Opening Remarks by Samdech Borvor Thipadei Hun Manet at the Cambodia-ASEAN Business Summit 2025

CMF: 06/03/2025

• His Excellency Dr. Kao Kimhoun, Secretary General of ASEAN;
• Neak Oknha Kith Meng, President of Cambodia Chamber of Commerce and Chair of ASEAN Business Advisory Council-Cambodia;
• Tan Sri Nazir Razak, Chair of ASEAN Business Advisory Council Malaysia;
• Excellencies, Ladies and Gentlemen!

It is my great pleasure to preside over the Cambodia-ASEAN Business Summit again here at the heart of Phnom Penh. I would like to extend my sincere appreciation to the Cambodia Chamber of Commerce and all participating International Chambers of Commerce and Business Associations for their exemplary leadership in organizing this crucial regional event. I would also like to express a warm welcome to our esteemed business delegates from ASEAN members states and many other partner countries. Your presence today clearly signals our shared commitment to stimulating investment and trade growth across ASEAN and beyond.

Today’s Summit is more than just a platform for discussion as it is also a catalyst for tangible progress. The theme, “Accelerating ASEAN’s Connectivity: People, Infrastructure, and Trade”, perfectly embodies our collective aspiration for a deeply interconnected and prosperous ASEAN community. We gather here today to explore the critical role of enhanced connectivity in increasing sustainable and inclusive growth, a vision fully aligned with both the ASEAN’s objectives and the strategic policies of the Royal Government of Cambodia.

It is noteworthy that the programs and agendas of today’s Summit are designed to facilitate meaningful dialogues and actionable outcomes, featuring keynote addresses, insightful panel discussions, and interactive sessions focused on key pillars of the regional progress, that is, robust infrastructure development, transformative digital connectivity, sustainable energy solutions, expanded trade opportunities, and the cultivation of human capital. We also have the Business Matching Sessions that will create many valuable B2B opportunities and the Government-to-Business Meetings that will foster deeper mutual understanding and strengthen our collaborative partnerships.

• Excellencies, Ladies and Gentlemen!

ASEAN has established itself as a beacon of stability and prosperity, with immense potential highlighted by its status as the world’s fifth-largest economy. The ASEAN region presents a compelling investment landscape, marked by robust economic dynamism and a steadfast commitment to economic partnership and regional integration. ASEAN’s successful navigation of the economic partnership landscape is evident in its comprehensive network of free trade agreements (FTAs) with key leading economies. The ratification of RCEP further solidifies ASEAN’s unwavering commitment to deepening the regional integration and fostering mutually beneficial economic ties.

Our progress, fueled by robust intra- and inter-ASEAN trade and a pro-investment environment, position the region as a strategic hub for global capital flows. This translates into tangible opportunities for investors seeking long-term growth and stability.

Our value and success rests upon multilateralism and consensus. With the motto of “One Vision, One Identity, One Community”, all member states, including Cambodia, are dedicated to realizing the ASEAN Community Vision to bring about real socio-economic progress for our community as a whole. This common endeavor allows ASEAN to navigate through regional and global economic challenges and high uncertainties. In particular, despite the pandemic scars and geopolitical complexities, ASEAN’s economic trajectory remains strong and resilient and is projected to grow at 4.8% in 2025 (Source: AMRO, 2024).

As we map our post-2025 course, ASEAN is continuously prioritizing strategic initiatives to capitalize on new and emerging opportunities to address the future challenges. A cornerstone of this endeavor is the enhancement of ASEAN connectivity, as outlined in the Master Plan on ASEAN Connectivity 2025. The emphasis is on seamless connectivity across transport, trade, education, and culture that will improve competitiveness, foster inclusivity, and solidify ASEAN’s position as a unified economic powerhouse. Our focus consists of cultivating a vibrant digital economy and digital connectivity, to accelerate sustainable development, bolster resilience against unforeseen negatives shocks, and empower small and medium enterprises. These initiatives will create a more dynamic, connected, resilient and inclusive ASEAN, presenting significantly sustainable investment prospects for our global partners.

• Excellencies, Ladies and Gentlemen!

