Logo of Phnom Penh Post newspaper Phnom Penh Post - Swiss sign commercial safeguard

Swiss sign commercial safeguard

Swiss sign commercial safeguard

S

WISS President Jean Pascal Delamuraz on Oct 12 signed an accord that will safeguard

his country's companies in Cambodia and pave the way for additional investors such

as Swiss Air.

The agreement signed by the President and Council for the Development of Cambodia

Secretary General Chanthol Sun, will protect Swiss companies against possible future

nationalization of industry and allow free transfer of profits, Delamuraz said.

"Trade is better than aid," said Delamuraz, who was on a state visit.

"We must prepare for this period of Cambodia tomorrow - through increased commercial

relations, the export and import of goods and services."

Specific investments may include Swiss Air service to Phnom Penh and the construction

of hotels, Cambodian officials said.

Blaise Godet, Bangkok-based ambassador to Cambodia, said his country will ask Cambodia

to accredit one of the Kingdom's European diplomats to Switzerland to further strengthen

ties and encourage furture investment.

Four Swiss companies have operations in Cambodia, Societé Generale de Surveillance

(SGS), a pre-shipment inspection company, Holderbank Group, which operates a cement

factory, Diethelm Travel and Nestlé, which has a representative office here.

At least two of them have had difficulties here, Delamuraz acknowledged, noting that

SGS and Holderbank were discussed in meetings with co-Premiers Prince Norodom Ranariddh

and Hun Sen.

SGS signed a contract to handle pre-shipment inspections of imports for the Cambodian

government in September 1995, but soon found its profits undercut by exemptions on

some imports.

"It is the will of the two prime ministers to enjoy the services of SGS,"

said Delamuraz, noting that the problems "are in the process of being resolved".

The Holderbank Group's problems revolve around a lease it signed with the government

in May to upgrade a provincial cement factory. A Chinese State-owned company has

said its lease agreement on the plant was unfairly taken away.

Delamuraz, who arrived to a Royal welcome from King Norodom Sihanouk in his first

public appearance in months, attended a state dinner with the King that night.

MOST VIEWED

  • Hun Sen: Full country reopening to be decided in two weeks

    Prime Minister Hun Sen has announced that if the Covid-19 situation remains stable for 15 consecutive days from the end of the October 5-7 Pchum Ben public holiday, Cambodia will reopen fully, albeit in the context of Covid-19 whereby people have to adjust their lives to

  • Cambodia sets new Covid-19 quarantine rules

    The government has modified Covid-19 quarantine requirements, shortening the duration for, among others, Cambodian officials, foreign diplomats and delegations, investors and inbound travellers in general. According to an official notice signed by Minister of Health Mam Bun Heng late on October 16, quarantine length for Cambodian

  • Cambodia unveils new quarantine regulations

    The government has modified Covid-19 quarantine requirements, shortening the duration for, among others, Cambodian officials, foreign diplomats and delegations, investors and inbound travellers in general. According to an official notice signed by Minister of Health Mam Bun Heng late on October 16, quarantine length for Cambodian

  • Hun Sen: Cambodia set to fully reopen

    Prime Minister Hun Sen concludes that the October 5-7 Pchum Ben public holiday, during which many people either flocked to their hometowns for family reunion or gathered at tourist attractions across the country, has not caused an outbreak of Covid-19. In a special address to

  • Will Evergrande change the way Chinese developers do business in Cambodia?

    China’s property sector policy has exposed the grim financial condition of real estate developers including those operating in Cambodia, which raises questions over the viability of their projects and business going forward The dark blue netting draping over one of Yuetai Group Co Ltd’

  • Cambodia seeks probe into 'false reports' on Hun Sen's alleged Cypriot passport

    Minister of Justice Koeut Rith on September 6 wrote a letter to his Cypriot counterpart Stephie Dracos requesting cooperation in investigating and providing the truth in relation to the "exaggerative and false allegations" that Prime Minister Hun Sen holds a Cypriot passport. In his letter, the