Logo of Phnom Penh Post newspaper Phnom Penh Post - Qatar plans bank in Cambodia to enhance trade

Qatar plans bank in Cambodia to enhance trade

Qatar plans bank in Cambodia to enhance trade

Qatar's ambassador to Cambodia says his country wants to open a bank here in an effort to enhance, and attract more, trade and investment from Middle East countries to the Kingdom.

Jabor Ali Hussain Al-Dosseri, Ambassador of Qatar to Cambodia, who resides in Bangkok, told Cambodia’s minister of economy and finance on Thursday during his three-day mission to Cambodia about the plans to enhance diplomatic and economic relations, according to the statement from the ministry.

“The opening a new bank branch from Qatar in Cambodia will encourage the country’s financial sector even more to become stronger and more competitive,” he said.

Economy and Finance Minister Keat Chhon said that although many banks were already operating in Cambodia, he welcomed the opening of a bank from Qatar.

Al-Dosseri urged the two countries to sign an investors’ protection agreement in order to increase confidence in financial arrangements.

Bloomberg reported yesterday that Arqaam Capital, a Dubai-based investment bank, had said it was considering expanding from Africa to Southeast Asia.

Ngoun Sokha, director-general of the National Bank of Cambodia, said the Kingdom did not have any banks from the Middle East.

Whether new entries were welcomed would depend on whether they provided value to the economy and the financial sector, she said.

“The policy of the central bank is to improve the financial service to the customer but at the same time we also consider strengthening the financial stability, so if the new entries could better serve the economy and provide fair competition . . .  then we would accept them,” Sokha said.

She added that if this meant further risk to the system, their entry would not be encouraged.

Hiroshi Suzuki, chief executive and chief economist of the Business Research Institute for Cambodia, said he had not noticed an increase in investment from the Middle East into Cambodia.

“Normally,  Middle Eastern countries are interested in investment in Islamic countries such as Malaysia and Indonesia,” Suzuki said.

During his mission, Al-Dosseri also met with the minister of industry, mine and energy, the minister of tourism and officials at the Council for Development of Cambodia (CDC).

According to the CDC, there is no information on investment from the Middle East.

Data from the ministry of tourism said 1,082 tourists from the Middle East visited Cambodia in 2012, compared to 891 in 2011 — an increase    of 21.4 per cent.

Last week, Qatar Airways officially launched a daily flight from Doha International Airport to Phnom Penh International Airport.

To contact the reporter on this story: May Kunmakara at [email protected]

MOST VIEWED

  • Angkor Wat named as the top landmark for the second year

    Travel website TripAdvisor has named Cambodia’s ancient wonder Angkor Wat as the top landmark in the world for the second year running in their Travelers’ Choice Award 2018, an achievement Cambodian tourism operators expect will attract more tourists to the Kingdom. The website uses traveller

  • New US bill ‘is a violation of Cambodian independence’

    After a US congressmen introduced bipartisan legislation that will enact sanctions on Cambodian officials responsible for “undermining democracy” in the Kingdom, government officials and the ruling Cambodian People’s Party on Sunday said they regarded the potential action as the “violation of independence and sovereignty

  • Hun Sen detractors ‘will die’

    Prime Minister Hun Sen on Wednesday said those who curse or insult him would eventually die without a plot of land to bury their bodies after being killed by lightning, suffering the same fate as those who recently died in Thmar Baing district in Koh

  • Ministry’s plan for net sparks fears

    The government has ordered all domestic and international internet traffic in the Kingdom to pass through a Data Management Centre (DMC) that has been newly created by the state-owned Telecom Cambodia, in a move some have claimed is an attempt to censor government critics. Spokesman