Phnom penh: Neak Oknha Kith Meng, President of the Cambodia Chamber of Commerce, emphasized the transformative potential of the Comprehensive Economic Partnership Agreement (CEPA) between the UAE and Cambodia. The agreement, which took effect earlier this year, is poised to elevate non-oil trade between the two nations beyond the US$1 billion mark by 2030. Kith Meng highlighted CEPA’s role as a pivotal policy instrument that strengthens economic ties and opens significant gateways for both countries.
According to Emirates News Agency, Kith Meng, who also chairs ASEAN-BAC Cambodia, shared insights during the ‘Doing Business with Cambodia’ forum. He noted that CEPA provides the UAE with strategic access to the ASEAN market, which boasts 680 million consumers, while granting Cambodia preferential access to integrate into the essential GCC hub. This collaboration is underscored by the recent visit of the Dubai Chamber delegation to Phnom Penh under the ‘New Horizons’ programme, reflecting a mutual commitment to bolstering economic partnerships and investments.
The diversity within the Emirati delegation, representing sectors such as oil and gas, building materials, construction, food and beverages, and healthcare, signifies a growing interest in the Cambodian market. Kith Meng identified key sectors for potential UAE investment, including infrastructure, logistics, tourism, and renewable energy projects. He also pointed out the increasing collaboration in the digital economy, notably in FinTech investments and vocational training centers aimed at enhancing Cambodia’s workforce.
Kith Meng emphasized Cambodia’s consistent economic growth supported by financial stability, favorable policy environments, and a new investment law offering incentives and streamlined processes for foreign enterprises. He described Cambodia as a strategic gateway to ASEAN markets, benefiting from major regional trade agreements like the Regional Comprehensive Economic Partnership (RCEP).
Encouraging UAE companies to explore investment opportunities, Kith Meng assured the Cambodia Chamber of Commerce’s commitment to providing comprehensive support and market guidance. He expressed gratitude to Dubai Chambers for fostering bilateral economic cooperation and noted the opportune timing for launching new ventures that promise mutual benefits.
