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Minister asks US companies to invest in Cambodia

May Kunmakara / Khmer Times Share:
Cambodian Commerce Minister Pan Sorasak speaks at a Cambodia-Malaysia business forum in Phnom Penh, Cambodia, Aug. 9, 2016. Xinhua/Sovannara

The Cambodian Minister of Commerce on Friday urged American businesses to invest in the Kingdom’s manufacturing sector.

Minister Pan Sorasak told Michael Posner – who is now in Cambodia leading a delegation of US firms – that with an investor-friendly approach, Cambodia welcomes investment in the manufacturing of goods that can be exported to the international market.

Mr Posner is a board member of the Fair Labor Association, an organisation that addresses labor issues in the supply chain in the apparel, athletic footwear and agriculture sectors.

“We do encourage American investors to invest here. The ministry is ready to facilitate any paperwork required to export to the global market,” he said. “We try our best to build a favorable investment climate for them.”

Mr Posner said Cambodia’s pro-investment attitude makes it a very interesting market for US firms. He said he will spread information about the Kingdom’s investment climate back in the US.

Cambodia is one of 120 nations included in the US’s generalized system of preferences (GSP), which promotes economic growth in the developing world by allowing underdeveloped economies to export to the US duty-free.

In July last year, the US government granted duty-free benefits to Cambodian travel goods, including suitcases, backpacks, handbags and wallets.

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