September 6, 2012

India launches commerce office in Cambodia for trade, investment promotion

[XINHUA]

PHNOM PENH, Sept. 2 -- The office of the Indian Chamber of Commerce was officially launched here on Sunday to promote economic, trade and investment ties between the two countries.

The commerce office is to act on behalf of Indian business organizations and individuals for business facilitation, regulatory exchange as well as to promote India-Cambodia economic and bilateral relations, said a press release at the launching ceremony.

"It will act as the platform to guide Indian investments into Cambodia," said the press release.

Speaking at the event, Debasish Pattnaik, president of the Indian Chamber of Commerce in Cambodia, said the office was to be a liaison between Cambodia and India business houses and representing the private sector by showcasing the multiple opportunities both countries have to offer to each other.

"Our goal is to offer access to resources and network opportunities for anyone interested or active in investment or trade amongst Cambodia or India," said Pattnaik, who is also vice chairman and CEO of a Cambodia-based D&D Pattnaik Group of Companies.

Indian Ambassador to Cambodia Dinesh K. Patnaik said the commerce office would help strengthen and promote trade and investment relations between the two countries.

According to the figures from India's Embassy to Phnom Penh, the total trade between India and Cambodia was 72 million U.S. dollars in 2011. Of the amount, India exported to Cambodia was 64 million U.S. dollars.

In terms of investment, last year, India's private investment in Cambodia was 85 million U.S. dollars in sugar plantation, sugar factory, power plant, and rice milling facility.

"I believe that with the presence of the Indian Chamber of Commerce here, the bilateral trade and investment will be growing in multiple folds in coming years," Pan Sorasak, Cambodian secretary of state at the Ministry of Commerce, said at the event.

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