Cellcard Drives Connectivity and Inclusive Growth at Cambodia-ASEAN Business Summit 2024

Cambodia celebrates Chol Chnam Thmay, hosts ASEAN business summit, and Cellcard drives digital connectivity, as the country aims to become a high-income economy by 2050.

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Cellcard Drives Connectivity and Inclusive Growth at Cambodia-ASEAN Business Summit 2024

Cellcard Drives Connectivity and Inclusive Growth at Cambodia-ASEAN Business Summit 2024

As Cambodia celebrated its largest festival of the year, Chol Chnam Thmay, in April 2024, the country also hosted the Cambodia-ASEAN Business Summit, focusing on driving connectivity and inclusive growth in the region. Cellcard, a leading telecommunications company in Cambodia, played a key role in the summit, highlighting the importance of digital infrastructure in promoting economic development.

During the Chol Chnam Thmay celebrations, many Cambodians returned to their hometowns, and cultural activities were held throughout the country. King Norodom Sihamoni conveyed his best wishes to the citizens, emphasizing the festival's significance in promoting unity and preserving Khmer traditions. Prime Minister Samdech Thippadei Hun Manet reviewed Cambodia's economic achievements, including a GDP growth of 5.6% in 2023 and a projected growth of 6.6% in 2024. He also highlighted the government's priority policy programs aimed at improving the lives of the people, especially the poor and vulnerable families, with the goal of Cambodia becoming a high-income country with a strong economy and good quality of life for its people by 2050.

At the Cambodia-ASEAN Business Summit 2024, Acclime Cambodia's Director of Business Development, Hugh Darwell, discussed the country's efforts to attract foreign investment, such as the New Law on Investment released in 2022. Acclime, which established a presence in Cambodia in 2020, has expanded its tax practice and captured a share of the foreign investment market. Darwell advised foreign firms entering Cambodia to be patient, understand the market, and seek guidance from experienced professional firms on the appropriate entity, setup process, tax incentives, and compliance requirements.

Why this matters:The Cambodia-ASEAN Business Summit 2024 and Cellcard's role in driving connectivity and inclusive growth emphasize the importance of digital infrastructure in promoting economic development and improving the lives of people in the region. As Cambodia continues to attract foreign investment and work towards becoming a high-income country, the collaboration between the government and private sector companies like Cellcard will be crucial in achieving these goals.

While Cambodia has historically not ranked highly on the World Bank's Ease of Doing Business rankings, the government is taking steps to reduce red tape and encourage more foreign direct investment (FDI). Darwell suggested that further improvements, such as accepting digital signatures, could streamline the company registration and licensing process. As Cambodia continues to celebrate its cultural traditions and work towards economic growth, events like the Cambodia-ASEAN Business Summit 2024 and the involvement of companies like Cellcard demonstrate the country's commitment to driving connectivity and inclusive growth in the region.

Key Takeaways

  • Cambodia hosted Chol Chnam Thmay festival and Cambodia-ASEAN Business Summit in 2024.
  • Cellcard played a key role in the summit, highlighting digital infrastructure's importance.
  • Cambodia's GDP grew 5.6% in 2023 and is projected to grow 6.6% in 2024.
  • Acclime Cambodia advised foreign firms to be patient and seek guidance when expanding.
  • Digital infrastructure and foreign investment are crucial for Cambodia's economic development.