November 9, 2023
PHNOM PENH – A prominent Chinese state-owned engineering and construction conglomerate has expressed keen interest in potential investments in several key sectors in Cambodia, according to the Council for the Development of Cambodia (CDC).
CDC secretary-general Kong Vimean met with a delegation from China Metallurgical Construction Corporation (China 22MCC Group Corp Ltd) led by Guo Kongsong, general manager of the firm’s Foreign Trade Department, on November 7.
The meeting aimed to acquaint the firm with the diverse investment opportunities in the country, aligning with its investment goals. Prospects include real estate, wastewater treatment systems, mining plants, construction material factories, infrastructure and expressways, and the establishment of industrial parks.
Vimean conveyed the CDC leadership’s enthusiasm for such investment interests.
“Cambodia maintains an open stance to all investors across various sectors, some of which are eligible for investment incentives. Hence, the government and the CDC are always ready to facilitate investor activities,” he stated.
Chea Chandara, president of the Logistics and Supply Chain Business Association in Cambodia (LOSCBA), highlighted on November 8 the growing number of Chinese investors in the country diversifying into sectors like garment and wiring production, electrical and electronic components, furniture and agricultural processing.
“Enhanced diplomatic ties and the execution of the Cambodia-China Free Trade Agreement [CCFTA] are set to lure more Chinese investors and expand the trade volume between the two nations,” he said.
He underscored the significant role of Chinese financing in propelling the country’s economic growth and job creation.
Chea Vuthy, secretary-general of the CDC’s Cambodia Investment Board (CIB), said that to aid Chinese investors, a China Desk has been established at the CDC headquarters offering dedicated advice.
He noted that in the first nine months of 2023, the CDC approved nearly $4 billion in investment projects, with Chinese involvement constituting approximately 76%.
The General Department of Customs and Excise of Cambodia (GDCE) confirmed China as the Kingdom’s top trading partner.
Trade between the two nations reached $9.1 billion in the first nine months of 2023, marking a 3.4% increase from the previous year. Cambodian exports to China surged by 18.3% to $1.06 billion, while imports from China saw a 1.8% rise, totaling $4.04 billion, as per the GDCE.