- Tan Sri Michael Yeoh, President of KSI Strategic Institute for Asia-Pacific,
- H.E. Wang Wenbin, Ambassador of the People’s Republic of China to Cambodia,
- Distinguished Guests, Business Leaders, Ladies and Gentlemen!
I extent my warmest welcome to you all and I hope that everyone has a comfortable stay in Phnom Penh, the capital of the Kingdom of Cambodia. It is indeed my honor to deliver a keynote address at this Global Chinese Economic & Technology Summit 2024. Let me first extend my appreciation to KSI Strategic Institute for Asia-Pacific for bringing this summit this year to Cambodia. As I look around this room, I am filled with confidence, knowing that our gathering today will bring fruitful outcomes as your presence speaks to the enormous prospects for business and investment opportunities that can be nurtured and transacted in the days and years ahead.
The darkest ages of Cambodia’s history are over several decades already. Today’s Cambodia has witnessed remarkable progress in a broad spectrum of areas ranging from a sustained economic development, a modernized infrastructure, and a fully integrated economy in the regional and global markets.
This transformative journey mirrors the very essence of what we all gather to discuss today, namely the strength of economic cooperation and technological innovation to create a new and sustainable source of growth for our region and beyond. In this context of rapid change, Cambodia’s peace and stability, its strategic location within ASEAN, and its business-friendly policies offer a perfect place for your investments.
From my understanding, the “Global Chinese Economic & Technology Summit” was a rebranding of the “World Chinese Economic Summit,” which in fact reflects an undeniable truth of our times that economic growth could not be achieved without technological advancement. In fact, this new reality is what define Cambodia’s recent progress, but I could say the same for many other economies in this digital age nowadays.
The COVID-19 pandemic, while challenging for many countries, has accelerated digital transformation across every sector of the world economy. Affected global supply chains were reconfigured, business models were adapted and reshaped and the digital economy has created new business and investment opportunities that didn’t exist before.
This transformation is also particularly important in the context of Cambodia’s close relations with China, our largest investment and strategic trading partner. As this year marks the 75th anniversary of the founding of the People’s Republic of China, China has projected that her high-quality development in the medium to long term will be driven by “new productive forces” such as artificial intelligence (AI), digital economy, humanoid robots, low-altitude economy (i.e., drones), new materials, and other innovation industries. When China, as the main driver of global growth, is focusing on high-quality development, I believe that the whole region stands to gain from such policy orientation. For instance, through the Belt and Road Initiative (BRI) and our strong bilateral relations, Chinese businesses have been at the forefront of bringing technological advancement to Cambodia. Our deep-rooted cultural ties, combined with strong government-to-government relations, have created a uniquely favorable environment where Chinese investments thrive.
This summit itself, in bringing the global Chinese business community together, reflects both our strong bond of friendship and shared prospects of technological progress, through which Cambodia and the region as a whole will prosper.
Excellencies, Ladies and Gentlemen!
Let me be absolutely clear about one fundamental principle that my government holds in high regard: the main drivers of economic growth are not governments, but businesses and investors. It is them who play a crucial role in driving economic growth and stimulating innovation. The role of my government is to create a conducive environment where businesses can flourish, where innovations can thrive, and where growth can be nurtured.
As such, allow me to highlight my country’s unique competitive advantages which set us apart in this regional landscape.
First and foremost, Cambodia has devoted years to cultivate and sustain peace. In today’s tumultuous world, peace and political stability are only aspirations for some countries. Not all countries are lucky enough to secure it. Peace is precious and a rare commodity. Peace cannot be made at will. It must be earned through years of dedication and total commitment. I believe that peace and political stability are not just preferences for investors, they are “a must have.”
Secondly, Cambodia stands as one of Asia’s most open and liberalized economies. These are not just my words. All these policies are fully enshrined in our WTO commitments and in our laws and regulations. For example, we offer 100 percent foreign ownership of businesses with no restrictions on profit and capital repatriation. By allowing investors to keep more of their returns and profits, we actually make Cambodia a more competitive destination for investment. I truly believe the investors’ success is ultimately also the government’s success.
