China business delegates bullish on Cambodia
DELEGATES gathered at the Cambodia-Fujian Business and Tourism seminar in Phnom Penh yesterday to discuss opportunities for investment in the Kingdom through increased trade in both the energy and garment sector.
Huang Dezhi, deputy director-general for the Department of Commerce of Fujian province, said at the seminar that businesses from the southeastern Chinese province have already invested a total of $380 million into 18 different Cambodian projects across sectors including agriculture, livestock, garment and tourism.
He added that there is significant business potential in Cambodia that continues to attract foreign investors from China.
“Cambodia and China’s Fujian province have different business potential, and we can both complement each other to accelerate trade,” he said, adding that Cambodia’s relations with Fujian businesses will only continue to improve as relations with China continue on a positive trend.
According to Huang, bilateral trade between Cambodia and Fujian province amounted to $250 million in 2016, with Chinese exports to Cambodia accounting for nearly 70 percent of that. During the first nine months of this year, bilateral trade between the two entities amounted to $180 million.
The forum was attended by Cambodian officials from the Ministry of Commerce and the Council for the Development of Cambodia (CDC) as well as representatives from nearly 50 Chinese businesses and the CambodiaChina Business Association in Cambodia.
CDC Secretary-General Sok Chenda Sophea urged businesses to invest in Cambodia while he simultaneously praised the extent of Chinese investment in Cambodia thus far, highlighting the importance of the energy created by Chinese-funded power plants.
“If we did not have the power supply [generated by Chinese investment], we would not see the development we have today, including our many garment factories and hotels,” he said. “These achievements are significantly contributed by Chinese investment.”