Chinese firms seek details on investment climate at seminar

Chea Vannak / Khmer Times No Comments Share:
Wang Huabin, chairman of Bank of China’s Phnom Penh branch, speaks at the event yesterday. KT/Chor Sokunthea

Chinese investors yesterday sought the latest information on the Kingdom’s investment climate in a seminar organised by law firm DFDL.

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At least 200 Chinese nationals attended the event, held at Sofitel Phnom Penh Phokeethra, which featured government and private sector speakers.

Discussion at the half-day event included topics such as gaining access to business incentives, how to optimise the structure of your business, and expected changes in the upcoming investment law.

Speaking at the seminar, Wang Huabin, chairman of Bank of China’s Phnom Penh branch, said Cambodia has become one of the most attractive investment destinations in the region, particularly for Chinese firms.

He said the Belt and Road Initiative (BRI) project has lured even more Chinese investors into the country.

Sar Senera, director of the Department of Legal Affairs and Investment at Council for the Development of Cambodia, said the government has prepared a set of new laws on investment and special economic zones which will further improve the business climate.

He attributed the rise in Chinese investment to the “excellent” ties between the two countries, as well as to Cambodia’s political and economic stability, abundant young labor force, and pro- business stance.

“China still ranks number one among all foreign investors in Cambodia,” he pointed out.

“Foreign investors here can own 100 percent of their investment in all sectors except for land,” he said, adding that investors could enjoy corporate tax holidays of up to nine years with a tax rate of only 20 percent thereafter.

Figures from the CDC show that during the first four months of the year, Cambodia received $4 billion in foreign investment. Of this, Chinese investment accounted for 28.6 percent.

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