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]

MOST VIEWED

  • PM Hun Sen says dangers averted

    Delivering a campaign speech from his home via Facebook Live on Thursday, caretaker Prime Minister Hun Sen said his Cambodian People’s Party (CPP) had carried the country through danger in its latest mandate. He was specifically referring to the threat of a “colour revolution”

  • Serious flooding across country

    The Kampong Speu provincial Committee for Disaster Management on Wednesday issued an alert after non-stop heavy rain caused widespread flooding. In Koh Kong province, authorities are working with the disaster committee and the Cambodian Red Cross to assist those affected after more than 350 homes were

  • Bumpy road for local ride apps

    Ride-hailing services seem to have grown into a dominant player in the capital’s transportation sector. Relatively unknown and little used in the Kingdom at the beginning of this year, services like PassApp, Grab and ExNet are now commonplace on Phnom Penh streets. However, the

  • CNRP points to King in call for vote boycott

    Leaders of the former Cambodia National Rescue Party (CNRP) have taken a new tack in their call for a boycott of the national elections later this month. They are now claiming that the people should follow the King, who is expected to abide by tradition