Hong Kong deepens cooperation with Cambodia: 13 MoUs signed to expand business opportunities and promote mutual economic growth

More than 350 business leaders and key officials attended a business luncheon in Cambodia co-organised by HKETO Bangkok and the Hong Kong Trade Development Council (HKTDC). Photo supplied

A delegation led by Mr John Lee, Chief Executive of the Hong Kong Special Administrative Region (HKSAR), visited Phnom Penh in Cambodia on 30-31 July 2024 to strengthen business and economic ties between Cambodia and Hong Kong.

During the visit, 13 Memoranda of Understanding (MoUs) were signed, covering areas such as trade and investment promotion, innovation and technology (I&T), transport, banking and industrial development.

Mr Peter K N Lam, Chairman of the Hong Kong Trade Development Council (HKTDC), addresses a business luncheon co-organised by HKETO Bangkok and the HKTDC to promote deeper economic and cultural ties between Cambodia and Hong Kong. Delivered

The delegation, organised by the Hong Kong Trade Development Council (HKTDC), included some 30 leaders of international, Mainland Chinese and Hong Kong companies and conglomerates in the fields of finance and insurance, innovation and technology, professional services, infrastructure, transport and logistics, energy and hospitality.

The delegation visited Canadia Integrated Group, one of Cambodia's largest conglomerates, to learn about local business opportunities and financing needs.

To promote bilateral cooperation, the Hong Kong Economic and Trade Office in Bangkok (HKETO Bangkok) and the Hong Kong Trade Development Council (HKTDC) organised a business luncheon attended by more than 350 business leaders and key officials.

Speaking at the luncheon on 31 July, Mr Lee said:

"The HKSAR Government is committed to attracting businesses, capital and talent from around the world. We are looking for more of the right companies and professionals to spearhead the high-value development of our economy - now and in the long term".

John Lee, Chief Executive of the Hong Kong Special Administrative Region (HKSAR), said Hong Kong will continue to fully utilise the advantages of "one country, two systems" to create opportunities for Cambodia and other countries in the Regional Comprehensive Economic Partnership (RCEP).

He also mentioned that Hong Kong brings to the Greater Bay Area international experience and expertise in finance and trade, as well as world-class professional services, transport, logistics and more. "I welcome Cambodian businesses and entrepreneurs to partner with Hong Kong and join us in tapping into the region's far-reaching business and investment opportunities," he said.

Dr Peter K N Lam, Chairman of the HKTDC, said: "The aim of our mission is to explore opportunities and forge links that will strengthen the relationship between Cambodia and Hong Kong. Our city is known for its strengths in traditional sectors such as finance, trade, logistics and professional services, which can help Cambodian businesses expand. We are also making great strides in new sectors, such as innovation and sustainability, where we can collaborate with Cambodia. We have been impressed by Cambodia's robust economic growth in recent years and its efforts to diversify its economy, develop its private sector and promote sustainable development".

Dr Lam added:

"The HKTDC has 50 offices worldwide, including six in ASEAN - Bangkok, Ho Chi Minh City, Jakarta, Kuala Lumpur, Manila and Singapore. We will soon open a new consultancy office in Phnom Penh to further strengthen our network in ASEAN and along the Belt and Road.“

As the BRI enters its second decade, and amid greater regional cooperation facilitated by agreements such as the Regional Comprehensive Economic Partnership (RCEP), Hong Kong will continue to build on its role as a superconnector, linking the wider Chinese market with ASEAN and the world at large.

The HKSAR Government and the HKTDC will host the Belt and Road Summit in Hong Kong on 11-12 September. At this annual event, which brings together key players from various sectors in the Belt and Road markets and beyond, Cambodian businesses can make connections and find new partners.

The visit to three ASEAN member states - Laos, Cambodia and Vietnam - this week aims to deepen economic and trade ties, enhance cultural exchanges and explore opportunities for cooperation between ASEAN and Hong Kong, building on the success of previous ASEAN missions to Singapore, Malaysia and Indonesia in 2023 and Thailand in 2022.