By Sok Lak
The European Chamber of Commerce in Cambodia (Eurocham) announced its inauguration on 02 June 2011 in Phnom Penh with the support of the Chambre de Commerce Franco Cambodgienne (CCFC), British Business Association of Cambodia (BBAC) and the German Business Group Cambodia (ADW).
The establishing of Eurocham also received the support of the representation of the European Union in Cambodia, and by its member states represented in Cambodia.
The objective is to act as European business organizations and individuals for business facilitation, regulatory exchange and dispute resolution as well as to promote European economic and cultural relations with Cambodia and vice versa.
Dominique Catry, CEO and President of CominKhmere and founding member of the French Chamber of Commerce, said that it is the time to upgrade the representation of the business communities coming from 27 EU member states. “I believe the establishing of Euro Cham will lead the investment and business between Cambodia and EU more significant grow”
The creation of Eurocham is a significant sign of confident in Cambodia and the opportunities this exciting country, at the heart of the region, offers to investors. Eurocham is launched only month after the historic “Everything but Arms” agreement came into effect, allowing for unlimited, tax free access of Cambodian-made products to largest economic and political union in the world.
In the first three month of 2011, Cambodia exports such as garment products to Europe have increased by up to 47% compared to 2010, which showing the enormous potential the partners will explore together in future. According to data, the amount export from Cambodia to EU in 2010 is 900 million euro, but the amount export in the first three month in 2011 from Cambodia to EU is 639 million euro.
Source: The Southeast Asia Weekly, June 5-11, 2011, Vol. 5, Issue 23, Page 9
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