1 month ago
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Louella Desiderio - The Philippine Star
February 15, 2025 | 12:00am
MANILA, Philippines — The Philippines and Cambodia are looking to collaborate to attract more investments.
A memorandum of intent on investment cooperation was signed by Trade Secretary and Board of Investments (BOI) chair Cristina Roque and Cambodia deputy prime minister Sun Chanthol, who also serves as first vice chair of the Council for the Development of Cambodia, on Wednesday.
Under the memorandum of intent, the Philippines and Cambodia will exchange information on the investment environment and opportunities experiences in attracting foreign investments and best practices in investment promotion.
The parties will also encourage their local companies to set up or expand their businesses in the two countries.
In addition, the parties will provide support to facilitate inward investment under their respective laws and policies.
BOI managing head Ceferino Rodolfo said the parties could also work together to attract investments from other countries.
He said the two countries could be seen as having a seamless supply chain for agri-processing and for garments and textiles.
As the governments of the Philippines and Cambodia are looking to work together in investment promotion efforts, the Philippine Chamber of Commerce and Industry (PCCI) and Cambodia Chamber of Commerce also signed a memorandum of understanding (MOU) to strengthen business and economic cooperation.
Under the MOU, the groups will exchange information to increase trade and expand investments between the two countries, particularly in the areas of information and communications technology and innovation, manufacturing, franchising, tourism, services and small and medium enterprise development.
The parties will also organize outbound or inbound trade and investment missions, as well as assist each other in participation in trade fairs and other similar events.
PCCI president Enunina Mangio said Cambodia’s remarkable economic transformation and the Philippines’ robust growth trajectory create natural synergies and huge potential to expand business collaboration.
“Our economies complement each other in many sectors such as agriculture and food processing, IT (information technology) and digital technology, manufacturing, tourism and services,” she said.
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