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Chinese company on investment trail

Sum Manet / Khmer Times No Comments Share:
A Hainan Airlines plane takes off from the Sanya Phoenix International Airport in Sanya, Hainan province, China, May 1, 2015. Reuters

The Chinese-invested Sanya Cambodia Company was launched on Saturday with about $160 million of capital for airline, tourism and other sectors in Cambodia.

The launch was held at the Intercontinental Hotel, and 200 Chinese investors and representatives of the government took part.

Company director Zhang Lee said that the initial investment was not focused on the financial sector, but would focus on tourism, the airline and other sectors.

“The company will attract more Chinese investors and other foreign investors to invest in Cambodia, adding more investments to Cambodia,” he said.

The company decided to invest in Cambodia because it saw Cambodia as a favourable investment destination because Cambodia and China have good diplomatic relations, Mr Zhang said.

Moreover, there were Chinese investors coming to Cambodia, especially in Sihanoukville.

“By my understanding, Cambodia is favourable for investment and I’ve done a lot of research and looking at the Cambodian market for a good deal,” he said

China was Cambodia’s largest trading partner and investor, Chinese Ambassador Xiong Bo said during CAEXPO Cambodia Exhibition at the Diamond Island Exhibition Centre in Phnom Penh at the end of last month.

“The trade volume between China and Cambodia in 2017 was worth over $5 billion, an increase of 21.7 percent compared with 2016,” Mr Xiong said.

He added that last year, Chinese visitors to Cambodia rose to 1.2 million, an increase of 46 percent on 2016, making China the top source of tourists to Cambodia.

Chinese investors have ranked first in Cambodia since 1994 with a total investment of $15 billion, according to the Council for the Development of Cambodia.

Most of the investments are focused on energy, the garment industry, banking and finance, telecommunications, construction, real estate, tourism and agriculture.

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