Logo of Phnom Penh Post newspaper Phnom Penh Post - PM to Euro investors: Discover untapped areas

PM to Euro investors: Discover untapped areas

Content image - Phnom Penh Post
Prime Minister Hun Sen speaking at the Cambodia Night Event organised by local conglomerate WorldBridge Group, on the sidelines of the World Economic Forum in Davos, Switzerland. SPM

PM to Euro investors: Discover untapped areas

Prime Minister Hun Sen has called for investors and businesspeople in Europe to seek out business and investment opportunities in untapped sectors in Cambodia as he declared the private sector an “engine of growth”.

Speaking at the Cambodia Night Event organised by local conglomerate WorldBridge Group, on the sidelines of the World Economic Forum in Davos, Switzerland, the premier touted the Kingdom’s success in managing the Covid-19 pandemic in order to facilitate business and tourism activities, having been among the first countries in Asia to relax testing and other requirements for vaccinated travellers.

He also cited the “quick and timely procurement” of vaccines for Cambodians and the country’s successful vaccination campaign, noting that over 93 per cent of the total population has received at least a first dose. “This has allowed Cambodia to achieve full herd immunity, and thus reopen the country and all socio-economic activities since November 14,” he said.

The prime minister said that, to promote a resilient and sustainable recovery and economic growth, the government has put forth the “The Strategic Framework and Programmes for Economic Recovery in the Context of Living with Covid-19 in a New Normal 2021-2023”, a comprehensive roadmap to safely guide the economy as the novel coronavirus becomes endemic.

“Our philosophy is to transform the challenges posed by this crisis into opportunities for internal reform, together with an increase in physical and digital infrastructure investments, and promotion of socio-economic resiliency,” Hun Sen said.

“Cambodia has overcome the Covid-19 crisis with confidence … [through] competitive, sustainable and inclusive development. I would like to invite and welcome all investors to explore, travel to, and seize investment opportunities in Cambodia,” he added.

WorldBridge Group chairman Sear Rithy said that the Cambodian government has made a number of reforms to ease the conduct of business and investment activity in the country. He singled out for praise the new annual Government-Private Sector Forum, where the private sector can raise directly to the prime minister issues pertaining to key national policies.

Hun Sen said that Cambodia “made great strides to open up its economy and engaged with new markets” by signing free trade agreements (FTA) with China and South Korea. He noted that the Regional Comprehensive Economic Partnership (RCEP), a trade pact that entered into force on January 1, is also expected to boost the economic outlook of the Kingdom.

“With all these possibilities, Cambodia is one of the most vibrant and open free-market economies in the region,” he declared. “The country is stable, pro-business and welcomes investors from around the world.”

He added that the new Law on Investment will provide “incredible” opportunities to new investors, including tax holidays of three-to-nine years and duty-free imports on equipment and production inputs.

The prime minister said that the government, as part of its long-term vision, has also been proactively promoting a better business and investment climate by improving the quality, times and costs of logistics, including shipping and transportation; increasing the efficiency of public services; providing skill development opportunities, and modernising the social security system.

At the 11th Joint Committee Meeting on March 10-11, Cambodia and the EU renewed their pledge to enhance bilateral trade and investment ties in spite of the continued impact of the Covid-19 pandemic on both entities.

The renewal comes despite fallout and protest from the Cambodian government regarding the August 2020 partial withdrawal of the EU from the ‘Everything But Arms’ scheme – a suspension that affects one-fifth or €1 billion ($1.07 billion) of the Kingdom’s annual exports to the 27-nation bloc.

MOST VIEWED

  • Hong Kong firm done buying Coke Cambodia

    Swire Coca-Cola Ltd, a wholly-owned subsidiary of Hong Kong-listed Swire Pacific Ltd, on November 25 announced that it had completed the acquisition of The Coca-Cola Co’s bottling business in Cambodia, as part of its ambitions to expand into the Southeast Asian market. Swire Coca-Cola affirmed

  • Cambodia's Bokator now officially in World Heritage List

    UNESCO has officially inscribed Cambodia’s “Kun Lbokator”, commonly known as Bokator, on the World Heritage List, according to Minister of Culture and Fine Arts Phoeurng Sackona in her brief report to Prime Minister Hun Sen on the night of November 29. Her report, which was

  • NagaWorld union leader arrested at airport after Australia trip

    Chhim Sithar, head of the Labour Rights Supported Union of Khmer Employees at NagaWorld integrated casino resort, was arrested on November 26 at Phnom Penh International Airport and placed in pre-trial detention after returning from a 12-day trip to Australia. Phnom Penh Municipal Court Investigating Judge

  • Sub-Decree approves $30M for mine clearance

    The Cambodian government established the ‘Mine-Free Cambodia 2025 Foundation’, and released an initial budget of $30 million. Based on the progress of the foundation in 2023, 2024 and 2025, more funds will be added from the national budget and other sources. In a sub-decree signed by Prime Minister Hun Sen

  • Two senior GDP officials defect to CPP

    Two senior officials of the Grassroots Democratic Party (GDP) have asked to join the Cambodian People’s Party (CPP), after apparently failing to forge a political alliance in the run-up to the 2023 general election. Yang Saing Koma, chairman of the GDP board, and Lek Sothear,

  • Cambodia's poverty cut in half from 2009 to 2019: World Bank report

    A report published by the World Bank on November 28 states that Cambodia’s national poverty rate fell by almost half between 2009 and 2019, but the Covid-19 pandemic recently reversed some of the poverty reduction progress. Cambodia’s poverty rate dropped from 33.8 to 17.8 per cent over the 10