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Japanese bank sets up office

Japanese bank sets up office

One of Japan’s largest banks opened a representative office in Phnom Penh yesterday, targeting foreign, and especially Japanese, investors.

Takeshi Fukui, chief representative of the Mizuho Bank Phnom Penh representative office, said he intends to collect and provide information regarding Cambodia’s investment environment.

Mizuho Bank is the third Japanese mega-bank with a representative office, as opposed to an actual branch, in Phnom Penh. It joins Tokyo-Mitsubishi UFJ Bank and Simitomo Mitsui Banking Corporation.

Japanese investment in the Kingdom has picked up noticeably in the last three years.

Data from the Japanese embassy in Phnom Penh shows that stated investment in projects totaled $330 million in 2012, a big jump from the $75 million in 2011.

At the end of March, there were 115 members of the Japanese Business Association of Cambodia, compared to 101 at the end of 2012.

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