Dear members, partners, and friends of EuroCham Cambodia,
It is my pleasure this week to write my first newsletter introduction since joining as the new Services Coordinator a few months ago, and I look forward to meeting and connecting with all of you soon.
This week marked a significant milestone for EuroCham Cambodia as we convened the European Business Organisations (EBOs) Sustainability Summit from April 3rd to 4th with support from GIZ FABRIC. Gathering representatives from European chambers of commerce in 10 Asian nations, members of the Responsible Business Hub global network, and distinguished trade and sustainability experts, the summit served as a vibrant platform to exchange knowledge and best practices.
In an era of growing multilateral free trade agreements, this summit emphasised the power of collaboration across borders. Yesterday, amidst our energized discussions, we also solidified 11 Sustainability Action Plans (10 country and 1 regional) that lay the groundwork for future activities to promote inclusive working conditions, due diligence, and collaboration between the public and private sectors.
We also extend our sincere thanks to GOMI Recycling Plant CEO Yusuke Okumura for hosting us yesterday and demonstrating how his facility collects plastic and transforms it into furniture and accessories.
We hope you enjoy this week's newsletter! |
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| Interview with Mr. Sophealeak Ing, Founder & Managing Partner at ANANT Law Firm |
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This week, we interviewed Mr. Sophealeak Ing, the managing partner of ANANT Law Firm, a recently established full-service law firm. Mr. Ing has built a very strong reputation over the last 16 years as a leading lawyer in energy, projects & infrastructure and real estate and construction. Mr. Ing shares with us his vision as a lawyer on his practice, his relationship with clients and more broadly on the Cambodian business environment. |
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As Phnom Penh and Cambodia heats up, it again serves as a stark reminder that annual heatwaves aren’t normal, and Southeast Asia in particular is highly vulnerable to the effects of climate change. This time last year, the news was filled with heatwave stories. This week in the region, the Philippines has closed over 1,000 schools and experts in Thailand are fearing damage to coral and fish life in the Gulf of Thailand.
Excessive heat presents several problems, not just discomfort and potential health complications for people, but droughts that can affect crop yields and ecosystems as well as excessive energy use to power ACs, to name a few. It’s worth watching if Cambodia sets a new high temperature record this year. |
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EuroCham hosts European Business Organisation (EBO) Sustainability Summit |
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EuroCham hosted its inaugural European Business Organisation (EBO) Sustainability Summit on 3-4 April, during which representatives from 10 European chambers of commerce and the The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) convened at TRIBE Hotel to learn from local and regional experts and share best practices with each other. Over the two-day summit, we explored sustainability in the context of trade, advocacy, and development, and workshopped ideas together, coming up with action plans to collaborate on regional events and shared initiatives. Thank you to all participants and GIZ FABRIC for supporting this great event! |
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Courtesy meeting with the Ministry of Environment |
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EuroCham held a courtesy meeting with H.E. Dr Sophalleth Eang, Minister of Environment on Wednesday, 3rd April to discuss waste management, the automotive industry, and the garment sector. The EuroCham team was led by Chairman Tassilo Brinzer, supported by representatives from the automotive, green business and garment & manufacturing committees. Read a recap of the meeting below. |
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EuroCham advocates for trade facilitation between Cambodia, the EU and its regional partners |
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EuroCham's Senior Advocacy Officer, Joachim DAUTAIS, participated in a consultative Workshop on Digital Trade Policy organised by the Ministry of Commerce, with support from ARISE+ Cambodia, and led by H.E. Chea Ratha, Secretary of State to the Ministry of Commerce, on Monday, March 25th. The workshop encompassed discussions on various topics related to cybersecurity and trust; domestic and cross-border connectivity; data management, digital trade; and regulatory frameworks.
The discussions highlighted that bureaucratic challenges also extend to the realm of digital trade and for Cambodia to maximise its potential in this sector, all administrative barriers need to be reduced. If you are interested in more details about EuroCham's work on trade policy, visit our Trade Policy Chapter in our Advocacy Compass. |
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VDB Loi's upcoming paper “Towards a Smoother Resolution of Tax Audit Disputes in Cambodia” provides a comprehensive analysis of tax audit disputes in Cambodia, highlighting key quantitative data, factors slowing down audit completion, and suggest several key measures for policy and administrative reform to strengthen cooperative compliance and enhance foreign investment.
