ZCZC
BCN-16
CHINA-CAMBODIA-ENTREPRENEUR
Chinese entrepreneurs seek investments in Cambodia
PHNOM PENH, Aug. 27, 2018 (BSS/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.
BSS/XINHUA/HR/1240