Young Entrepreneurs Seek Openings in Indonesia
Indonesia brought 23 young entrepreneurs from the Cambodia Young Entrepreneurs Association for Development (CYEAD) to Jakarta from Feb. 28 to March 3 to look for investment opportunities in Indonesia and bring Indonesian investment to Cambodia. Photo: Indonesian Embassy Phnom Penh
- By Teng Yalirozy
- March 6, 2024 11:55 AM
PHNOM PENH – Young entrepreneurs have signed a memorandum of understanding with the Indonesian Chamber to promote businesses together as Cambodia is not widely known in Indonesia.
Indonesia brought 23 young entrepreneurs from the Cambodia Young Entrepreneurs Association for Development (CYEAD) to Jakarta from Feb. 28 to March 3 to look for investment opportunities in Indonesia and bring Indonesian investment to Cambodia.
During the trip, CYEAD signed an MoU with Junior Chamber International Indonesia.
This will be a solid starting point for further cooperation, the Indonesian Embassy in Phnom Penh said, hoping the MoU could empower young entrepreneurs to interact and do business together.
Cambodian entrepreneurs also explore opportunities in construction, infrastructure, and real estate sectors, gaining insights into the development of a smart city in Bumi Serpong Damai city.
Indonesian companies hoped to expand opportunities for their agricultural commodities, household equipment, and food and beverage products in Cambodia.
“Young entrepreneurs in Cambodia and Indonesia play a crucial role in shaping and strengthening the future of our bilateral relations, especially in economic cooperation,” Indonesian Ambassador to Cambodia Santo Darmosumarto said.
However, Cambodia remains unknown to many Indonesian businesses. The Indonesian Embassy said information to invest in Cambodia was not widely available in Indonesia.
“The first trip of CYEAD to Jakarta had been fruitful, in the future hopefully they can explore more potential sectors and opportunities,” the ambassador said.
He said both nations should think of sustainable and long-term economic cooperation, which emphasizes the need for innovation, perseverance and visionary thinking.
Indonesian Investment Ministry Deputy of Promotion Nurul Ichwan said Cambodian and Indonesian businesses can collaborate to benefit both economies and contribute to regional prosperity.
Indonesia rose to Cambodia’s 6th largest trading partner in 2023, with a 15% increase in trade volume to nearly $1.1 billion, taking it from 12th place.
This year, Indonesia and Cambodia celebrate 65 years of diplomatic relations, with Indonesia as Cambodia's No.6 trading partner. The Embassy plans to host a large-scale solo exhibition in Phnom Penh in September to mark the anniversary.
