TIES between the Kingdom’s businesses and China’s became a step tighter yesterday, as a delegation of potential investors signed a memorandum of understanding with Cambodia’s Chamber of Commerce.
The Chinese businesspeople, representing state-run companies, came to Cambodia from the central city of Xi’an to signal their interest in the prospect of investment opportunities in Cambodia’s electronics, technology and packaging industries.
Led by Hao Mangxi, the director of Xi’an Municipal Bureau of Commerce, the group inked a memorandum of understanding yesterday with Cambodia’s Chamber of Commerce aimed at enhancing economic and trade co-operation.
“Firstly, we are interested in investing in technology or electronics over any other sector. If that sector does not improve, how can others?” Hoa Mangxi said at the sidelines of the signing ceremony, held at CCC headquarters in Phnom Penh yesterday.
“There are good opportunities here,” he added. Xi’an, the provincial capital of Shaanaxi province, is home to many companies specialising in modern technology, automobile parts and agricultural machinery.
Among the delegates – which included at least five Chinese government officials – were representatives from state-run firms seeking to import and export metals such as titanium, hardware and textiles. The companies included state-owned AECC subsidiary Xi’an Far East Import Export - which has experience exporting $70 million worth of goods – and Shaanxi Lu Guang Trading, which exports apples and pears to Thailand.
Ngoun Mengh Tech, director general of CCC, who also signed the MoU, emphasised the potential of Cambodia’s agricultural sector while highlighting the need for packaging expertise in the Kingdom.
“We still lack the technology or electronic [expertise] to strengthen the quality and packaging we need for export. Xi’an is an expert in this sector so you should bring such technology here,” he said.
Hao Mangxi said that two-way trade between the province and Cambodia totalled US$100,000 per year, which he felt was small when compared to other provinces of China.
“It is still low but we are hopeful it will grow more after we sign this MoU,” said Hao Mangxi.
Nguon Meng Tech suggested opening direct flights from Xi’an city to Phnom Penh or Siem Reap in order to increase opportunities for meeting frequently.
Earlier this month, a Chinese firm planning to invest in the Kingdom's power and real estate sector earmarked $3 billion for Cambodia.