An assistant to former US president Bill Clinton said Cambodia has many potential areas for foreign direct investment (FDI) from many countries, including the US.
Karen Tramontano, founder, along with Clinton, and president of the Global Fairness Initiative and CEO at Blue Star Strategies, met with Deputy Prime Minister Sok An in Phnom Penh yesterday.
“Cambodia has much potential in the garment industry, agriculture, tourism, construction and others, attracting a lot of foreign direct investment.
“Cambodia has a very positive business climate and it is important to attract more foreign investment,” Ek Tha, spokesman for the Office of the Council of Ministers quoted Tramontano as saying.
According to Ek Tha, Sok An said Cambodia attracts because of two main reasons: political and macroeconomic stability.
“That’s why Cambodia can attract millions [of dollars] in investment.”
Sok An said the price of electricity in Cambodia will be much lower in the coming years as eight hydro-electric projects are being developed.
He said they will be completed soon.
Cambodia’s total exports to the US increased by 0.2 per cent over the first 10 months of 2012.
They totalled $2.296 billion compared to $2.291 billion in the same period of 2011, according to data from the US Department of Commerce.
Data from the Council for the Development of Cambodia showed Cambodia received $8.6 million in foreign direct investment from the US over the first seven months of 2012.
To contact the reporter on this story: May Kunmakara at [email protected]