The Dubai Chamber of Commerce, one of the three chambers operating under the umbrella of Dubai Chambers, concluded its trade mission to Malaysia and Cambodia by organizing 189 bilateral business meetings in Cambodia’s capital, Phnom Penh. The purpose was to explore opportunities for forging new partnerships across diverse sectors.
As part of the mission, the chamber hosted a business forum titled “Doing Business with Cambodia,” in collaboration with the UAE Embassy in Thailand, the Cambodian Ministry of Commerce, the Cambodian Chamber of Commerce, and the Council for the Development of Cambodia.
The forum featured welcoming speeches from several dignitaries, including Tekreth Kamrang, Minister of State for Commerce in Cambodia; Nguon Ratanak, President of the Cambodian Chamber of Commerce and the ASEAN-Business Advisory Council; and Salem Al-Shamsi, Vice President for International Relations at Dubai Chambers. Additionally, Sun Sovath, Deputy Secretary General of the Cambodian Investment Council, presented an overview of investment opportunities in Cambodia.
Over 357 senior officials, business leaders, and local company representatives participated in the forum to explore avenues for cooperation and joint ventures between the Dubai trade mission delegates and the Cambodian business community.
Enabling Dubai’s Companies
Salem Al-Shamsi commented on the commitment to empower Dubai companies to establish strong partnerships in international markets, thereby opening doors for further external expansion that supports the sustainable growth of the business community in the emirate and cements Dubai’s role as a leading global business hub.
In statements made to the press during the “Doing Business with Cambodia” forum, he noted that as of the end of September, there were 32 active Cambodian companies registered with the Dubai Chamber, including eight new ones that joined in the first nine months of this year. This trend illustrates the significant investment expansion potential between the two sides in the near future, reflecting the Dubai Chamber’s aim to increase these figures in line with mutual aspirations and foster sustainable economic partnerships.
Al-Shamsi pointed out that Cambodia’s desire to strengthen its economic partnership with Dubai and to sign numerous agreements with national companies in the emirate demonstrates the depth of bilateral relations and a shared vision for expanding economic cooperation.
The value of non-oil trade between Dubai and Cambodia has risen to 1.4 billion dirhams (approximately 380.4 million dollars) in 2024, representing a 3% annual growth, with the number of active Cambodian companies registered with Dubai Chambers reaching 32 by the end of September.
Qualitative Development of Relations
Nguon Ratanak, President of the Cambodian Chamber of Commerce and head of the ASEAN-Business Advisory Council, emphasized that the relations between the UAE and Cambodia have undergone significant qualitative development, culminating in the signing of a Comprehensive Economic Partnership Agreement that took effect last year. This agreement established a robust institutional framework designed to enhance non-oil trade between the two countries to reach one billion dollars (approximately 3.68 billion dirhams) by 2030.
On the sidelines of the forum, he stated that the economic partnership agreement has broadened the scope of economic collaboration, providing the UAE with access to the ASEAN market, which comprises 680 million consumers, while granting Cambodia enhanced access to the Gulf Cooperation Council markets.
He noted that the Dubai Chamber’s delegation’s visit to Phnom Penh as part of the “New Horizons” tour reflects both parties’ commitment to improving economic relations and developing mutual investments at a time when Cambodia is entering a new economic phase characterized by openness and expanded international partnerships.
Ratanak added that the diversity represented by the Dubai Chambers delegation, which included prominent companies across oil and gas, construction materials, consumer goods, food and beverages, and healthcare sectors, underscores Emirati investors’ interest in opportunities within Cambodia’s markets.
Available Opportunities
He highlighted that key opportunities for UAE companies include infrastructure and logistics, given Cambodia’s accelerating efforts to position itself as a regional transportation hub, as well as tourism, which is increasingly attracting interest from Emirati and Middle Eastern markets. Renewable energy projects are also a priority for addressing industrial energy costs and enhancing economic competitiveness.
Furthermore, the digital economy sector poses significant collaboration avenues through investments in fintech and the development of payment solutions and cross-border trade financing, along with establishing vocational training centers to develop human capital in line with industrial and service sector needs.
Ratanak confirmed that Cambodia’s economy continues to achieve strong growth rates due to stable financial conditions, government incentives, and a new investment law that offers extensive benefits and tax exemptions for foreign investors, positioning Cambodia as a strategic gateway to ASEAN markets and taking advantage of regional partnership agreements.
He encouraged Emirati companies to capitalize on collaboration opportunities and forge investment partnerships, expressing the readiness of the Cambodian Chamber of Commerce to provide all necessary support and information for confidently entering the Cambodian market. He also thanked the Dubai Chambers for their role in enhancing economic partnerships between the two nations, asserting that the time is ripe for initiating new projects and partnerships that yield mutual benefits.
Introduction Showcase
During the forum, the Dubai Chamber highlighted the dynamic business environment that Dubai offers, along with competitive advantages available for Cambodian companies across various sectors, as well as opportunities to leverage Dubai as a platform to access promising regional markets.
The Council for the Development of Cambodia also provided an overview of the Cambodian economy’s attributes, business ecosystem, developmental strategies, commercial companies, and investment opportunities available to foreign investors.
The Dubai Chamber identified several promising trade sectors between Dubai and Cambodia, which include aluminum, steel, beverages, furniture, as well as aircraft and spacecraft components.
Promising investment sectors for Dubai companies in Cambodia encompass tourism and travel, hotels and restaurants, transport and storage, textiles, consumer products and household appliances, in addition to construction and infrastructure.
Representatives from 16 private sector companies in Dubai, specializing in various fields, including construction, building materials, engineering services, retail, textiles, cosmetics, consumer goods, healthcare, and oil and gas, participated in the trade mission to Malaysia.