The Ministry of Land Management urged foreign investors to increase investment in Cambodia’s real estate sector to take advantage of the country’s healthy economic progress which has sparked real sector growth altogether.
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Minister Chea Sophara said during the seventh Cambodia Constructor Association (CCA) Summit and the Fifth Cambodia Construction Industry Expo that the construction sector is one of the four pillars – along with garment, tourism and agriculture – that drives economic growth.
“Through the summit and the expo, I hope the local and foreign businesspeople will take the opportunity to enhance cooperation and increase their partnership. I would like to call on foreign investors to put more money in the market or become development partners with locals to benefit from the great potential the sector offers,” he said.
Investment in the construction sector stood at $4.9 billion in the first ten months of this year, according to figures from the ministry, which also showed investment in 2016 increased by 68 percent, or $5.04 billion, compared to 2015.
“Growth in the construction sector is due to the level of confidence in the real estate sector and also to political stability, economic growth and the free market policies under the current government,” Mr Sophara said.
Wu Ningning, executive president of the China-Asean Business Council, said Cambodia and China are in a comprehensive strategic cooperation partnership and the construction industry in Cambodia and China have great potential, business opportunities and good prospects.
“There are an increasing number of Chinese enterprises that are optimistic about business opportunities in Cambodia’s construction industry. They are entering Cambodia to seek cooperation and investment opportunities.
However, he said, “To fully exploit the complementary advantages of the construction industry between China and Cambodia, both parties should incorporate the spirit of consensus.”
Meanwhile, Mohamed Ali Janah, president of the International Federation of Asian and Western Pacific Constructors’ Association, said CCA plays a crucial role in promoting the industry’s best practices, helping Cambodian companies to be more competitive and also helping to formulate effective public policy and delivery.
“More important is the CCA act as a coordinated voice of business when talking to the government, and plays an important role as a conduit to quickly disseminate messages about government policy to its members.
“I believe the Cambodian government’s role in promoting high infrastructure projects throughout 2017 will definitely pave the way for members of CCA and the industry at large to benefit from the supply chain of the construction industry,” Mr Janah said.
The French-Cambodian Chamber of Commerce and Industry (CCIFC), in partnership with Business France and Confluences Conseil, gathered the French know-how in the field of construction on a national pavilion during the event.
“This unique event takes place in a favorable context for French suppliers. The presence of many major French companies is both a sign of the construction sector’s attractiveness and adequacy between French offer and Cambodian demand,” said a media release.