Representatives from 17 major US firms have expressed keen interest in delving into investment prospects within Cambodia. Led by Brian David...
Representatives from 17 major US firms have expressed keen interest in delving into investment prospects within Cambodia. Led by Brian David McFeeters, Senior Vice President and Regional Managing Director of the US-ASEAN Business Council, the delegation, including US Ambassador to Cambodia W. Patrick Murphy, engaged in discussions with Prime Minister Hun Manet at the Peace Palace.
McFeeters highlighted the enthusiasm among US companies to broaden their investment scope in Cambodia, spanning modern technology, social media, tourism, finance, energy, retail markets, manufacturing, and energy insurance sectors.
The delegation comprises prominent entities such as Abbott, ADM, Chevron, ConocoPhillips, Estée Lauder Companies, FedEx Express, Ford, Jhpiego, Manulife, Mastercard, Meta, Pfizer, Philip Morris International, RMA Group, Roche, Tilleke & Gibbins, and Visa. Brian emphasized their collective interest in Cambodia's investment landscape and their desire to understand the government's investment policies better.
Prime Minister Hun Manet commended US investments in Cambodia, urging continued collaboration between the US-ASEAN Business Council and Cambodian ministries to enhance the investment climate.
The Cambodian government pledges to provide a conducive environment for investors, ensuring peace, stability, and social order. It aims to incentivize investment through tailored policies and initiatives, such as special economic zones customized to industry needs.
Despite the expiration of the Generalized System of Preference (GSP) for travel goods in 2020, Cambodia maintains a significant export relationship with the US. In 2023, the country exported goods worth $8,897 million to the US, with imports totaling $257 million, indicating a growing bilateral trade relationship.
The US remains Cambodia's primary export destination, with products like garments, footwear, and light manufacturing goods subject to Most Favoured Nation (MFN) tariffs. US Ambassador Patrick emphasized the commitment of US companies to uphold labor, environmental, and community values while conducting business in Cambodia.
Patrick expressed his honor in leading a US-ASEAN Business Trade Delegation to discuss enhancing the business and investment environment with Prime Minister Hun Manet.
As US companies intensify their focus on Cambodia, the partnership between the two nations is poised for further growth. With a mutual commitment to fostering a favorable investment climate, both sides are primed to capitalize on emerging opportunities, ensuring mutual prosperity and economic development.
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