Cambodia welcomes investment plans, Lor Vichet Explains China’s investment mechanisms

PHNOM PENH: Cambodia has expressed its openness to further investment, as highlighted during a recent discussion between government officials and representatives from the Manhattan Special Economic Zone (SEZ). Mr. Clement Yang, Chairman of Manhattan SEZ, proposed expanding business ventures in Cambodia's agriculture, green energy, transport, and logistics sectors.

The discussion, held at the headquarters of the Council for the Development of Cambodia (CDC) on April 9, saw participation from H.E. SUN Chanthol, and First Vice President of the CDC, Mr. Hong Kian Lim, CEO of Surbana Jurong (SJ) Group of Singapore, and Mr. Yang. According to Mr. Yang, Manhattan SEZ intends to collaborate with major companies like SJ Group and Suzhou Industrial Park in China.

Chanthol welcomed the investment plans and reassured that the CDC would facilitate all investments following Cambodian laws and regulations.

Lor Vichet, Vice President of the Cambodia-Chinese Commerce Association (CCCA), provided valuable insights into the two levels of national mechanisms for Chinese investments in Cambodia.

The first level operates on an intergovernmental level, requiring agreements between government representatives from both countries. An intergovernmental coordinating committee was established to oversee such agreements.

The second level functions on a broader scale, involving collaboration between Cambodia's National Assembly and China's National People's Congress (NPC). Here, the focus lies on establishing interconnected laws and achieving consensus on implementing joint legal documents aligned with shared development goals, echoing the “Common Prosperity and Common Destiny” vision.

Vichet further explained that when the heads of China's Communist Party and NPC agree to invest in priority sectors, broad-based support and consensus from both the party and the congress pave the way for project implementation.

This openness to collaboration is reflected in the CDC's approval of 173 investment projects worth some US$4 billion during the last six months, from September 2023 to February 2024.

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