Logo of Phnom Penh Post newspaper Phnom Penh Post - Hong Kong delegation scouts out investment

Hong Kong delegation scouts out investment

Hong Kong delegation scouts out investment

A business delegation from Hong Kong that arrived on Sunday wrapped up its whistle-stop tour yesterday after meeting Cambodian government officials and local business associations to discuss avenues for greater investment across a broad range of sectors, especially real estate development.

The delegation, led by Ma Siu-cheung, undersecretary for development for the Hong Kong Special Administrative Region, comprised representatives of 14 companies on a mission to learn more about investment potential in Cambodian urban planning, infrastructure and real estate.

“The Cambodian economy is rising and this creates a strong demand for infrastructure and buildings,” Ma said. “I strongly hope that there will be more Hong Kong businesses in Cambodia in the future.”

During the trip, the delegation met with representatives from the Council for the Development of Cambodia (CDC), Cambodia Construction Association, the Hong Kong Business Association in Cambodia (HKBAC) and the Ministry of Land Management.

Although no concrete deals were signed, the delegation toured Borey Peng Huoth’s Grand Star Platinum project and Orkide Villa.

Sok Chenda Sophea, secretary-general of the CDC, told reporters after the meeting with the delegation that their visit provided a good starting point for expanding investment in the future.

“This is the first time ever that a Hong Kong [business] delegation was led by a government official,” he said. “This shows a strong sign that Hong Kong investment will increase in Cambodia.”

According to data from the CDC, Hong Kong investors have invested in 244 projects in Cambodia from 1994 to 2016 with investment capital of $1.25 billion.

In 2016 alone, investors from Hong Kong injected $320 million worth of investment capital into the Kingdom, equal to about 10 percent of total foreign direct investment, placing it behind China and Japan respectively.

MOST VIEWED

  • Seven positive for Covid-19, Hun Sen confirms local transmission

    Prime Minister Hun Sen announced that there has been local community transmission of Covid-19. However, he urged the people not to panic even though the Ministry of Health announced the discovery of seven new cases on Sunday. Among the victims are Chhem Savuth, the director-general

  • PM confirms community transmission, calls for unity

    Prime Minister Hun Sen has called on the public to stay calm, unite and follow the Ministry of Health guidelines after the wife of a senior official tested positive for Covid-19 in the Kingdom’s first case of community transmission. The case has drawn criticism

  • Over 110 garment factories close

    A government official said on November 22 that at least 110 garment factories had closed in the first nine months of the year and left more than 55,000 workers without jobs – but union leaders worry those numbers could be much higher. Ministry of Labour and Vocational Training undersecretary

  • Singapore group seeks $14M in damages from PPSP over ‘breach of contract’

    Singapore-based Asiatic Group (Holdings) Ltd is seeking a minimum of $14.4 million relief from Cambodia Securities Exchange (CSX)-listed Phnom Penh Special Economic Zone Plc (PPSP) for allegedly breaching a power plant joint venture (JV) agreement. Asiatic Group’s wholly-owned Colben System Pte Ltd and 95 per

  • PM vows to protect Hun family

    Prime Minister Hun Sen has vowed to continue his fight against opposition politicians who he said intend to smash the Hun family. Without naming the politicians but apparently referring to former leaders of the Supreme Court-dissolved Cambodia National Rescue Party (CNRP), Hun Sen said there

  • Cambodia lauded for fight against Covid-19

    Cambodia has drawn global accolades for its handling of the Covid-19 pandemic, with a new report finding that the Kingdom has controlled the pandemic better than any other country in Asia. Dr Takeshi Kasai, director of the World Health Organisation’s (WHO) Western Pacific region,