Cambodian Prime Minister Samdech Akka Moha Sena Padei Techo Hun Sen has encouraged more foreign investors, particularly the Vietnamese, to invest in Cambodia, especially in areas with high potential such as modern agriculture, food processing and light manufacturing industry.
The Cambodian Premier made the encouragement while he and visiting H.E. Pham Minh Chinh, Prime Minister of the Socialist Republic of Vietnam were presiding over the Cambodia-Vietnam Investment and Trade Promotion Forum held here this evening.
Samdech Techo Hun Sen also announced to assure all investors of a conducive environment, especially peace, security and political stability, as well as macroeconomic stability, effective legal and institutional framework, transparency, accountability and predictability.
“The Royal Government of Cambodia (RGC) has been setting forth and implementing policies, strategies and roadmaps to increase Cambodia’s attractiveness and competitiveness in attracting domestic and foreign investment,” he said.
Cambodia is seeking trade partners to open more export markets through bilateral and multilateral free trade agreements with other countries, he continued, underlining that the RGC has launched the Strategic Framework and Programmes for Economic Recovery in the Context of Living with Covid-19 in a New Normal 2021-2023, which have played an important role in contributing to the Cambodian economic recovery.
At the same time, the Premier also laid stress on the new Investment Law, which was promulgated on Oct. 15, 2021 and identifies a number of priority investment sectors and activities that need to be encouraged, as well as on the Cambodia Industrial Development Policy being revised to catch up with the changes in global economic structure.
According to the report of the Council for the Development of Cambodia (CDC), private investment from January to October 2022 rose by 1.3 percent compared to the same period last year. But, no new Vietnamese investment was recorded in Cambodia this year and in 2021, unlike before the COVID-19 crisis, in which there were a lot of Vietnamese investment projects in Cambodia, mainly in agriculture and telecommunications.
Source: Agency Kampuchea Press