The Cyprus Chamber of Commerce and Industry (Keve) this week announced the establishment of the Cyprus-Cambodia Business Association, which aims to promote and strengthen economic and business relations between the Republic of Cyprus and the Asian nation.

According to an announcement by the chamber, the initiative is supported by a large group of business people and entrepreneurs who look forward to expanding and encouraging cooperation between the businesses of the two countries.

The chamber explained that the main objective of the business association is to inform the country’s business community of the dynamic aspects of the Cypriot economy, with an emphasis on the prospects that are opening up for business partnerships, investments, and utilising Cyprus as a base for business activities aimed at the markets of EU member states and other countries.

According to Keve vice president Othonas Theodoulou, the establishment of the association is of great importance, and it is expected to play a leading role in further strengthening the relations between Cyprus and Cambodia.

In addition, he stressed the fact that the establishment of the association came at a pivotal point in time, as a mission was organised to Cambodia in October 2022, consisting of government and trade officials from Cyprus, which was the first since the establishment of diplomatic relations on May 16, 2000.

The newly elected president of the association, Nicos Philippou, expressed gratitude for his election and pledged to make every effort to ensure the success of the goals of the association for the mutual benefit of both countries.

One of the first actions of both the Cyprus Chamber of Commerce and the association is to organise a business mission to Cambodia in 2024.

The mission will provide an opportunity for businesses from Cyprus to explore potential trade and investment opportunities in Cambodia.

“The establishment of the Cyprus-Cambodia Business Association marks a new chapter in the relationship between the two countries,” the announcement stated.

“With the support of the Cyprus Chamber of Commerce and Industry, as well as the business communities of both Cyprus and Cambodia, it is expected that the association will help to deepen economic ties and create new opportunities for business cooperation and growth,” it concluded.