PHNOM PENH: His Excellency Chea Vuthy, deputy secretary-general of the Council for the Development of Cambodia (CDC), met with Xu Shiwen, president of the Federation of Enterprises in Fuzhou, on Monday to discuss ways to attract more Chinese investment in Cambodia.
H.E. Vuthy highlighted the potential investment opportunities in Cambodia, including in the mining, energy, manufacturing, tourism, accommodation, and heating and air conditioning sectors. He also noted that the Cambodian government provides a number of incentives for investors, such as tax breaks and land concessions.
His Excellency concluded by expressing his hope that Chinese investors would make the most of the investment opportunities in Cambodia, either through direct investment, investment in local enterprises, or through public-private partnerships. He said that he was confident that these investments would help to create jobs, boost economic growth, and improve the lives of Cambodians.
The Cambodian government has invested heavily in major infrastructure projects, such as bridges, airports, deep-sea ports, and expressways. These investments are helping to boost economic growth by reducing transportation costs, increasing competition, and saving time.
Lor Vichet, vice president of the Cambodia-China Commerce Association (CCCA), said that the modernization of Cambodia’s infrastructure has made the country more attractive to investors from Fuzhou and other countries.
He also said that Cambodia’s high electricity prices are a challenge, but they also present an opportunity for Chinese investors. He pointed out that electricity is a key cost determinant for businesses, and that Chinese investment in the power sector could help Cambodia’s production chain and industry become more competitive.
Overall, Cambodia is a country with an open trade policy that welcomes investment from all over the world. The government is committed to investing in infrastructure to make it easier for businesses to operate and compete in the global market.
The total trade volume between Cambodia and China reached $11.686 billion last year, an increase of about 5% from the previous year. Cambodia’s exports to China increased by 16.2% to $814 million in the first 7 months of 2023, while imports from China increased by 0.14% to $6.27 million.
China remains the top investment partner and Chinese investment accounted for 90.5 percent of the foreign direct investment (FDI) to Cambodia in 2022, and 73.5 percent in the first four months of this year, by CDC reports.
