Logo of Phnom Penh Post newspaper Phnom Penh Post - Chinese assess investment opportunities in Kampot

Chinese assess investment opportunities in Kampot

Chinese assess investment opportunities in Kampot

A group of Chinese investors are looking for investment opportunities in the seaside province of Kampot, with plans to develop a deep-sea port with potential for tourism, industrial and agricultural sectors.

Kampot provincial governor Cheav Tay told The Post on Tuesday that he met about 20 potential Chinese investors who are studying investment opportunities in Kampot, which is close to Preah Sihanouk province that previously received significant investments.

Cheav Tay said Kampot province has already received additional investments in heavy industries like cement-manufacturing and hydropower plants, and light industries such as investments in the first banana farm in Chhouk district and tourism.

“The province has a lot of investment potential, including in tourism sector, industry and agriculture. I asked the Chinese businessmen to invest in the province to promote further development,” he said.

Cambodian Chamber of Commerce vice-president Lim Heng said the Kingdom is benefitting from the Sino-US trade war.

In addition, he said the free trade agreement between Cambodia and China will benefit both parties, and investors cannot overlook this opportunity.

“Since the government decided to shut down online gaming, many new Chinese investors are looking to invest in Cambodia. Supporting the Cambodian segment of China’s One Belt One Road policy has attracted many Chinese and foreign investors to Cambodia,” he said.

As planned, the China-Cambodia Free Trade Agreement is expected to be signed later this year, he said.

Cambodia Association of Travel Agents (Cata) president Chhay Sivlin said Chinese investors are looking into Kampot’s potential as a likely tourism-focused province.

She said Cambodia has the advantage of attracting more tourists from China in the future, even though the sector is currently seriously affected by Covid-19 fears.

“It is a good sign for the tourism sector if the Chinese see the benefit of investing in Kampot. After the Covid-19 situation settles down, we can likely attract more foreign investors,” she said.

Foreign investment data released by the Ministry of Commerce show that China is the leading source of foreign direct investments (FDI) in Cambodia, mainly in the garment, construction, tourism and power generation sectors.

The Ministry of Commerce said Chinese investment flow to Cambodia in 2018 was about $3.594 billion.

Tay said last year, the Kampot province administration, including the town and district administrations issued 238 construction project permit with a total capital investment of more than $3.13 million.

For the fifth consecutive year – from 2013 to 2017 – China was Cambodia’s leading foreign direct investor with capital investments of $5.3 billion, or about $1 billion annually, according to figures from the Council for the Development of Cambodia (CDC).

Findings made in 2016 by the National Bank of Cambodia (NBC) and the National Institute of Statistics (NIS) showed that between 1994 and 2014, China was the biggest investor in Cambodia, accounting for 44 per cent of the total foreign direct investment (FDI), worth $19.2 billion.

Total investment in Cambodia nearly doubled to $6.2 billion in 2017 – up from $3.6 billion in 2016, the data showed.

MOST VIEWED

  • Would you like fries with that? US burger chain makes Phnom Penh debut

    California-based The Habit Burger Grill restaurant chain is all set to serve up a delicious array of charbroiled burgers and sides at its newest international location in the centre of Phnom Penh. The Habit is “renowned for its award-winning Charburgers grilled over an open flame,

  • Banteay Meanchey flood victims receive aid

    Prime Minister Hun Sen on Wednesday provided aid to more than 10,000 families affected by flooding in Banteay Meanchey province’s Mongkol Borei district and offered his condolences to the 18 victims who drowned in the province over the past week. He said flooding had occured in

  • PM urges caution as Polish man tests positive for Covid

    The Ministry of Health on Wednesday reported that a 47-year-old Polish man tested positive for Covid-19 after arriving in Cambodia on Monday. There are a total of six Covid-19 patients currently in the country, all of whom are being treated at the Khmer-Soviet Friendship Hospital

  • Banteay Meanchey floods kill one more as death toll reaches 15

    As floodwaters start to recede in Pursat, Battambang and Pailin provinces and Phnom Penh, Banteay Meanchey continues to bear the brunt as one more person was killed on Monday, bringing the total number of flood-related deaths to 15 in the province this month. Banteay Meanchey provincial

  • Serving coffee with a side of robots

    The eye-catching glass building surrounded by greenery at the intersection of Streets 371 and 2002 in Phnom Penh’s Sen Sok district is more than just another coffee shop where you can while away a few hours. UrHobby House cafe is filled with robots and characters from

  • Floods prompt evacuations in Kampong Speu

    Rain-induced floods and water flowing from Kampong Speu province have submerged the houses of 1,527 families living close to the Prek Thnot River in Spean Thma, Tien, Kong Noy and Roluos communes in Phnom Penh’s Dangkor district, according to data from local authorities. Spean Thma