Cambodian Trade & Commerce of Toronto Establishment

The Cambodia Chamber of Commerce (“CCC”) late last week launched its first broad liaison in Toronto, Canada. The aim of this initiative is to showcase the Kingdom of Cambodia’s investment potential, with the intention of attracting foreign investors and entrepreneurs.

The official ceremony was held with the appointment of the president of the liaison Lenny Wong, who is a CCC member and runs multiple businesses in Canada.

The operation of the liaison in Toronto will help promote investment opportunities and attract foreign investors to Cambodia, particularly with the new investment law, trade preference status, free trade agreement with China, Korea, and the Regional Cooperation Economic Partnership, said Lim Heng, Vice President of the Cambodia Chamber of Commerce.

“After we have the Cambodia Chamber of Commerce liaison, I believe that there will be a greater boost of investment between the two countries,” Heng told yesterday.

“We see that the relationship between Cambodia and Canada has seen positive growth, many investments with large scale, and exports to Canada are on increase in value,” Heng added.

As per a report issued by Cambodia's General Department of Customs and Excise, Canada stands as the fourth most significant destination for Cambodian exported goods.

In the first four months of 2022, Cambodia exported goods to Canada was worth more than $340 million, an increase of 22.9% compared to the same period in 2021. In April 2022 alone, exports to Canada increased by 84.3% or $53 million.

This is the first-ever CCC liaison abroad as the CCC plans to set up many more liaisons in the near future including Japan, China and some EU countries, Heng said.

According to Heng, Cambodia has the potential to attract new foreign direct investment as the country has fully resumed its socio-economic activities, which can be attributed to the government's effective pandemic control strategy.

Regarding investment, Royal Academy of Cambodia economics researcher Ky Sereyvath recently highlighted that while numerous nations continue to grapple with the spreadCovid-19, Cambodia is succeeding in its recovery thanks to the government's vaccination strategy, which has played a pivotal role in this gradual recuperation.

“We see other countries still have the Covid-19 crisis and investors still do not dare to invest in those countries. This has pushed the flow of investors to Cambodia, which in 2022, many came to Cambodia,” he said.

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Lenny Wong's Inauguration Speech

To all His Excellencies, members and friends,

I am honoured being elected by our members in Toronto as the President of Cambodia Trade and Commerce of Toronto.

We are privileged to become the 1st Cambodia Overseas Trade and Commerce representative office.

With the supports and endorsement by the Cambodian Chamber of Commerce, I am confident that we are able to carry out our Mandates to promote Trade, culture and exploring business opportunities between Cambodia and Canada.

We will liaise and well connected with Cambodian Chamber of Commerce on regular basis where updated local business informations to be provided to our members and Canadian business groups.

I will DEVOTE my utmost best to promote our office and increase visibility in our communities. Our members will share the best practices, develop business networks and address the business issues affecting their communities.

Lastly, I am so appreciated all the supports and guidance from H.E. Virak; H.E. Phan Oun and H.E. Ambassador Sovann Ke.

Special thanks to bong Chea and Mrs. Chea spent lots of time and effort to help in this great work.

Also thanks the VP of Cambodian Chamber of Commerce, Oknha Lim Heng to host and advise for this election.

Thank you and wish you all the best!

Best Regards,

Lenny Wong