I believe this forum will help us in economic and political cooperation between our two countries

The deputy Prime Minister of Turkey Bülent Arinç has urged investors from his country to invest in the Kingdom’s construction and tourism sectors.

Addressing more than 200 business delegates and investors at the first Cambodia-Turkey Business Forum yesterday in Phnom Penh, the top official encouraged greater economic links between the two emerging economies.

“I think that Turkish investors can have more opportunities to invest in Cambodia, especially in construction and tourism,” he told a crowd assembled at the Ministry of Commerce. “I believe that this forum will help us in economic and political cooperation between our two countries, “ he added.

He claimed that Turkey was the second largest provider of construction services in Africa and central Asia, and had undertaken more than 5,000 projects worldwide.

Cambodia’s Commerce Minister Cham Prasidh, who co-chaired the meeting, also encouraged foreign investors and suggested that direct flights between the two nations could ease access and spur growth.

While Turkish businessman, Rahmi Nazioglu, director of a construction and real-estate company Emre Yapi, said that the trip to Cambodia was his first trip to Asia.

“We are from the company which develops a huge building. We wanted to get some information about land price, or constriction materials,” he said, adding that he was considering work with local partners.

Members of Cambodia’s business community said the time is ripe for investment.Sung Bonna, president of National Valuers Association of Cambodia, said: “It is the right time for new investment.

“If they come now, they have a lot of potential for growth, especially as we have a lot land.”

The International Monetary Fund has projected Turkish economic growth of 4.5 percent this year, with inflation at 6.5 percent.

Bilateral trade between Cambodia and Turkey rose to a total of $26 million last year, from around $7 million in 2009, according to the Commerce Ministry.  

Turkish tourists to Cambodia rose in 2010, to 3,052 from 1,740 in 2009, according to Tourism Ministry figures.