Thirdly, we have one of the region’s most generous and flexible incentive programs, designed to help businesses and investment thrive. When businesses invest in tech and manufacturing industries, we make it count by offering significant additional benefits to help their businesses grow.
Fourth, our network of trade agreements provides large market access. Through the Regional Comprehensive Economic Partnership (RCEP), we offer you entry to a market of 2.3 billion people representing almost one-third of global GDP. Our bilateral Free Trade Agreements (FTAs) with China and Korea coupled with our latest Comprehensive Economic Partnership Agreement (CEPA) with the United Arab Emirates (UAE), open doors to some of the world’s most vibrant economies. For all technology firms that are interested here, this means access not just to Cambodia’s domestic market of 17 million consumers, but to a combined market of billions. We are not just offering investors a place for investment – we are offering them a ticket to this region’s future.
Fifth, Cambodia has made remarkable achievement in sustainable development. Today, I am proud to tell you that 62 percent of our power mix already comes from renewable sources. We believe that protecting our environment is also about protecting investors’ interests. As global market increasingly demands greener supply chains, Cambodia can offer investors a competitive edge. Our commitment to reach 70 percent renewable energy by 2030, and carbon neutrality by 2050, sends a clear message: when investors choose Cambodia, they are not just choosing a place to invest, they are also becoming a player in building a sustainable future.
Sixth, location wise, Cambodia is situated strategically at the heart of Southeast Asia with ease of connecting with Asia and the Mekong Subregion. That is why my government has made regional connectivity our top priority. Through our “Comprehensive Intermodal Transport and Logistics System Master Plan”, we are not just building roads; we are creating trade corridors through an integrated network of roads, rails, and waterways. So, choosing Cambodia means choosing a location where costs can be reduced, and delivery times can be sped up.
Seventh, Cambodia has one of the youngest populations in Asia – two-thirds of Cambodians are under 35 years old. These are millions of bright, tech-savvy minds eager to innovate and transform ideas into reality. Recognizing this opportunity, we have launched our human capital development program to provide comprehensive technical and vocational training to 1.5 million young Cambodians. Our high-school and university students compete every year at international robot competitions, and they won many medals too, and are the driving force that will power your business success, bring fresh perspectives to your operations, and help you stay competitive in the digital age.
Eighth, we understand that time is valuable in business, which is why we have digitized our company registration process. Our investment approval processes have been streamlined. Moreover, I have established two high-level mechanisms that serve as my direct arms in supporting business. On one hand, the Trade Policy Advisory Board works as my government strategic thinker, monitoring global trends and ensuring our policies remain competitive. On the other hand, the Committee on the Promotion of Resolutions of Private Sector Issues, which operates directly under my command, stands ready to solve your issues quickly and effectively. Let me be very clear that the Royal Government of Cambodia is on your side. We are on the business’s side, and we stand ready to support you every step of the way.
Excellencies, Ladies and Gentlemen!
My administration has added “technology” as a new component for the Pentagonal Strategy-Phase I as we want to diversify and modernize our industry that should be skill- and knowledge-based. Indeed, it is almost impossible to imagine Cambodia Vision 2050 as a high-income economy without a strong technological advancement and skilled human capital. I am personally keen in attracting high-technology investment and is willing to provide generous incentives and flexible arrangements for companies that are serious about making partnership for mutual benefits with Cambodia.
Let me conclude with a personal commitment. As Prime Minister, I pledge that my government will continue to support your success in every way possible. Our doors are always open, our policies will remain predictable, and our commitment to your business is unwavering. And so, I invite you to be part of Cambodia’s transformation story. Whether in technology, green energy, digital innovation, or any other venture, Cambodia stands ready to be your partner in success. Let us write the next chapter of Asia’s economic miracle right here in Cambodia. Together, let’s build a more sustainable, and more prosperous future for all and may this summit mark the beginning of our successful partnership.
Thank You!
