Second Minister for Trade and Industry and Manpower Minister Dr Tan See Leng receiving Cambodian PM Hun Manet for the Cambodia-Singapore Business Forum on June 19.
He also outlined the Cambodian government’s steps to increase the ease of doing business, such as streamlining regulation, improving trade connections and providing incentives like tax breaks of up to 15 years for priority sectors. He noted that Singapore and Cambodia businesses, and the partnerships they have formed, have substantially contributed to the growth in foreign direct investment in Asean as supply chains shift.Bilateral trade grew to more than $2.5 billion in the first four months of 2024, which Singapore Business Federation chairman Lim Ming Yan noted in a speech was a 42 per cent increase over the same period in 2023.
Singapore and Cambodia are also working on finding a legally-binding implementation agreement for collaboration on carbon credits under the Paris Agreement, which was the subject of a memorandum of understanding signed in May 2023. The SBF and CCC inked a memorandum of understanding to deepen cooperation on facilitating trade and economic linkages.
They touched on how investors could qualify for government incentives, what is needed to set up a business there, and the allure of Singapore as a destination for Cambodian firms seeking to internationalise, among other topics.