Logo of Phnom Penh Post newspaper Phnom Penh Post - Japanese bank tests Kingdom’s waters

Japanese bank tests Kingdom’s waters

Japanese bank tests Kingdom’s waters

Japan's Sumitomo Mitsui Banking Corporation yesterday opened a representative office in Phnom Penh in the latest Japanese bid to expand investments and pursue Cambodia’s still untapped markets.

Cambodia’s location at the very heart of the Greater Mekong Sub-Region (GMS) is enticing to foreign companies, General Manager of Planning at SMBC Hiroshi Irie said.

“Japanese banks are now coming back to Cambodia after 45 years. Cambodia is located in the centre of the GMS, which is a strategic position for trading in the region,” he said.

Chairman of the Japanese Business Association of Cambodia Hiromitsu Iwatate said that SMBC’s new opening reflected a growing trend amongst Japanese businesses looking to expand in Cambodia.

“Japanese companies have been increasing sharply in Cambodia over the last three years. It has risen from 50 companies [in 2009] to 100 now, even though the numbers remain small compared to Thailand and Vietnam.”

According to Suzuki Hiroshi, president of the Business Research Institute for Cambodia (BRIC), the SMBC office will function primarily as an  information office for Japanese investors.

“It’s my understanding that their objective is to gather information in Cambodia to give to their customers and potential Japanese investors, and also to provide assistance to Japanese investors in Cambodia,” he said.

MOST VIEWED

  • Serious flooding across country

    The Kampong Speu provincial Committee for Disaster Management on Wednesday issued an alert after non-stop heavy rain caused widespread flooding. In Koh Kong province, authorities are working with the disaster committee and the Cambodian Red Cross to assist those affected after more than 350 homes were

  • CNRP points to King in call for vote boycott

    Leaders of the former Cambodia National Rescue Party (CNRP) have taken a new tack in their call for a boycott of the national elections later this month. They are now claiming that the people should follow the King, who is expected to abide by tradition

  • Actress’s NGO takes heat for promoting the ruling party

    An actress’s NGO which participated in an election campaign event contrary to the Law on Association and Non-Governmental Organisations (Lango) has been slammed. Chorn Chanleakena, a celebrity and the president of the Association of Artists Volunteering to Help Society, allegedly led its members in

  • Troop moves ‘won’t worry people’

    Senior officials at the Ministry of Defence and National Police said on Tuesday that riot training provided to the country’s police forces were aimed at preventing unexpected demonstrations and strikes before and after the July 29 national elections. The troop mobilisation, they said, would not