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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.

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