SYDNEY, AUSTRALIA - Media OutReach Newswire - 18 September 2024 - Canopy Sands Development unveiled its USD 16 billion Bay of Lights township project at two distinguished industry events—the Australia-ASEAN Business Forum, and the Hotel Investment Conference Asia Pacific Australia New Zealand (HICAP ANZ 2024), highlighting its pivotal role in fostering regional collaboration and elevating Cambodia's profile as the next financial and tourism destination on the global stage.

The Australian-ASEAN Business Forum celebrates 50 years of economic cooperation and regional partnerships.

These forums provided a prime opportunity to introduce Bay of Lights not simply as a symbol of Cambodia's potential, but as a transformative initiative that will reshape the region. Envisioned as a leading destination for international tourists and investors, Bay of Lights is poised to drive Cambodia's urban evolution while serving as a conduit for deeper economic partnerships between Cambodia, Australia, and the broader ASEAN bloc, opening new frontiers for growth and collaboration.

"Australia and ASEAN's longstanding partnership, based on mutual respect and shared goals, has led to significant growth in bilateral trade across various sectors," said Michael Truong, Head of business development at Canopy Sands Development. "With Cambodia serving as a gateway that connects both regions, the Bay of Lights is envisioned not just as city's transformation but as a community that will sustain this economic growth and collaborative efforts in our region."

Spanning 934 hectares, the Bay of Lights project has already secured key international partnerships, making headlines with high-profile collaborations. Among them is a partnership with Australia's Greg Norman Golf Course Design, which is set to bring Cambodia's first USGA-standard 18+1-hole waterfront golf course to life. Major global hospitality leaders—such as The Ascott Limited, IHG, and Radisson—have also signed on, with the aim of transforming the region's tourism landscape and delivering substantial cultural and economic benefits to both Cambodia and ASEAN.

Strategically leveraging Cambodia's location at the crossroads of the ASEAN-Australia economic corridor, the project is primed to benefit from thriving regional trade dynamics. Australia's trade with ASEAN nations reached USD 183.4 billion in 2023, surpassing trade with key economies like Japan and the United States. Buoyed by trade agreements including the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA) and the Regional Comprehensive Economic Partnership (RCEP), Bay of Lights is positioned to become a premier financial and investment hub, drawing global investors seeking to tap into Southeast Asia's flourishing markets.

With this strategic vision and robust partnerships, Bay of Lights is set to become a flagship destination for cultural tourism and international investment in Southeast Asia and beyond.

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