Phnom penh: President Ferdinand R. Marcos Jr. on Monday urged Filipino and Cambodian business leaders to spearhead initiatives that will foster growth, innovation, and inclusive prosperity. He emphasized that the private sector is pivotal in shaping the future of both nations.

According to Philippines News Agency, during his address at the Philippines-Cambodia CEO B2B Networking Roundtable in Phnom Penh, President Marcos highlighted that trade between the two countries, which is expected to reach USD105.69 million in 2024, signifies 'rising trust'. He praised the shared efforts in trade facilitation, policy alignment, and enhanced private sector engagement as factors contributing to this progress.

Despite these advancements, Marcos cautioned against complacency, pointing out that there remains significant room for growth and untapped opportunities. He called on business leaders to explore sectors such as healthcare, education, logistics, agro-processing, and digital services, which are crucial for economic modernization and social development.

He underscored that these industries align with national development goals and resonate with global trends in innovation, sustainability, and digital transformation. Marcos stressed the importance of partnership between governments and the private sector, which he believes possesses the capacity to drive innovation, efficiency, and inclusive growth.

Furthermore, President Marcos assured investors of Manila's commitment to fostering a conducive business environment. He tasked the private sector with the responsibility of generating jobs, introducing technology, and delivering a lasting impact.

During his state visit to Cambodia, several agreements were reached, including those on police cooperation, higher education, and air services. Marcos framed these outcomes as part of a strategic partnership aimed at strengthening the Philippines' preparations for its ASEAN Chairmanship in 2026.