Logo of Phnom Penh Post newspaper Phnom Penh Post - Singapore company eyeing biz opportunities in Kampong Speu

Singapore company eyeing biz opportunities in Kampong Speu

Content image - Phnom Penh Post
Kampong Speu provincial governor Vei Samnang (left) meets PLMP Fintech Pte Ltd chief strategy officer Peter Lim on Thursday. KAMPONG SPEU PROVINCIAL ADMINISTRATION

Singapore company eyeing biz opportunities in Kampong Speu

Singapore-based company PLMP Holding Pte Ltd has expressed its intention to invest in various sectors in Kampong Speu province, despite the EU’s partial withdrawal of its Everything But Arms (EBA) scheme, provincial governor Vei Samnang said on Sunday.

Representatives of PLMP Holding met with Samnang over the weekend and discussed investment opportunities in the province.

The company currently owns 115ha in the province’s Kong Pisei district.

Samnang told The Post that the province is witnessing an increase in foreign and domestic investors.

The arrival of Singaporean investors shows the strength of foreign investors’ confidence in Cambodia, despite the partial cancellation of the EBA, he said.

He said the company – with its huge capital investment – is eyeing the construction sector and has expressed its interest in establishing special economic zones (SEZs), fruit packaging plants and steel mills.

“The Singaporean investors have yet to specify which area they will invest in. All I can say now is that the company has already bought land,” Samnang said, adding that it has not disclosed the amount of capital it plans to invest.

He said improved political stability, a vast young labour force and well-organised infrastructure make the province an attractive option for investment.

There are currently nearly 300 small and large-sized enterprises operating in the province and more than 100 are in preparation, as well as an SEZ, Samnang said.

Speaking at the Cambodia-Singapore Business Dialogue workshop last month, Council for the Development of Cambodia (CDC) secretary-general Sok Chenda Sophea called for more Singaporeans to invest in the Kingdom – especially in the tourism and agro-processing sectors.

“Cambodia and Singapore have a double taxation agreement and income-related embezzlement prevention measures, which can put investors’ concerns at ease,” he said.

Speaking at the workshop, Thian Tai Chew, the executive director for Asean at the Singapore Business Federation’s (SBF’s) Global Business Division, said Cambodia is a major investment destination for Singapore investors.

An SBF report said the Kingdom ranks seventh among the countries Singaporeans are interested in investing.

As of December, Singapore investments in Cambodia totalled about $1.355 billion and created more than 150,000 jobs, data from the CDC showed.

In the first nine months of last year, Cambodia exported $10.9 billion worth of goods to international markets, a National Bank of Cambodia report said.

Singapore ranked eighth with a two per cent market share, whereas China had a 39 per cent market share, it said.

MOST VIEWED

  • Ministry requests school opening

    The Ministry of Education, Youth and Sport on Thursday said it would request a decision from Prime Minister Hun Sen to allow a small number of schools to reopen next month. Ministry spokesman Ros Soveacha said if the request is granted, higher-standard schools will reopen

  • Kingdom eyes India FTA, China deal set for August

    Cambodia is studying the possibility of establishing a bilateral free trade agreement (FTA) with India to open a new market with the second-largest regional economy. This comes as an FTA with China is scheduled to be signed next month while similar negotiations with South Korea

  • Judge lands in court after crashing into alleged thief

    Sen Sok district police on Thursday sent a Koh Kong Provincial Court judge to the Phnom Penh Municipal Court on manslaughter charges after he crashed his car into a woman riding a motorbike on Wednesday, killing her. District police chief Hour Meng Vang told The

  • Gov’t to boost Siem Reap tourism

    The Ministry of Tourism released the results of an inter-ministerial committee meeting concerning Siem Reap province’s Tourism Development Master Plan for 2020-2035 on Wednesday, revealing the government’s plan to improve the overall tourist landscape there. The meeting was attended by Minister of Tourism

  • Residents ordered to remove structures on Phnom Penh’s canal

    Phnom Penh municipal governor Khuong Sreng has ordered authorities to act against the perpetrators who built houses along the Luo 5 canal in Meanchey district. The municipal administration plans to create a committee to solve the matter. The order was given on Wednesday while Sreng led

  • ‘On the offensive’: Cambodia to load up on loans to stimulate economy

    As the dust settles on the economy, Cambodia comes to grips with what needs to be done to turn the economy around, starting with a big shopping list for credit ‘We are going on the offensive,” Vongsey Vissoth, Ministry of Economy and Finance permanent secretary

  • Government set to make up for cancelled April holiday

    The government is set to make up for a five-day Khmer New Year holiday late this month or early next month. The holiday was earlier cancelled due to the onset of Covid-19. The announcement is expected on Friday as the government is studying a range

  • Families told to register for cash handouts

    The government has called on poor families to apply to commune authorities for evaluation to receive financial support during the Covid-19 crisis. A $300 million budget has been planned for implementation within a year. Ministry of Economy and Finance secretary of state Vongsey Visoth said this

  • Crumbling prices, rent ruffle condo segment

    The prolonged decline in international arrivals to Cambodia intensified by renewed Covid-19 fears has driven down condominium sales prices and rental rates in Phnom Penh, a research report said. CBRE Cambodia, the local affiliate of US commercial real estate services and investment firm CBRE Group

  • Over $3M in traffic fines collected in two months

    Traffic police officers collected over $3 million in fines throughout the Kingdom during the past two months when officers strictly enforced the law in accordance with a May sub-decree, officials said. As incentives, law enforcement officers received between 200,000 and two million riel ($50 to $500) each. The figures