Indian SMEs can now look forward to greater business opportunities in Cambodia with President Pratibha Devisingh Patil paving the way for cooperation with the latter country to boost economic ties. Speaking at the India-Cambodia Meeting in Phnom Penh recently, the President said that there is huge scope for increasing bilateral trade and investments between the two countries and called for business units in both countries to cash in on the lucrative trade environment.

Significantly, the event, which was attended by Indian industry bodies such as the Confederation of Indian Industry (CII), the Federation of Indian Chambers of Commerce and Industry (FICCI) and the Associated Chambers of Commerce and Industry of India (ASSOCHAM), sought to explore business potential in the two countries.

Two-way trade between India and Cambodia stands approximately at around US$50 million. Incidentally, one of India’s major exports to Cambodia comes from the pharma sector which has significant SME population. In the wake of the recent development, Indian pharma-based SMEs can seek to invest in Cambodia further.

Incidentally, the President identified agriculture and IT/ITeS as sectors that small businesses in both countries can look to explore to enhance bilateral cooperation.

The fact that the President has also urged for more initiatives to increase the bilateral trade basket should encourage Indian SMEs from other sectors to scout for business investment in Cambodia.