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Ambassador talks up Cambodia’s growing prosperity
PHNOM PENH--The United States and Cambodia are expanding and strengthening their economic and commercial relationship via the Cambodia-Franchise Expo 2021.
US Ambassador W. Patrick Murphy said on May 5 in remarks on the opening of the expo that his top priority this year is to strengthen the economic and commercial relationship.
This relationship benefited the prosperity of both peoples and built stronger ties between the two countries.
"My role as Ambassador has a priority to focus on the economic commercial relationship and expanding trade and investment to the benefit of both our countries," he said.
“I am confident that the Expo will raise awareness of excellent business opportunities and establish connections that yield results for both countries.”
The Ambassador said he helps US companies to understand that the Cambodia of the last five years is not the Cambodia of 20 years ago.
“There's a growing middle-class, there is growing prosperity and part of our job at the embassy is to describe the investment climate here to help introduce US companies to make sure they're well informed of the challenges,” he said.
“No country is without its challenges and today the kind of partnerships that can be formed take it to the next level because partnerships are the solutions for opportunities and challenges.”
For the expo, the US embassy has brought together nine well regarded US franchising companies – The Boiling Crab, Chili’s, Dickeys BBQ Pit, Duck Donuts, Long John Silver’s, Mathnasium, Snap Fitness, Tapout Fitness and Tumbles to meet more than 30 Cambodian businesses and entrepreneurs to discuss potential partnerships.
The US is Cambodia's largest export market, which continues to grow each year at a remarkable rate, the Ambassador said. Cambodia's market was also growing in importance for the US.
"We see some American brands and products and services here. We would like to increase the trade and investment between both countries and make sure the opportunities are ample in both directions this expo is all about improving and strengthening trade and investment," he said.
Embassy spokesperson Chad Roedemeier said the virtual Franchise Expo is the latest example of how the embassy is supporting US businesses interested in entering the Cambodian market.
US franchises not only provide innovative products but invest in human resource development and maintain the highest labor and environmental standards, he said.
He said recent entries to the market include Papa John’s Pizza, Texas Chicken, and Hyatt Hotels. Ford, Facebook, ChemDry, Dominos, Circle K and Starbucks are among Cambodia’s market leaders and visible throughout Cambodia.
"Cambodian consumers appreciate goods and services from the United States for their high quality and US franchises have done well here," he said.
Embassy data shows that Cambodia's exports to the US were worth about $6.6 billion in 2020, within $1 billion of it being travel goods.