The paper notes some eye-opening figures, including: 3,833 tax audits were conducted in 2021, compared to 907 in 2018. Moreover, tax reassessments contributed 28% towards Cambodia’s total tax revenue in 2019, compared to 5% for ASEAN as a whole. Lastly, 80% of tax revenue was generated from large taxpayers (approximately 4,000 entities) while the remaining 20% was gathered from small and medium taxpayers (approximately 8,000 entities). |
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Cambodia-ASEAN Business Summit |
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The Cambodia-ASEAN Business Summit 2024, organised by the Cambodia Chamber of Commerce, ASEAN Business Advisory Council of Cambodia with the support of the Royal Government of Cambodia was held Tuesday, under the theme of Unleashing ASEAN's Potential: Connectivity, Technology, and Inclusive Growth. The summit was presided over by Prime Minister Hun Manet and attracted key regional businesspeople, as well as high-level ASEAN representatives. |
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- EU Ambassador to Cambodia Igor Driesmans participated in CamEd Business School's High-Level Speaker Program on 1 April, to discuss topics including EU-Cambodia diplomatic relations and regional ASEAN issues. Watch the full interview here: https://shorturl.at/bfGST
- The Ministry of Tourism has introduced the "Tourism Financing Scheme for Siem Reap" (TFSS), a $50 million loan scheme, aimed at helping tourism-related businesses in Siem Reap facing challenges due to the slow recovery of tourism.The TFSS aims to enhance and revitalize the tourism landscape in Siem Reap through its provision of tailored loan conditions.
- Tax breaks are on the way for the agriculture sector, according to a recent announcement made by the Ministry of Economy and Finance this week. The benefits, slated to expire in 2025, include suspending minimum tax payments and offering exemptions from income tax, among others. According to this KiriPost article, this could help lure investors to the sector and provide a much-needed boost to farmers in the country.
- The Ministry of Women's Affairs will launch the Neary Rattanak VI Strategic Plan on Gender Equality and Women's Empowerment 2024-2028 on Monday, 8 April. The master plan contributes to the implementation of the Pentagonal Strategy - Phase I, the Cambodian Sustainable Development Goals Framework, and United Nations commitments to the region. Read the notice below!
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Bumrungrad Health Briefs #13: Embracing Proactive Measures for Colorectal Cancer Prevention and Early Detection
Colorectal cancer, which affects the colon or rectum, presents a significant health challenge worldwide. Yet, it is a disease where the right preventive measures and early detection can play a transformative role in reducing its impact.
A cornerstone in preventing colorectal cancer is adopting a healthy lifestyle, involving a diet rich in fruits, vegetables, and whole grains while reducing the intake of red and processed meats. Regular physical activity is also essential, as it helps maintain a healthy weight, subsequently lowering the risk of colorectal cancer. Additionally, avoiding tobacco and limiting alcohol consumption are key measures, as both are linked to an increased risk. |
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| BG Associates, established in 2010 in Phnom Penh, stands as a correspondent firm of Moore Global Network Limited. BG Associates is an active member of the Kampuchea Institute of Certified Public Accountants and Auditors (KICPAA), a registered audit firm with the Accounting and Auditing Regulator (ACAR), and a licensed tax agent with the General Department of Taxation (GDT).
The firm offers many financial services, including assurance services, due diligence, investigative accounting, accounting services, tax compliance, and tax advisory. |
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| GSCS International (Cambodia) Ltd is a subsidiary of GSCS International Ltd., offers a wide range of services including Textile Exchange services, Social Compliance Audits, Security Audits, ISO Management System Certification audits, and Product Inspection in Cambodia. Their core values focus on sustainability, clean energy and water, waste reduction, and social fairness. |
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| The Glasshouse, situated at Treellion Park, Koh Pich, is a restaurant/café/bar that provides a unique open-air dining experience, features a blend of Asian and Western cuisine, complemented by an evening ambiance that includes DJ entertainment, refreshing drinks, and delectable tapas.
