Indian Business Chamber Launched
An Indian Business Chamber (IBCC ) has been launched in Cambodia. Photo: IBCC
- By Thun Senghong
- January 18, 2024 7:10 PM
PHNOM PENH – An Indian Business Chamber (IBCC ) has been launched in Cambodia with officials expecting that it will facilitate trade and investment in both countries.
Chamber president Babulal Prihar said at the Jan. 17 launch that it signified the strengthening of economic ties with India and the commitment of the Indian business community to contribute to Cambodia’s growth and development.
Prihar said the IBCC mission was to promote and facilitate trade and investment and to assist Indian businesses entering or willing to enter the Cambodian market by providing information about the business and legal environment.
IBCC would engage with the government, business associations and other stakeholders to address challenges, provide solutions and advocate for policies that fostered a conducive business environment, he said.
The chamber would work hand in hand with the Embassy of India to promote trade and investment between both nations.
Cambodia and India share a long cultural history and people-to-people exchanges which go back more than a thousand years.
Trade between Cambodia and India was worth more than $485 million in 2023, an increase of about 10.4 percent compared to 2022.
Exports from Cambodia to India amounted to more than $293 million, while imports amounted to more than $192 million.
Indian Ambassador Devyani Khobragade said that India has extended its Duty Free Tariff Preference (DFTP) Scheme to Less Developed Countries, including Cambodia, since August 2008.
The two countries also set up a joint working group to facilitate trade and investment and are negotiating an investment treaty and double tax avoidance agreement while considering a preferential trade agreement to further boost and diversify trade.
The Ambassador said the two sides are also working on digital connectivity to promote cross-border payments.
“With our historical role, India enjoys tremendous goodwill in Cambodia, both at the level of leadership and people,” the Ambassador said.
“It is an opportune time to leverage that goodwill for boosting trade, commerce and investments between our two countries.”
She said the launch of the IBCC was a welcome step in this direction.
She said the economic growth trajectories in the countries would offer many opportunities for forging partnerships for growth and expansion in each other’s markets and in sectors ranging from agriculture, food processing industries, vehicles, auto components, IT, construction services and equipment, pharmaceuticals, textiles, education tourism and renewable energy.
Pich Rithi, Secretary of State of the Ministry of Commerce, said the IBCC would help promote trade, investment and other business activities between both countries and strengthen business-to-business cooperation.
He said it would provide good networking opportunities, allowing business people to get to know community members, fellow business owners and other professionals.
