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US firms discuss investment

EXECUTIVES from seven major American companies, including General Electric and Time Warner, have expressed strong interest in investing in Cambodia, government officials told the Post Sunday.

The business group, led by Frances Zwenig, head of the US-ASEAN Business Council, and United States Ambassador Carol Rodley held a meeting with Deputy Prime Minister Sok An Friday to discuss investments in oil and gas, medicine, telecommunications, entertainment, IT and education.

"They see Cambodia as having high potential as it is peaceful and secure, with social order, human resources and people working together," Pen Ngoeun, an adviser to the Council of Ministers, said.

He said the US-based firm Time Warner has expressed interest in film production in the Kingdom and has plans to invest in a high-end cinema. Pen Ngoeun said that Chevron and partner ConocoPhillips would continue work in offshore Block A, and would also look at other locations.

"With Chevron, negotiations are getting close to a final [decision]," he said, adding that a third location onshore is being discussed in an area located around Tonle Sap Lake but the government is unsure about the environmental impact.

"We are paying attention to environmental concerns as we have to protect the next generation's interests," he said.

"What the US firms put in front of us was their [potential] investments having links to [Corporate Social Responsibility]," he said, adding that information about Cambodia's potential will be distributed to more than 100 US firms.

The US embassy was not available for comment on Sunday. 

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