Six companies from China’s Guangzhou city and Guangxi province met with Kim Sithan, Cambodia’s secretary of state at the Ministry of Commerce, yesterday to discuss investment in the country.
Heavy machinery, fertiliser and chemical companies expressed interest in Cambodia’s agricultural sector and said they would seek more business information about Cambodia.
Cambodia’s political and macro-economic stability and strong economic growth lured them to the Kingdom, Kim Sithan said, adding that the agricultural, garment, tourism and construction sectors would be key in Cambodia’s economic growth.
Cambodia’s open investment policy and a duty-free status in many other advanced economies were also contributing factors in the decision to invest in the Kingdom, he said.
According to data from Council for the Development of Cambodia, Chinese investment in Cambodia reached US$1.192 billion in 2011, a year-on-year increase of 71.82 per cent.
Last week, 10 memoranda of understanding were signed between China and Cambodia.
The MoUs included Chinese contracts for 60,000 tonnes of rubber, 1 million tonnes of cassava, 500,000 tonnes of milled rice and 3,500 tonnes of black pepper per year, as well as processed wood and spices.
Also included were Chinese imports such as processed foods, mobile phones, clothing materials and agricultural equipment.
To contact the reporter on this story: May Kunmakara at [email protected]