Kampong Speu provincial governor Vei Samnang. PHOTO SUPPLIED
Kampong Speu provincial governor Vei Samnang has unveiled plans to lead a provincial delegation to the Chinese provinces of Guangdong and Henan in August and September, respectively to introduce local investment opportunities in agriculture, agro-industry and industry to businesspeople there.
Samnang told The Post on July 25 that provincial textile-relate sectors like garments and footwear have been a hit with Chinese investors, adding that visit would focus on bringing in more money to other promising domains such as agriculture and agro-industry.
He confirmed that the delegation will visit Guangzhou and Shenzhen in Guangdong, but made no mention of where they would be travelling in Henan.
The trip’s main objective “is to directly demonstrate to Chinese investors this potential, particularly those from the provinces who are interested in investing” in Kampong Speu, he said.
Royal Academy of Cambodia economist Ky Sereyvath told The Post that Kampong Speu is among the Kingdom’s provinces with the greatest investment potential, noting that its proximity to Phnom Penh and easy access to the Sihanoukville port lure numerous foreign investors to the garment, textile and agricultural industries each year.
He commented that its central location attracts significant numbers of workers from nearby provinces as well.
According to Samnang, there are currently 385 factories and manufacturing enterprises in Kampong Speu, 191 of which are in textile-linked industries such as garments, footwear and bags which pay their combined 155,000 workers a total of nearly $500 million annually.
“By bringing investors to Cambodia, we could be creating employment opportunities for our people and strengthening household finances. I anticipate that their investments will also help to combat poverty in our province,” he said.
For reference, the National Bank of Cambodia (NBC) reported that foreign direct investment (FDI) inflows into the Kingdom between August 5, 1994, when the old Law on Investment was promulgated, and March 31, 2023 totalled 185.7 trillion riel ($45.8 billion), up nine per cent from a year earlier.
The Greater China region retained the top spot of FDI capital source, at 83.5 trillion riel, which was up 11.1 per cent year-on-year from just over 75 trillion riel. Hence the region – comprising mainland China, Hong Kong, Macau and Taiwan – accounted for a 45 per cent share, up one percentage point year-on-year.
