The Cambodia Chamber of Commerce (CCC) on Thursday signed 18 memorandums of understanding (MoUs) with a visiting delegation of Chinese business leaders from 24 firms. They involved various forms of cooperation.
The businessmen came from diverse sectors such as technology, electronics, mechanical, electricity, education, medical, real estate, construction and hotel.
However, the contents of the MoUs have not been revealed to the public.
Speaking during the signing at the CCC, its president Kith Meng said Cambodia welcomed the visit and encourage the delegates to explore investment opportunities in the Kingdom, which has an economy that has quickly grown over the last two decades.
He said the Kingdom is one of the fastest-growing economies in the world, supported by a number of key sectors – such as construction, garments, footwear and tourism.
“I’m very pleased to meet all the business delegates who have come here intent on exploring the Cambodian market and business opportunities. There are a lot of untapped opportunities waiting for you to explore in Cambodia and in all fields,” Meng said.
He said good relations had pushed the bilateral trade volume between the two countries to $7.4 billion last year, a 22 per cent increase compared to 2017.
The CCC looks forward to working closely with its Chinese counterparts, he said.
“Cambodia has enjoyed great benefits through good bilateral relations as well as initiatives launched by China such as the Belt and Road Initiative, the Silk Road Fund and the Asian Infrastructure Investment Bank,” he said.
Real estate investment agency Khmer Foundation Appraisals Co Ltd president and CEO Noun Rithy, who attended the signing, told The Post that the Kingdom will greatly benefit from the results of the meeting, which will attract more companies.
“With its political stability, Cambodia is now considered the best place for investment in all sectors from the perspective of foreign investors,” Rithy said.
He said the Kingdom has a lot of potential for investment. It offers huge incentives for investors, is rich in human and natural resources and plans to expand and strengthen infrastructure construction and increase electricity capacity.
The Kingdom received 4.81 million international tourists during the first nine months of this year.
Chinese tourists topped the list of foreign visitors with a total of 1.86 million visitors – a 29.4 per cent year-on-year increase – accounting for 38.7 per cent of all foreign tourists, the Ministry of Tourism’s monthly report said last week.