The recently-launched Cambodia Private Commercial Centre (CPCC) in Atsugi city of Japan’s Kanagawa prefecture will be a great platform to promote investment opportunities in the Kingdom, spur inbound investment from Japan, and draw in foreign investors, businesspeople and economists have said.
The CPCC’s June 18 inauguration ceremony was attended by Cambodian ambassador to Japan Tuy Ry, Japanese ambassador to Cambodia Masahiro Mikami, ASEAN-Japan Centre (AJC) secretary-general Kunihiko Hirabayashi, Cambodia-Japan Parliamentary Alliance chairman Masahiro Imamura, and parliamentarians Taro Kono and Akira Amari.
Keo Mom, the CEO of Ly Ly Food Industry Co Ltd, one of Cambodia’s largest food processing enterprises, told The Post on June 21 that the CPCC will be a place to display and promote Cambodian products to the Japanese public, and a platform that could be used to convince Japanese investors to venture into the Kingdom.
More Japanese investors would be a boon for Cambodia, she said, adding that the Japanese in general are considered high-income visitors who are honest, respect the law and comply with high standards. She pointed out that Japan is a large market and an increasingly big buyer of Cambodian products.
“Japan is a loyal customer and investor with high standards, so better relations between Cambodia and Japan may provide tonnes of benefits that could boost Cambodia’s economic growth,” Mom said.
Hong Vanak, director of International Economics at the Royal Academy of Cambodia, added that the privately-owned CPCC would provide Japanese tourists a better glimpse into the Kingdom, and that its displays would better acquaint the general public with Cambodian products.
However, he called on anyone looking to acquire market share in Japan to ensure that their products are high-quality, in line with the East Asian country’s stringent demands.
At the inauguration, the Cambodian ambassador affirmed that the CPCC’s establishment had received official approval from the Ministry of Commerce on March 17, in line with the Kingdom’s economic diplomacy policy, which is designed to attract foreign investment as well as to find and expand markets for Cambodian goods.
“This centre serves as a bridge – a place for Japanese businesspeople, investors and the general public to go for direct contact concerning Cambodian products deemed to have potential – which would be on display – and inquire about information, laws and regulations to form a basis to decide whether to enter the Cambodia-Japan trade and investment sphere,” he said.
According to the General Department of Customs and Excise, trade between the two countries reached $778.86 million in the first five months of this year, up 12.33 per cent year-on-year from $693.37 million. Cambodian exports to Japan amounted to $462.77 million, marking a 10.3 per cent rise, and imports were $316.09 million, up by 15.5 per cent.