US investors have expressed optimism to invest in Cambodia, and continue to expand their investments and businesses to contribute to the recovery of Cambodia's economy, which has been hit by COVID-19.
The US investors' assertion was made during a working meeting between Commerce Minister Pan Sorasak and a US-ASEAN BUSINESS COUNCIL delegation via video conference on November 1st , 2021.
The US-ASEAN Business Council delegation was led by Mr. Michael Michalac, Senior Vice President and Regional Managing Director, and attended by the US-ASEAN Business Council in Cambodia, US Embassy officials in Cambodia and companies. Others include ConocoPhillips, FordMotor, Amazon, Walmart, Pernod Ricard, Visa and Jhpiego.
The meeting between the Minister of Commerce of Cambodia and the delegation from the US-ASEAN Business Council was held to strengthen trade relations and promote investment from the United States.
The Minister of Commerce highlighted some of the favorable environment in Cambodia, which is a good opportunity for investment in Cambodia. The investment climate that the Minister mentioned is the success of the vaccination of COVID-19 and the readiness of Cambodia to reopen economic and social activities.
The Minister also highlighted the potential for bilateral trade between Cambodia and the United States, which has continued to grow despite the Covid-19 crisis. In the first eight months of 2021, Cambodia-US trade volume was more than US$5.5 billion , up by 28.46 percent compared to 2020.
The Minister of Commerce expressed his support for the coordination of US companies and said that the Ministry of Commerce was ready to coordinate with relevant ministries and institutions.
In response, the US Ambassador congratulated Cambodia on its success in vaccinating and reopening socio-economic activities. US companies have also expressed optimism about investing in Cambodia and pledged to expand their business in Cambodia. In particular, they will vive support for Cambodia's economic recovery after the end of Covid-19 and support for Cambodia as the chair of ASEAN in 2022.
The US-ASEAN Business Council delegation thanked the Minister for his continued coordination and cooperation with the US-ASEAN Business Council delegation in Cambodia.
Minister Pan Sosak expressed his appreciation and gratitude to the US-ASEAN Business Council delegation and company representatives who took the time to attend the meeting. The Minister also expressed optimism and hoped that all companies would continue to invest and expand their business in Cambodia.
By Pheara!
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