Turkish investors have expressed interest in seeking investment partners in Cambodia in the electricity production and electronics sectors.
Guven Uckan, the head of the Electrical Electronics and Services Exporters’ Association (EESEA), said Cambodia had great potential for investment, with a number of Turkish investors currently doing business in the Kingdom.
Uckan was speaking at a meeting with heads of the Cambodia Chamber of Commerce at its office in Phnom Penh.
He added that with such opportunities, he will lead a group of Turkish investors in a visit to the Kingdom in April to find investment partners.
“The Turkish business delegation scheduled to visit Cambodia consists of 12 companies, all of which are specialists in electricity production and electronics,” Uckan said.
He also requested the cooperation of the Cambodia Chamber of Commerce in preparation for the upcoming Cambodia-Turkey Business Meeting.
Cambodia Chamber of Commerce vice-president Lim Heng told the Post on Tuesday that investment from Turkey, a country that invests in high-tech power plants and electronics, would boost national income and create jobs.
“Although they are only looking for investment opportunities, we are delighted that Turkish investors are to visit Cambodia next year,” Heng said.
Cambodian products exported to Turkey include garments and footwear, as well as rice and other agricultural products, he added.
Cambodia considered leasing a 200MW Turkish power ship to tackle power shortages in last year’s dry season, but the plan was later shelved.
Victor Jona, the director-general of the Ministry of Mines and Energy’s General Department, said that with demand increasing, he welcomed investment in the Cambodian electricity sector.
While Turkey was experienced and technologically advanced in producing power, it had yet to invest heavily in the Cambodian electricity sector, he added.
“To achieve investment goals, the price of electricity has to come down as the government has a policy of reducing prices every year,” Jona said.
During a meeting with Turkish President Recep Tayyip Erdogan at the Conference on Interaction and Confidence-Building Measures in Asia (CICA) in Tajikistan on June 15, Prime Minister Hun Sen encouraged increased investment between the two countries.
He said he wanted to see the volume of trade between Cambodia and Turkey reach $1 billion a year, as the two countries strengthened ties.
Erdogan said current trade between Turkey and Cambodia amounted to more than $91 million.