have business friendly and responsive investment environment in Cambodia. Our investment law is liberal with diverse flexible and tailored incentive to investors. We offer 100% foreign ownership compared to some of our neighboring countries that don’t allow that. We have no restriction on remittance of profit and capital, Country’s Specific Special Economic Zone and Industry Specific Special Economic Zone. We have created various consultative channels between private sector and the government to ensure that business operating in Cambodia has a mean to express concerns to and get the government’s attention at all time. We can provide a quick and responsive solutions, in addition to SOP on taxation and special mechanism issued by the government.

Fourthly, Cambodia holds a strategic location and trade-pact opportunities. To invest in Cambodia is not just investing in the market of 17 million people. Investing in Cambodia opens opportunities to many other parts of the world because Cambodia has many agreements including Free Trade Agreements with ASEAN, RCEP, Korean FTA, Korean-China, Korean-UAE Comprehensive Economic Partnerships, as well as many other preference treatments to markets in Europe and other countries. Investing in Cambodia means investing with access to other parts of the world. Cambodia is located in the heart of Southeast Asia. The average flight to other Southeast Asia countries is about one and a half hour.

Fifthly, we have skilled workforce. Cambodia has young, dynamic and English-speaking population. About 60% of its population is under the age of 35. Cambodia has undertaken a comprehensive free vocational training and technical program for 1.5 million young people. This ensures that we have the ability to provide businesses, especially oversea businesses that are looking to settle or open operation in Cambodia, with the ability to have access to labor force – ready to meet your needs.

Sixthly, it is regarding infrastructure connectivity. Cambodia has been expanding its infrastructure connectivity to integrate and connect Cambodia’s transport network and key economic corridors, as well as links with neighboring countries and major export hubs in the region. Major infrastructure projects include the Siem Reap-Angkor International Airport, which opened last year, the Phnom Penh Techo International Airport, under construction and is set to open next year. We have the Sihanoukville deep seaport capacity expansion project which is going in four phases to be completed by 2029, which will allow access for sea freight all around the world, and will reduce logistic cost to Cambodia. We have the Phnom Penh Sihanoukville Expressway and earmarked a number of Expressway that is going to be built in the near future.

Green Economy and Digitization – this is quite a new area and a new priority of the government. Cambodia is committed to sustainable energy with abundant solar and hydropower potential – by which, the renewable (energy has) currently been accounting for 62% of our power (production). Cambodia aims to attain the target of 70% in 2030 positioning our Cambodia as attractive destination for green investment. We aim to realize Carbon Neutrality by 2050. Our law on investment further supports this by prioritizing green industry and offering incentive through accelerating growth in this sector. Recently, the Council of Ministers approved 23 energy projects that are worth 5.74 billion US dollars from 2025 to 2029, almost all of which are renewable. Before coming to attend this event, I just signed an approval for the Ministry of Mines and Energy to prepare the necessary works so that we can issue the renewable energy certificate to provide more competitive footing for the firms that invest in Cambodia.

We have also Cross Border Financial Services. We have been developing digital payment platform, an agreement allowing for ease of settlement for goods and services between buyers and suppliers, and ease of capital remittance and gain repatriation. It contributes to the promotion of trade activity, tourism and financial inclusion within Cambodia and the region. Cambodia is committed to digital transformation and we have embarked on a comprehensive journey establishing Digital Economy and Society Framework.

Finally, there has this Investment Promoting Program that we have promoted in Sihanoukville for 2024. We offer procedural facilitation and special benefit to businesses. The government is rolling out an Investment Incentive Program for 2025 which will be announced in the coming month before the new year.

I just provided a brief to you on the prospect of investment in Cambodia. I understand that you traveled from far away – Malaysia, South Korea, Singapore, China or maybe other parts of the world to join the event in Cambodia. I once again appreciate the Lin Family for choosing Cambodia as a setting for your conference this year. We enjoy our interaction several times this year – meeting you in Malaysia and others, and I hope that your presence in Cambodia is a testament not just holding a conference but a show to your fellow countrymen that Cambodia is safe and open for business. We welcome you to do business in Cambodia.

I’d like to conclude my remark as a saying goes “when you make a speech during a dinner or a lunch, don’t make it too long”. So, once again, congratulation on the successful event for the conference of the Lin Family. I hope, through your event this time, and future interaction with the Lin Family in Cambodia and also other parts of Cambodia will bring the synergy together. Investment potential of Cambodia will open the door to you and through you, we will be connecting to a more business people in your country. I hope you have a chance to enjoy Cambodia and will help disseminate information back home. We welcome everyone to Cambodia in the near future,

Thank you once again!