What nation offers fertile lands, a youthful, skilled workforce, a prime location within one of the world’s fastest-growing regions, and access to a regional market of over 660 million consumers?
The answer is Cambodia, and it might not be the first country that comes to mind.
As the United States explores new avenues for economic growth, Cambodia offers a unique opportunity for American investors. This Southeast Asian nation, once scarred by conflict, is now on a path of rapid development. Positioned within ASEAN (Association of Southeast Asian Nations), Cambodia is poised to become a regional hub, offering significant returns and access to one of the largest consumer markets in the world.
The U.S. is home to a growing Cambodian diaspora, forming a bridge between our countries, highlighting the deep and expanding ties between our nations. My visit to San Francisco, Los Angeles, New York City, and Washington, D.C., is more than just a diplomatic mission—it’s an opportunity to strengthen our bonds and explore immense potential for economic collaboration.
My personal journey has been deeply intertwined with both Cambodia and the United States. After 16 years with General Electric in the U.S., I developed an appreciation for the values of innovation, hard work, and partnership that both our nations hold dear. As a naturalized U.S. citizen and graduate of American universities, I’ve witnessed firsthand the powerful synergies that arise when our two nations work together.
In this Dec. 3, 2010, file photo, a Cambodian national flag flutters above the USS Mustin anchored at the Cambodia’s international port of Sihanoukville, about 220 kilometers (137 miles) southwest of Phnom Penh, to help…
In this Dec. 3, 2010, file photo, a Cambodian national flag flutters above the USS Mustin anchored at the Cambodia’s international port of Sihanoukville, about 220 kilometers (137 miles) southwest of Phnom Penh, to help the United States deepen ties with Cambodia and other nearby nations in a region overshadowed by China’s economic and military clout.
More
Heng Sinith/AP Images
Today, Cambodia is at a pivotal moment. The United States is already Cambodia’s largest export market, with over $8.7 billion worth of goods exported in 2023. Key sectors such as textiles, footwear, and travel goods have driven Cambodia’s economic growth, creating jobs and improving livelihoods across the country. Under the leadership of Prime Minister Hun Manet—a West Point graduate with deep ties to the U.S.—our nation is entering a new era of prosperity. This year, Cambodia’s GDP is expected to grow by 6.2 percent, driven by exports and major infrastructure projects like the Funan Techo Canal, a $1.7 billion renovation spanning 180 kilometers that will connect Phnom Penh with the sea, facilitating faster, cheaper, and more efficient transportation of goods, and strengthening Cambodia’s position as a logistical hub in Southeast Asia.
Cambodia offers U.S. companies a favorable business environment characterized by streamlined regulations and strong government support. Investment incentives such as tax holidays and duty exemptions, along with 100 percent foreign ownership in every economic sector, make Cambodia attractive. Companies like Ford and Coca-Cola have thrived by leveraging Cambodia’s location and access to ASEAN markets. My previous employer, General Electric, has also contributed significantly, particularly in health care.
Additionally, FedEx recently established a direct commercial presence in Cambodia to meet growing demand for international shipping. Manulife and Abbott Laboratories are active in Cambodia, offering financial services and health care products that contribute to the country’s development. Cambodia’s skilled workforce ensures that U.S. businesses have the resources needed to drive growth, while the Cambodian government remains dedicated to protecting foreign investments and ensuring efficient operations.
Ford Motor Company, for example, has expanded operations, strengthening the local automotive industry and creating jobs. Similarly, Coca-Cola has invested in manufacturing facilities, expanding its reach throughout Southeast Asia. These investments boost local economies, provide stable employment, and foster a robust supply chain benefiting both Cambodian and American interests.
The U.S. is renowned for leadership in technology and innovation, driving progress across sectors such as digital media, aerospace, biotechnology, and renewable energy. From Silicon Valley to Boston’s research hubs, American companies set the global standard for creativity and technological advancement. These qualities make the U.S. an ideal partner as Cambodia seeks collaboration in technology, renewable energy, and other industries.
Cambodia’s role extends beyond economic growth; we are dedicated to global cooperation and regional stability. Our neutral stance in geopolitics and support for international efforts, such as demining in Ukraine, underscore our reliability as an investment destination.
Prime Minister Hun Manet understands the importance of strong international relationships. Under his leadership, Cambodia is promoting innovation, entrepreneurship, and digitization as key drivers of our economic agenda, offering U.S. investors a unique opportunity to participate in Cambodia’s growth story. The benefits for U.S. businesses are clear—enhanced trade routes, lower logistics costs, and access to a rapidly growing market.
Cambodia’s commitment to inclusive growth, regional stability, and global cooperation makes us an ideal partner for U.S. investors. I invite U.S. businesses to explore the vast opportunities Cambodia offers as we deepen our economic ties and build a future of shared prosperity.
H.E. Sun Chanthol is deputy prime minister of Cambodia and first vice-chairman of the Council for the Development of Cambodia.
The views expressed in this article are the writer’s own.
Copyright for syndicated content belongs to the linked Source link
