Logo of Phnom Penh Post newspaper Phnom Penh Post - Deal gives UAE more confidence to invest

Deal gives UAE more confidence to invest

Deal gives UAE more confidence to invest

The Kingdom’s investment authority signed an agreement yesterday to promote and protect investments between the United Arab Emirates (UAE) and Cambodia, a move government officials hope will attract foreign direct investment from the oil-rich Gulf state, which currently stands at almost zero.

Sok Chenda Sophea, secretary-general of the Council for the Development of Cambodia, signed the bilateral investment protection agreement with Saif Alshamsi, the UAE ambassador based in Bangkok, Thailand.

Chenda Sophea said it “will send a positive message about Cambodia to UAE investors that are looking for business opportunities in Cambodia”.

“Currently, we do not have any UAE investment in Cambodia besides Emirates Airlines,” he said. “But by signing this agreement today I hope there will be more investment in the next three years.”

He added that UAE’s minister of foreign affairs will visit Cambodia this year with an accompanying business delegation.

Emirates Airlines expanded its presence in Cambodia after launching a daily passenger flight between Dubai and Phnom Penh, with a stopover in Yangon, on July 1. The airline’s passenger service follows its initial cargo freight operations that began in mid-2016 with a weekly flight.

Pressed on details of the agreement, Chenda Sophea explained it ensures that investors are fully protected based on rule of law, but does not protect them from losses due to environmental impacts or natural disasters.

This is the 28th bilateral agreement the Cambodian government has signed with other countries to promote and protect investments.

Due to a translation error, a previous version of this article cited CDC Secretary General Sok Chenda Sophea as stating the agreement protected investments from losses due to environmental impacts. In fact, he had said the agreement “ensures that investors are fully protected based on rule of law, but does not protect them from losses due to environmental impacts or natural disasters.” The error did not appear in the Khmer version of the article.

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

  • Walmart plans to diversify stock of Cambodia goods

    Walmart Inc, the world’s biggest retailer, on June 22 reiterated recent plans to scale up and greatly diversify its purchases of Cambodian products, according to the labour ministry. This came during a virtual working meeting between Minister of Labour and Vocational Training Ith Samheng and

  • 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

  • Cotton club growing in Battambang

    The global market for “vegan leather” – materials that act as alternatives to traditional leather that can be synthesised from cork, apple peels, cactus, recycled plastic, grape pomace and pineapple leaves, among other things, and supposedly require no chemicals or water to produce – is expected to