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Malaysian giant talks Cambodia investment

Malaysian giant talks Cambodia investment

MEMBERS of Malaysian conglomerate Hong Leong Group discussed potential investments in the Kingdom with Prime Minister Hun Sen yesterday, according to officials.

Hong Leong Group director Quek Leng Chan told the premier his firm is interested in the banking, insurance, manufacturing and real estate sectors in Cambodia, said Eang Sophalleth, personal assistant to Hun Sen.

“The purpose of the delegation visiting Cambodia is to study the investment environment and seek out investment opportunities,” Eang Sophalleth quoted Quek Leng Chan as saying to Hun Sen.

Quek Leng Chan - who was ranked by Forbes earlier this year as Malaysia's fourth richest man, with a net worth of US$4.8 billion - intends to send company experts to Phnom Penh to review potential investments in detail, said Eang Sophalleth.

Hun Sen requested Hong Leong Group offer more information on its plans in Cambodia, and urged the firm to meet with the relevant ministries and government officials.

The prime minister particularly welcomed the group's potential invest in the Kingdom’s banking sector, as there is high borrower demand but not yet the resources to meet it, Eang Sophalleth said. Bursa Malaysia-listed Hong Leong Bank is part of the group.

CDC figures showed Malaysia’s approved investment in Cambodia totalled $167 million in 2010, making it the third-largest source of foreign investment in the country for the year.

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