- Excellencies ASEAN Leaders;
- Neak Oknha Kith Meng, Chairman of ASEAN Business Advisory Council 2022;
- Excellencies, Ladies and Gentlemen!
I am truly pleased to preside over the opening of the ASEAN Business and Investment Summit (ABIS) 2022 under the theme: “ASEAN A.C.T.: Addressing Challenges Together“. I am also pleased to note that today’s event has attracted attention and participation from important individuals who will provide good recommendations as inputs for setting priority tasks as well important measures to overcome the challenges that we are all facing. In addition, I also have noted that the selected topic for this Summit is in line with the theme of ASEAN this year with Cambodia as the Chair, with the aim to accelerate and coordinate the joint efforts of ASEAN to deepen economic integration and to promote inclusive, competitive, resilient, and equitable recovery after the COVID-19 crisis. In fact, we all need to cooperate to ensure that ASEAN continues to be an attractive and dynamic region for trade and investment.
For nearly three years, ASEAN relentlessly worked together to implement policy measures and initiatives to address the COVID-19 crisis and mitigate its impacts on the socio-economy, and especially implemented the “ASEAN Comprehensive Recovery Framework” (ACRF) to promote the development of the digital sector in ASEAN and continue to improve business and investment environment as well as trade facilitation to accelerate the recovery in the post COVID-19 pandemic. According to the assessment and forecast by ASEAN +3 Macroeconomic Research Office (AMRO), ASEAN’s economy is recovering, achieving economic growth rate of 3.1% in 2021 along with expected growth rate of 5.3% and 4.9% in 2022 and 2023 respectively.
Taking this opportunity, I would also like to inform the Summit that, as the rotating Chair of ASEAN 2022, Cambodia has set additional “4 Key Strategic Thrusts” under the ASEAN Economic Community (AEC) pillar, namely: (1). Enhancing digital connectivity, science, and technology, (2). Narrowing development gap for ASEAN’s competitiveness, (3). Promoting a more integrated, inclusive, resilient, and competitive ASEAN, and (4). Global ASEAN for growth and development, with the aim to promote sustainable, inclusive, and resilient growth. Based on this foundation, ASEAN members have actively made efforts to achieve remarkable progress on the approved 19 Priority Economic Deliverables.
- Excellencies, Ladies and Gentlemen!
Even though the COVID-19 crisis has significantly lessened globally, the situation and outlook of the global economy is still fragile and prone to new crises, as we continue facing new and increasingly complex challenges that are occurring one after another in economic, social, environmental, and geo-political aspects. In this sense, ASEAN must continue adhering to the principles of multilateral trading system and enhancing trade liberalization to promote ASEAN as an open, transparent, and inclusive region while maintaining “Centrality” and “Unity ASEAN” in building global and regional relations. Furthermore, ASEAN must also update existing Free Trade Agreements and Comprehensive Economic Partnership Agreements to ensure that these agreements are modern, up-to-date, improved and effectively responsive to current business and investment trends.
On the other hand, I would like to take this opportunity to emphasize that the Regional Comprehensive Economic Partnership (RCEP) marks an important achievement for ASEAN as we have been keeping up with our efforts to open up the economy and diversify our regional markets. I firmly believe that this huge free trade agreement will boost trade activities both inside and outside of ASEAN, as well as promote broader regional economic integration. Thus, at the opening ceremony of the 55th ASEAN Foreign Ministers’ Meeting and Related Meetings in August, in Phnom Penh, Cambodia has proposed the establishment of the RCEP Secretariat in Phnom Penh as a demonstration of Cambodia’s commitment to free and open trade in ASEAN.
- Excellencies, Ladies and Gentlemen!
Certainly, our achievement in economic recovery as well as the resumption of socio-economic activities in the region would not have been made possible without the active participation of the private sector. I would like to take this opportunity to commend the ASEAN Business Advisory Council (ABAC) for its annual deliverables as well as a number of proposed recommendations for the consideration of ASEAN leaders, which further contribute to the AEC’s building process through deepening the regional economic integration.
In a context where socio-economic circumstance is getting back to normal, I would like to reiterate that the private sector plays a more vital and indispensable role in joining forces with ASEAN towards the promotion of an inclusive, resilient, and sustainable development in the region through: (1). Stimulating economic, trade, and investment activities, particularly through promoting foreign direct investments, as well as maximizing the benefits from existing ASEAN Free Trade Agreements; (2). Promoting information technology development, digital technology, research and development, and the promotion of innovation; (3). Strengthening human resource development through technology, knowledge, and skill transfer, re-skilling, and up-killing; (4). Promoting environmentally friendly development, further enhancement of digitalization along with narrowing the digital gap; (5). Complementing the financial needs towards a sustainable socio-economic recovery, etc.
- Excellencies, Ladies and Gentlemen!
For Cambodia, with the aim of restoring and promoting a resilient, sustainable, and inclusive economic growth, the Royal Government of Cambodia (RGC) has adopted new “Law on Investment” and set out “The Strategic Framework and Programs for Economic Recovery in the Context of Living with COVID-19 in a New Normal 2021-2023“. The RGC has also been striving to increase investment in infrastructure development both physical and digital, to improve the quality of logistics services, to enhance the efficiency of public services, to promote skill development and to modernize the social protection system. Additionally, as a member of the RCEP, Cambodia reaffirms its commitment to the rule-based trading system and welcomes all businesses and investments from the ASEAN countries and other partners.
Furthermore, with the purpose of combating climate change and its impacts, natural disasters and environmental degradation, Cambodia has proposed the establishment of an “ASEAN Green Deal” to re-orient ASEAN toward a green future that is sustainable and economically competitive.
As the Chair of ASEAN 2022, Cambodia fully supports the ASEAN Business and Investment Summit (ABIS). Cambodia affirms the commitment to collaborate closely with ASEAN Member States and all ASEAN Dialogue Partners in leading the AEC toward resiliency, sustainability, inclusiveness, and competitiveness.
Finally, I wish this summit success; and wish Excellencies, Ladies and Gentlemen good health and success in all your endeavors, especially comfortable and pleasant stay in the Kingdom of Cambodia.
I now declare the opening of the ASEAN Business and Investment Summit 2022!
Thank You!
