The International Business Chamber of Cambodia (IBC) has hosted its 2023 Annual General Meeting with its members electing four new executive committee (ExCom) members out of a pool of nine candidates as well as approving its 2022 financial results and 2023 forecasted budget.
2023 marks the 30th anniversary of the IBC. Sanjay Chakrabarty, Vice Chair of IBC, took a moment to reflect on the history of IBC stating that it started in 1993 as “The Corporate Club.”
It was formed after the Investment Law was enacted to have a sustained dialogue between Private Sector and the Government. While the business chamber was renamed a couple of times before it settled on the International Business Chamber, the fact remains that we formed to establish a platform for dialogue between the Private Sector and the Royal Government of Cambodia.
Today, the IBC is the Secretariat for Working Group D on Law Tax and Governance. Making this the key platform for IBC to talk to the Royal Government of Cambodia. Under the leadership of Mr Arnaud Darc, a refreshed Private Sector Working Group D on Law, Tax and Governance has achieved resolution on multiple outstanding issues with the Royal Government of Cambodia. This element of IBC sets gives it a leading role in the Private Sector.
According to IBC’s 2022 financial report, total revenue hit $141,755 – comprised predominantly of membership fees ($72,048) and event tickets ($49,561) while total expenses were $166,716 mainly from payroll ($80,878) and event expenses ($43,136). Total cash reserves were recorded at $42,567 at the end of 2022.
For 2023, IBC has budgeted a total of $193,670 in revenue and $175,646 in expenses with a forecasted cash reserve of $60,591 at the end of the year.
IBC’s 2023 newly elected Eexecutive Committee members:
- Mr. Sanjay Chakrabarty (Vice Chairperson) – Prudential (Cambodia) Life Assurance PLC
- Ms. Yuni Lee Heathcote – Ezecom
- Mr. Daren Ong – Pernod Ricard Cambodge
- Mr. James Roberts – KPMG
The new members will join Mr. Paul Clements, Mr. Arnaud Darc, Mr. Peter Beynon, Oknha Lim Socheat, and Mr. Trevor Sworn with leadership roles to be decided by the Committee at its first meeting on Monday 20th March.
A strong 2022 despite ongoing challenges
Paul Clements Chairman’s annual message stated that despite the lingering Global Pandemic during 2022, IBC managed to increase its activities, thanks to the ongoing support of our Sponsors, Members, the IBC Executive Office, and our Board.
One of the notable achievements was the return of face-to-face monthly meetings, which allowed for more direct and effective communication between members.
The various working groups within IBC also saw increased output, and the Private Sector Working Group D on Law, Tax, and Governance, led by Mr. Arnaud Darc, achieved resolution of many outstanding issues with the Royal Government of Cambodia. This was a significant accomplishment, as it helped remove obstacles that had previously inhibited business growth in the country.
Furthermore, IBC launched several new working groups during 2022, including the Road Safety Working Group, the Supply Chain Working Group, and the Institute of Director’s Working Group. These groups aim to address specific challenges faced by businesses in Cambodia and provide them with solutions to improve their operations.
In addition to working on specific projects, IBC continued to progress its goal of becoming a “Thought Leader” and “Advocate” of the International Business Community. This is evident from the organization’s increased membership during 2022, which has continued to grow at the beginning of 2023. By providing a platform for businesses to connect and collaborate, IBC is helping to build, grow, and integrate the international business community in Cambodia.
Looking ahead to 2023
Despite the challenging times, the business community in Cambodia has come together to improve relationships and knowledge. IBC has played a significant role in this process by working collaboratively with the Royal Government to remove obstacles to business growth. This partnership has resulted in increased trade and investment from many countries, and IBC is committed to working with the Cambodian Chamber of Commerce and National Business Chambers to ensure that this trend continues.
Looking ahead, IBC is determined to continue progressing its “IBC 20-2020 and Beyond” Strategy to benefit businesses in Cambodia. The organization recognizes that this would not be possible without the contribution, both financially and in time, from its sponsors, who are the foundation of its success. Finally, the credit also goes to the IBC Executive Office, which continued to deliver more during 2022. With all of these efforts, IBC is proud to present its 2022 Annual Report.
The chamber also expressed its sincere appreciation to its corporate sponsors and event sponsors including its platinum sponsor – Prudential (Cambodia) Life Assurance PLC, gold sponsors Credit Bureau Cambodia (CBC) and Invictus International School (Phnom Penh), silver sponsor ADA Asia.
Source: IBC Turns 30 & Elects 2023 Executive Committee – Cambodia Investment Review