In a statement released on 13 Sep 2024, the Ministry of Foreign Affairs and International Cooperation has expressed deep regret over the unjust decision by the U.S. Department of the Treasury to target Cambodian businessman Mr. Ly Yong Phat's conglomerate L.Y.P. Group Co. Ltd. and four related businesses.
The move, based on unconfirmed reports of forced labor linked to online investment scams, is perceived as politically motivated and runs counter to the spirit of reinforcing bilateral cooperation and mutual trust between Cambodia and the United States. This decision is particularly concerning given the recent visit by U.S. Secretary of Defense Lloyd J. Austin III to Cambodia in June, where he expressed his country's commitment to strengthening ties with the Southeast Asian nation.
Mr. Ly Yong Phat's role in advancing Cambodia's socio-economic development over the decades is widely recognized. Through L.Y.P. Group, his contributions to infrastructure development, job creation, and poverty alleviation have positively impacted the lives of thousands of Cambodian people. The businessman has been a key player in promoting economic growth and social progress in the country.
The U.S. Government's reliance on its Trafficking in Persons Report as the basis for these actions is both regrettable and misleading. The report fails to provide a balanced and accurate representation of Cambodia's steadfast commitment to human rights, law enforcement, and its determined efforts to combat human trafficking and forced labor.
Cambodia has made significant strides in addressing these issues in collaboration with international partners, including the United States. The government's proactive measures in combating sophisticated cross-border crime and promoting rule of law are a testament to its dedication to tackling complex, transnational challenges.
However, the imposition of unilateral sanctions undermines the respect for international law and basic norms governing interstate relations, particularly the principles of sovereign equality and non-interference. Cambodia remains open to cooperation and committed to working with all international partners, including the United States, to tackle global challenges, but it insists that such efforts be grounded in dialogue, mutual interest, respect for sovereignty, and a genuine spirit of partnership.
The Ministry emphasizes that the decision will not deter Cambodia from pursuing its legitimate development goals. The country will continue to work tirelessly to address human trafficking and forced labor, while also promoting economic growth and social progress.
In conclusion, the Cambodian government calls on the international community to support its efforts in combating these complex issues, rather than resorting to unilateral actions that undermine cooperation and mutual trust. By working together, we can build a more just and prosperous world for all nations and peoples.
Address:
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