Search

Search form

Logo of Phnom Penh Post newspaper Phnom Penh Post - Canadians urged to invest in Cambodia

Canadians urged to invest in Cambodia

Canadians urged to invest in Cambodia

Canadian Trade Minister Ed Fast yesterday said he would urge Canadians to invest in Cambodia as opportunies become more viable to potential foreign direct investment from countries that have thus far played a small role in the Kingdom.

“I see the environment here, and more specifically the business environment, is very positive, and I think my job is to go back to Canada to tell the Canadian business community that Cambodia is great place to invest,” he said during his first visit to the country, adding that there had been much progress in Cambodia-Canadian relations.

Fast attended a ceremony recognising the first 10 customers at the Cambodian branch of Manulife, a Canadian insurance company that opened two months ago.

During the short period of operations, the company’s revenue reached about US$20,000, according to David Wong, chairman of Manulife Cambodia. The company has about 100 customers, although some applicants were rejected due to age and disease, he noted.

“Life insurance is a new industry in Cambodia. It provides an important means by which Cambodians can take more control of theirs and their families’ future,” he said.

One of Manulife’s customers, Keo Vannak, a 50-year-old government official at the Department of Economy and Finance in Kandal province, said that he bought the 10-year term product from Manulife, which cost $369 per year.

“If I do not die during 10 years, this money will not be returned. If I have a problem that results in death, [the company] will give $14,000 to my wife or my children,” he said.

To contact the reporter on this story: Rann Reuy at [email protected]

RECOMMENDED STORIES

  • Breaking: PM says prominent human rights NGO ‘must close’

    Prime Minister Hun Sen has instructed the Interior Ministry to investigate the Cambodian Center for Human Rights (CCHR) and potentially close it “because they follow foreigners”, appearing to link the rights group to the opposition Cambodia National Rescue Party's purported “revolution”. The CNRP - the

  • Rainsy and Sokha ‘would already be dead’: PM

    Prime Minister Hun Sen on Sunday appeared to suggest he would have assassinated opposition leaders Sam Rainsy and Kem Sokha had he known they were promising to “organise a new government” in the aftermath of the disputed 2013 national elections. In a clip from his speech

  • Massive ceremony at Angkor Wat will show ‘Cambodia not in anarchy’: PM

    Government officials, thousands of monks and Prime Minister Hun Sen himself will hold a massive prayer ceremony at Angkor Wat in early December to highlight the Kingdom’s continuing “peace, independence and political stability”, a spectacle observers said was designed to disguise the deterioration of

  • PM tells workers CNRP is to blame for any sanctions

    In a speech to workers yesterday, Prime Minister Hun Sen pinned the blame for any damage inflicted on Cambodia’s garment industry by potential economic sanctions squarely on the opposition party. “You must remember clearly that if the purchase orders are reduced, it is all