Logo of Phnom Penh Post newspaper Phnom Penh Post - CDC head invites more Chinese investment, tourists

CDC head invites more Chinese investment, tourists

Content image - Phnom Penh Post
Chinese ambassador to Cambodia Wang Wentian (left) and Council for the Development of Cambodia (CDC) secretary-general Sok Chenda Sophea at Monday’s workshop. CDC

CDC head invites more Chinese investment, tourists

The head of the Council for the Development of Cambodia (CDC) on November 29 issued a fresh invitation for Chinese investors to raise their level of participation in the Cambodian market, and called for more Chinese nationals to visit the Kingdom, now that quarantine requirements have been substantially scaled back.

CDC secretary-general Sok Chenda Sophea was attending a workshop to present and explain the new Law on Investment to Chinese businesspeople and investors active in the Kingdom.

He said the law was designed in accordance with the provisions outlined in the Cambodia Industrial Development Policy 2015-2025 concerning administrative divisions, politics, the economy, Industry 4.0 and the digital transformation, and Covid-induced global value chain disruptions.

The law is tailored to maximise the opportunities from the rapidly-evolving regional economic architecture, as well as to take advantage of trade deals, especially the Cambodia-China Free Trade Agreement (CCFTA), which will come into force on January 1, he said.

He thanked the Chinese government and investors for their contribution to the Kingdom’s socio-economic development.

He noted that the CDC and China’s National Development and Reform Commission have signed a series of deals to promote investment cooperation, notably a November 12 memorandum of understanding on improving cooperation, production capacity and investment.

Chinese ambassador to Cambodia Wang Wentian lauded the new investment law as favourable and attractive to investors, especially Chinese entities.

“Currently, the relationship between Cambodia and China has reached the best level and Cambodia has become an important investment destination for China,” he said.

Wang expects the law, the CCFTA, and the continued implementation of the Belt and Road Initiative to yield “better results”.

MOST VIEWED

  • Volunteer scheme to foster ‘virtuous’ humanitarian spirit

    A senior education official said volunteer work contributes to solidarity and promotes a virtuous humanitarian spirit among the youth and communities. Serei Chumneas, undersecretary of state at the Ministry of Education, Youth and Sport, made the comment during the opening of a training programme called “

  • Chinese firms unveil preliminary results on metro, monorail for capital

    Minister of Public Works and Transport Sun Chanthol and representatives from China Road and Bridge Corp (CRBC) and its parent company, the state-owned China Communications Construction Co Ltd (CCCC), met on June 24 for talks on results of the firms’ preliminary study on a potential metro

  • ACLEDA, WU to enable global money transfers

    Cambodia's largest commercial bank by total assets ACLEDA Bank Plc and global money transfer firm Western Union (WU) have partnered to offer customers cross-border money transfers to 200 countries via “ACLEDA mobile” app. In Channy, president and group managing director of ACLEDA, said the June 22 agreement

  • Cambodia detects new Covid cases after 52 days: PM

    After 52 days of zero new Covid-19 cases, Cambodia has now detected new infections, according to Prime Minister Hun Sen. In his special audio address to the nation late on June 28, Hun Sen said the new cases were detected on people who had undergone PCR tests

  • Gold-covered boundary stone found within Angkor Thom’s West Gate

    The Apsara National Authority (ANA) announced that their working group in charge of restoration work at Angkor Thom's Takav Gate or the West Gate recently found an ancient stone slab commonly known as a boundary stone. The boundary stone is 53 cm by 53 cm and 12 cm

  • Higher education leaders tour US

    With support from the US Department of State, 10 Cambodian leaders in higher education participated in the 10-day International Visitors Leadership Programme (IVLP) in three US states from June 19 to July 1. They included nine university rectors and directors of higher education institutions who are members of