Strengthening Ties: Hong Kong’s Chief Executive John Lee Visits Cambodia to Boost Economic Cooperation
In a significant move to bolster economic cooperation between Hong Kong and Cambodia, Chief Executive John Lee’s recent visit to Phnom Penh is set to further strengthen the relationship between the two regions. At a reception held at his official residence, Chinese Ambassador Wang Wenbin expressed optimism about the visit’s potential to promote mutually beneficial collaboration and enhance China-Cambodia relations. "We believe that the chief executive’s visit to Cambodia will definitely promote mutually beneficial cooperation between Cambodia and Hong Kong, and will also play a favorable role in further promoting the China-Cambodia relations," said Wang.
Historical and Economic Context
China and Cambodia maintain one of the closest relationships within the Association of Southeast Asian Nations (ASEAN), with no territorial disputes and strong economic interdependence. Cambodia relies heavily on Chinese trade and investment, contributing to its economic stability and growth. This visit comes at a “particularly meaningful moment” according to Wang, as Lee arrived just hours after the departure of Leung Chun-ying, Hong Kong’s former chief executive and now vice-chairman of China’s top political advisory body.
Leung, who is a founder of the Hong Kong-based charity GX Foundation, was in Cambodia to celebrate the elimination of cataract blindness backlog cases in Prey Veng province. The NGO’s efforts have also facilitated new projects focusing on eye operations and dengue fever prevention. This sequence of back-to-back visits underscores the high priority Hong Kong places on fostering friendly cooperation with Cambodia and fortifying China-Cambodia relations.
Promoting Economic Collaboration
During his visit, Chief Executive Lee expressed gratitude to Ambassador Wang for the support extended during his trip. He emphasized the government’s role in laying a friendly foundation to help Hong Kong businesses enter the Cambodian market. Lee’s itinerary included a visit to Canadia Integrated Group, the parent company of the country’s largest bank, Canadia Bank. The group’s chairman, Pung Kheav Se, lauded Hong Kong’s economic vitality and expressed confidence in the potential for "leaping developments" in economic ties between the two regions.
Trade data underscores this optimism, with Hong Kong-Cambodia trade amounting to approximately US$894 million in 2023. This makes Cambodia Hong Kong’s seventh-largest trade partner among ASEAN’s ten member states. Lee took the opportunity to promote Hong Kong at a dinner event held at the Raffles Hotel in Phnom Penh, addressing about two dozen local business leaders and highlighting the city’s emerging family office sector, low tax regime, and capital investment entrant scheme.
Vision for the Future
Hong Kong’s transformation from a manufacturing hub to a prominent service industry powerhouse serves as a possible model for Cambodia. The Chief Executive noted Cambodia’s efforts to move beyond textiles to embrace high-value-added sectors like innovation and green technology. "Hong Kong and Cambodia, though distinct in many ways, share a common vision of economic prosperity. That is collaboration," Lee stated, underscoring the importance of shared economic goals and mutual growth.
Before wrapping up his visit, Lee is expected to meet with top Cambodian government officials, attend a lunch, and travel to Hanoi in Vietnam, followed by a stop in Ho Chi Minh City, before returning to Hong Kong. The trip is also expected to see the signing of several memorandums of understanding between Hong Kong and Cambodia, marking another milestone in their bilateral relations.
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By continuing to engage in such high-level visits and collaborative initiatives, Hong Kong and Cambodia are setting a strong example of regional cooperation in the ASEAN context, with promising prospects for shared economic growth and development.
