At the recent Asian Development Bank (ADB) Annual Meetings in Milan, Italy, Cambodian Secretary of State for Economy and Finance, Pen Thirong, restated the country’s commitment to achieving high-income status by 2050. The commitment was reaffirmed during the Governors’ Business Session held on May 5 at the Milano Convention Centre in Milan, Italy. The session was chaired by Fabio Panetta, Governor of the Bank of Italy and Chair of the ADB Board of Governors, alongside ADB President Masato Kanda and ADB Secretary Asel Djusupbekova.
In his address, Thirong expressed gratitude to the Italian government for hosting the event and endorsed the meeting’s theme, “Sharing Experience, Building Tomorrow.” He emphasized that the future of Asia and the Pacific will rely not only on shared resources, but also on collective wisdom, unity, and innovation. This ambition is guided by the Royal Government’s “Pentagonal Strategy – Phase 1,” which prioritizes economic diversification, human resource development, private sector engagement, and good governance. Cambodia’s presence at such an important regional forum highlighted its growing role in shaping Southeast Asia’s economic future.
Meanwhile, ADB President Masatsugu Asakawa emphasized the critical role of youth in Cambodia’s development journey. In a keynote speech, he praised Cambodian young people for their energy, adaptability, and entrepreneurial mindset—qualities that make them a driving force behind sustainable economic growth. His remarks reflected growing international recognition of Cambodia’s human capital as a key strength in a rapidly transforming region.
These developments come at a time when Cambodia–Italy relations are gaining fresh momentum, particularly through business channels. A central role in this process is ItaCham and its chairman, Gabriele Faja, who serves as Chairman of both ItaCham and EuroCham Cambodia. Under his leadership, ItaCham has undergone a significant transformation, emerging as the third-largest European national chamber in Cambodia—following only the French and British—thanks to a revitalized board and renewed strategic direction.
With Faja now also leading EuroCham Cambodia, the alignment of Italian and broader European business interests with Cambodia’s development agenda has never been stronger. EuroCham, representing over 430 companies and comprising seven national chapters and twelve sectoral committees, plays a vital role in advocacy, trade facilitation, and private sector development. ItaCham’s integration into this larger structure provides Italy with a stronger platform to contribute to Cambodia’s growth. This moment presents an ideal opportunity for Italy and Cambodia to deepen cooperation—not only in trade and investment but also in areas such as education, infrastructure, sustainability, and innovation. The private sector will be key to this partnership, and business chambers like ItaCham and EuroCham will serve as crucial bridges. With Cambodia preparing for the eventual graduation from Least Developed Country (LDC) status, collaboration with advanced economies like Italy will be essential in navigating new trade dynamics and aligning with global standards.
Read more on Khmer Times (1), (2). Photo credits: Khmer Times.
