Neak Oknha Kith Meng, President of the Cambodia Chamber of Commerce and Chair of ASEAN-BAC Cambodia, emphasized the crucial role of the private sector in strengthening regional connectivity during a networking breakfast session with the Prime Ministers of Laos, Vietnam, and Cambodia.
Addressing the gathering in Vientiane, Lao PDR, on October 10, 2024, Meng highlighted the opportunities and challenges presented by the region’s increasing interconnectedness. He urged businesses to embrace digital transformation and invest in technology and skills development to capitalize on the growing market.
Meng also stressed the importance of sustainable and inclusive development, emphasizing the need for businesses to collaborate with governments and ensure that the benefits of connectivity reach all segments of society. He called for greater focus on environmental sustainability and social responsibility in infrastructure projects.
Looking ahead, Meng expressed optimism about the region’s future, but cautioned that continued investment in connectivity, innovation, and people is essential to fully realize its potential.
According to the ASEAN Secretariat, the total trade value among ASEAN member states reached US$811 billion in 2023, an increase of 1.3% compared to the previous year. The top three trading partners of ASEAN were Singapore, Malaysia, and Thailand.
Foreign direct investment (FDI) inflows into ASEAN also increased in 2023, reaching US$173 billion. Singapore, Vietnam, and Thailand were the top recipients of FDI.