More than 20 leading companies from China are exploring investment and business opportunities in various sectors in Cambodia.
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The Council for the Development of Cambodia (CDC) together with the United Nations Industrial Development Organization (Unido) yesterday organised the visit of a business delegation to Phnom Penh.
The delegation is composed of more than 20 Chinese companies from various sectors, including the automotive industry, light manufacturing, biochemical production, textiles, rubber-based products and heavy industry.
The business mission is taking place within the framework of the Programme for Country Partnership (PCP) of the Cambodian government and Unido to support Cambodia’s strategy of industrial diversification and the development of special economic zones.
Cheng Qingtao, vice president of the China Chamber of International Commerce (CCOIC), one of the organisers of the event, said China has become Cambodia’s biggest trade partner, with both countries continuing to support each other to facilitate trade and investment.
“Cambodia has been experiencing political stability and economic growth which is a very attractive factor for Chinese investors,” he said.
“Today we led the business delegation to Cambodia searching for business opportunities and urge more Chinese enterprises to invest in Cambodia to strengthen bilateral collaboration,” Mr Cheng said.
The delegation will also have the opportunity to meet with key public and private stakeholders in Preah Sihanouk province.
Nut Unvoanra, deputy secretary general of the Cambodia Investment Board at the CDC, said in 2017 the CDC approved 183 projects, worth a combined $6.3 billion, a 75 percent increase year-on-year in the amount of investment received by country.
“The investment figure in 2017 was the greatest in the last five years,” Mr Unvoanra said. “From 2013 to 2017, Chinese investment was worth $5.3 billion, about $1 billion a year, making China the biggest investor in the country.”
Mr Unvoanra explained that most Chinese investments goes to banking, manufacturing, tourism and infrastructure.
Sok Narin, Unido’s country representative, said the business delegation provided an opportunity for companies already investing in Cambodia and Chinese companies looking to invest in the kingdom to get together and discuss opportunities in priority sectors like agriculture, manufacturing, tourism, health, logistics and energy.
“We will facilitate investments between the two countries and hope that after this forum the companies will come and invest in Cambodia’s priority sectors, benefiting both nations,” Mr Narin said.