The Ring is a Kun Khmer, fitness, and boxing gym, located at Aquation, Koh Pich, offer a full range of group classes and private training. With state-of-the-art facilities and a team of seasoned instructors, The Ring provides the perfect environment for individuals to train, enhance their skills, and achieve excellence in their fitness journey. |
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The Networking Village attracts over 200 businesses |
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Congratulations to Miguel Delecourt and The Networking Village for a successful inaugural event that brought together 200 business professionals at Factory Phnom Penh on 2 April. Follow The Networking Village here to stay informed of upcoming events! |
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MAERSK launches second large methanol-enabled ship |
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MAERSK launched its second large methanol-enabled ship this week in Yokohoma, Japan. The ships is part of a larger fleet of 18 similar ships set for delivery this year and next. The first ship of this fleet, the Ane Maersk, was launched earlier this year and became the world’s largest methanol-powered vessel. These new ships represent a turning point in energy efficiency for ocean vessels, as the engines used can conserve millions of tonnes of CO2 during their lifetime. Currently, shipping accounts for 3% of the world’s greenhouse gas emissions. |
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Novotel BKK1 Opens to Public |
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Novotel BKK 1, one of our newest members opened its doors on 29 March, ushering in a new era for the popular chain, which also owns another new property in Sihanoukville.
Julien A. Péchey, General Manager, Novotel Phnom Penh BKK 1, said: “We are thrilled to extend a warm welcome to our guests, introducing the Novotel experience to Phnom Penh for the first time. With signature offerings, travelers will have an opportunity to take time to connect with family, friends, colleagues, and themselves in modern yet relaxed spaces. Our excellent location caters to both business and leisure travelers seeking a place to unwind. One highlight of our hotel is a collaboration with the talented Cambodian/French-Canadian artist, FONKi, who has skilfully crafted a new and modern interpretation of Kbach Khmer graffiti design throughout the hotel. These artworks seamlessly blend the visual elements of Phnom Penh's iconic landmarks, bridging the past and present.” |
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Join us on Wednesday, 10 April from 6:30-8:30pm at Hops Brewery and Craft Beer Garden, BKK for a friendly competition, where you can taste different wines and vote on which is more delicious!
The French Cambodia Chamber of Commerce and Industry, American Chamber of Commerce, and German Business Cambodia are excited to partner on this joint networking event, where we will see who is the ultimate winner. Come enjoy wine, canapes, and friends before the Khmer New Year holidays.
Entrance price includes two coupons for drinks (German beers included!), free-flow canapes, and then one glass of red & white wine from US & France. We'd like to thank our generous sponsors, AusKhmer Import & Export and Monsieur Wine & Beyond.
Date: Wednesday, 10 April Time: 6:30pm-8:30pm Venue: Hops Brewery and Craft Beer Garden, BKK1 Member price: $20/ Non-Member: $25
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The Digital Skill Development Roadmap 2024-2035 was issued by the Ministry of Post & Telecommunication (MPTC) in collaboration with the Cambodia Academy of Digital Technology (CADT) on the 4th of April 2024. This strategic plan is structured around four pivotal components: attracting talent to digital disciplines, aligning and enhancing curricula with industry demands, establishing accreditation programs, and guiding students towards fulfilling careers in the digital realm.
You can find the roadmap and executive summary in the following link! |
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As part of the vibrant celebrations of Europe Week, we invite you to lace up your sneakers and join us for a morning of fun, and fitness at the Fun Run event, hosted in partnership with Koh Pich and OCIC, and proudly supported by Intercare Hospital!
The 5km and 10km Fun Run is an inclusive event open to people of all ages and fitness levels. Don't miss your chance to be part of this unforgettable experience and celebrate Europe Week in style.
To all Kun Khmer and Fitness lovers, here's your chance to shine! RING Fitness will award fantastic prizes for the 1st, 2nd, and 3rd place winners in the 5k and 10k categories!
Date: Sunday 12th May Time: Arrive at 5:30am (Running starts at 6am sharp) FREE TO PUBLIC |
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