A group of high-profile Japanese investors has sought an understanding of the investment environment in Cambodia. The visit will take place sometime in April with the coordination of the Japan-Cambodia Association.
Fumiaki Takahashi, president of the Japan-Cambodia Association and former Japanese Ambassador to Cambodia, will lead a delegation of high-profile delegation of investors from Japan to Cambodia to seek investment opportunities.
The remarks were made during a meeting yesterday with Prime Minister Hun Sen at the Peace Palace.
With the upcoming visit already on cards, Takahashi asked for support from Prime Minister Hun Sen, Eang Sophaleth, Premier’s assistant briefed reporters yesterday.
Expressing appreciation, Mr Hun Sen thanked Takahashi and welcomed the delegation of investors that the president of the Japan-Cambodia Association intends to lead to the Kingdom.
The upcoming Japanese investors’ visit to Cambodia is made after the Council for the Development of Cambodia promoted the newly-endorsed investment law to Japanese investors aimed to attract new investment from Japan to Cambodia.
Lim Heng, vice-president of the Cambodia Chamber of Commerce, said yesterday that the Kingdom’s economy is opening up due to the government’s policy on reopening the country and activities of economy and society.
The reopening of the country allows investors and businessmen to travel to Cambodia to see the investment and business opportunities, Heng added.
“The new investment law is to boost foreign investment to Cambodia, but Covid-19 caused disruption on travelling. But after the Prime Minister announced fully reopening the country, it will boost investors to come to Cambodia to seek opportunities for investment,” Heng said.
Earlier, Minister of Commerce Pan Sorasak said that Cambodia is targeting the possibility of establishing a bilateral free trade agreement with Japan after China and South Korea.
To lure Japanese investors, the government designed the Cambodia Chamber of Commerce to establish the first overseas commerce liaison in Japan.
According to Heng, the process of establishment and procedure of the liaison’s operation is underway, expecting to launch officially in the near future.
The Council for the Development of Cambodia approved a total of 211 Japanese investment projects as of July 31, worth about $3.14 billion since 1994.
Data from JETRO show that Cambodia exported $2,148 million worth of products to Japan in the eleven months last year, a year-on-year increase of 9.1 percent.
Cambodia imported $525.62 million from the East Asia nation, a 21.5 percent increase compared to the same period in a year before.
Garments, electrical and electronic components, and agricultural products are the main Cambodian exports to Japan, and machinery and high-tech products as the main imports.
This article was first published in Khmer Times. All contents and images are copyright to their respective owners and sources.