As a member state of ASEAN since 1999, Cambodia is an immensely potential market. Our economic foundation is built on decades of proven high economic growth, averaging over 7% prior to the pandemic and firmly on track to return to this momentum, with the projected growth of 6.3% in 2025 and remaining between 6% to 7% in the medium term. This strong performance is mainly due to our open policy to international trade and investment, offering strategic investment advantages, underpinned by political and economic stability, wide market access, and a progressive regulatory framework. Investors, both foreign and domestic, have benefited and continue to do so from a secure operating environment thus minimizing risks and ensuring business continuity.

Consistently recognized as a top destination for foreign direct investment and a gateway to ASEAN, Cambodia was recently featured on the Financial Times’ FDI Intelligence Standouts Watchlist 2024. In 2024 alone, we attracted around $6.9 billion in capital investment across 414 projects, representing a 40% increase in capital and a substantial rise in project volume relative to 2023. Our trade performance further emphasizes the strength of our market and the effectiveness of our policies. International trade figures show an increase of more than 16% from $46.82 billion in 2023 to $54.74 billion in 2024.

Recognizing our pivotal role in driving regional prosperity, the Royal Government of Cambodia actively promotes conducive investment climate through continuous improvements. We believe in the power of collaborative progress, leveraging established ASEAN frameworks to create regional prosperity and cohesion. Our dedication is evident in our active participation in strengthening regional security and economic growth.

To ensure seamless connectivity with ASEAN member states and beyond, in line with today’s theme, Cambodia is strategically investing in a comprehensive hard infrastructure network, including expressways, a deep-sea port, international airports, and logistics hubs.

As a member of WTO, Cambodia demonstrates a strong commitment to a transparent and fair trade. We focus on realizing a dynamic and integrated economic community through robust trade liberalization and facilitation. In close partnership with our ASEAN neighbors, we are diligently working to dismantle and reduce trade barriers, streamline customs procedures, simplify business registration, and establish a certain and transparent regulatory environment. We also focus on open market through strategic free trade agreements to provide preferential access to ASEAN market, as well as major global economies, including EU, the US, China, Korea and the UAE.

We also actively organize business summits, such as today’s event, to provide valuable collaborative opportunities. This dynamic approach underscores our dedication to deepening regional ties and creating a comprehensively interconnected business ecosystem. Within Cambodia’s business landscape, we strongly value the power of partnership between the government and investors both international and domestic. We prioritize open communication and fostering a dynamic and responsive environment, by regularly organizing Government-Private Sector Forum to tackle key issues and concerns of the private sector.

In November 2023, I personally presided over the 19^th Government-Private Sector Forum, where the Royal Government address challenges and concerns of the private sectors in many key sectors, one of which is an ambitious tax reform.

In particular, the Royal Government has been formulating and implementing many Standard Operating Procedures (SOPs) in key areas to facilitate tax compliance and promote transparency, ethical conducts, and level playing field. Furthermore, the Royal Government has established the ‘National Committee for the Facilitation of the Government-Private Sector Forum’ with sixteen Government-Private Sector Working Groups in sixteen key sectors to promote close cooperation between the private sector and competent ministries-institutions of the Royal Government in finding joint solutions to all challenges and concerns of the private sector on a regular basis.

Taking this opportunity, I would like to inform that the Royal Government has been working diligently to reduce the burden of the private sector, by introducing many reforms. To carry out this task in a consistent and comprehensive manner, the Royal Government has recently established an inter-ministerial working group with members from more than thirty relevant ministries-institutions to promote business and investment climate in Cambodia.

On top of that, Cambodia offers many other advantages. In particular, the Royal Government’s pro-business reforms offer compelling incentives based on the Law on Investment, including up to 15-year tax holidays for prioritized sectors. The Royal Government has also introduced Special Program to Promote Investment in Preah Sihanouk Province and Northeastern Provinces by providing special incentives beyond the Law on Investment. We have also launched a comprehensive vocational and technical training program, empowering 1.5 million young people, to meet the needs of the private sector for decades to come. We are also prioritizing the development of a robust digital ecosystem, while being committed to sustainable energy.

• Excellencies, Ladies and Gentlemen!

In closing, I urge you, business leaders and investors, to fully take advantages of today’s summit and related events to interact, exchange ideas, and explore collaboration opportunity to seize the immense potentials within ASEAN’s thriving economy. Let’s collaborate to accelerate the ASEAN connectivity, with Cambodia as your strategic partner.

I wish this Summit a resounding success, and wish Excellencies, Ladies and Gentlemen good health and continued prosperity.

I now declare the Cambodia-ASEAN Business Summit 2025 open!

Thank You!