In the afternoon of 3rd October 2018, at the Council for the Development of Cambodia (CDC); H.E. Mr. Sok Chenda Sophea, Minister Attached to the Prime Minister and Secretary General of the CDC, received a courtesy call from a delegation led by Mr. Michael Michalak, Senior Vice President and Regional Managing Director of the US-ASEAN Business Council (US-ABC). About 30 people representing some large U.S firms joined the meeting.
At the outset of the meeting, H.E. Mr. Sok Chenda Sophea expressed his great pleasure and a warm welcome to the visiting delegation that wished to strengthen business relation between Cambodia and the USA, as well as to explore new opportunities, trade potentials, and investments in Cambodia. H.E. Mr. Sok Chenda Sophea informed the delegation that under the wise leadership of Samdech Akka Moha Sena Padei Techo Hun Sen, Prime Minister of Cambodia, the government has laid out many supporting policies to incentivize and to increase investors’ confidence level. This includes the Cambodia Industrial Development Policy 2015-2025 which envisioned to transform and modernize Cambodia’s industrial structure from a labor-intensive industry to a skill-driven industry by 2025.
Mr. Michael Michalak expressed his gratitude to the CDC for the hospitality extended as well as acknowledged and commended the Royal Government of Cambodia for the rapid growth. In addition, he stated in the meeting that the US-ABC is a crucial consulting agency for U.S corporations operating in Southeast Asia (SEA), serving as the leading voice in promoting mutually beneficial trade and investment relationships between the United States and Southeast Asia. Currently, the council has offices in 6 cities of SEA including Bangkok, Hanoi, Jakarta, Kuala Lumpur, Manila, and Singapore. Mr. Michael Michalak emphasized his expectation that today’s discussion would serve as a stepping stone to move the cooperation between the two countries to a new level.
It is worth noting that, according to the CDC’s record, as of August 2018 there were 52 projects invested by U.S investors, amounted to nearly US$1.1billion and approximately US$274 million of which were investments in industry and manufacturing sectors.