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Chinese entrepreneurs seek investments in Cambodia

By:Xinhua Net   Update:2018-08-28
PHNOM PENH, Aug. 27 (Xinhua) -- A group of Chinese entrepreneurs are exploring investment opportunities in Cambodia.

The Tianxia Chaoshang Economic Conference's investment delegation, led by Li Songjian, chairman of Mingyuan Group Limited, is visiting the Southeast Asian nation to learn more about its investment potentials and incentive policies.

Speaking at a business forum in Phnom Penh on Monday, Li said the 42-member delegation came from 35 Chinese enterprises that do businesses in real estate, finance, agriculture, high-tech industries, healthcare and biotech, among others.

"Our visit is to get better understanding about business potentials and incentive policies of Cambodia, and to explore investment opportunities that will contribute further to the development of Cambodian economy," he said.

Sok Chenda Sophea, secretary general of the Council for the Development of Cambodia (CDC), said foreign investors could own 100 percent of their investment in Cambodia in all fields, except the purchase of land that required investors to possess only 49 percent of the investment, as 51 percent must be held by Cambodian partners.

"Cambodia is the most open and liberal country in the region. You can invest 100 percent in all sectors including banking, insurance, airline, and telecoms," he told the forum.

"Also, we don't have any capital control, you can bring in as much money as you want, and you do business and make profit, you can take the money back to China or send it to other countries without any restrictions," he added.

Pung Kheav Se, president of the Federation of Khmer-Chinese in Cambodia, said China has been Cambodia's biggest trading partner and source of investment for a long time. Bilateral trade volume was valued at 5.8 billion U.S. dollars in 2017, while China's investment in the kingdom was 1.6 billion U.S. dollars.

"For the time being, Cambodia's society is stable, national economy is maintaining its growth momentum. Also, it is renowned for its best investment policies among the ASEAN countries," he said.

"The inception of the new government and the strong leadership of Prime Minister Samdech Techo Hun Sen will undoubtedly further strengthen our confidence in the prospect of the sustained economic growth," he said, referring to the new government that will be formed on Sept. 6 after Hun Sen's ruling Cambodian People's Party won a sweeping victory in the sixth general election last month.

The delegation arrived in Cambodia on Sunday for a four-day visit. They are scheduled to pay a courtesy call on Hun Sen on Tuesday.