The
President of the Cambodia Chamber of Commerce (CCC), a leading organization
representing the private sector in the Kingdom, has urged Malaysian investors
and businessmen to invest in and do business with Cambodia to forge a stronger
relationship between the two Asean states.
Speaking
at the Malaysia-Cambodia Business Dialogue on Friday in Kuala Lumpur, Kith
Meng, the president of the CCC and the owner of conglomerates with three
television channels, dam development, banking and telecom businesses, said the
CCC and MATRADE had worked together closely on trade and investment promotion
and organized several expositions and business matching seminars to ensure the
smooth flow of business and investment.
Mr. Meng
said Malaysians were among the first to invest in Cambodia in 1993, while the
two countries adopted an agreement for promotion and protection of investments
in 1994.
“Since
then we have been committed to enhancing bilateral relations and cooperation in
economy, trade, investment, tourism and education,” he said.
As a
result, Malaysia has consistently been ranked one of Cambodia’s top trade and
investment partners. In 2015, Malaysian direct investment into Cambodia was
$62.9 million, an increase of 61 percent compared with 2014. This made Malaysia
Cambodia’s fifth largest FDI partner.
“I
commend you for the excellent arrangement for today’s business dialogue for
promoting economic and business relations between our two countries,” Mr. Meng
said.
“I would
like to encourage Malaysian investors to invest in Cambodia. You can use
Cambodia as a production base to export your products throughout the region and
to markets worldwide,” he added.
Hasan
Malek, Malaysia’s new ambassador to Cambodia, told Khmer Times recently that in
Cambodia, Malaysian companies are involved in telecommunications, banking,
construction, garments, hotels, food and beverages, energy, entertainment and
agriculture.
He said
there were five Malaysian banks operating in Cambodia – Maybank, Public Bank,
CIMB Bank, RHB Bank and Hong Leong Bank.
“The
largest investments made by Malaysian companies were in the hotel industry, for
example, the Naga Island resort. Other big investments were in the
telecommunications, energy and banking sectors. The big players include Smart
Axiata and banks like Maybank and Public Bank,” Mr. Malek said.
Mr. Meng
said Cambodia was one of the fastest growing economies in the region and is
strategically located within 90 minutes of most parts of Asean. Due to its
close proximity, Malaysians can choose
Cambodia to be their production base for exports to regional and global
markets.
“Cambodia
can serve as a tax-exempt manufacturing and processing platform for such
markets as the US, EU, Canada and
China,” he said. “I believe that we could do more to boost the exports figure
through the mechanism of Asean and through existing bilateral channels that we
have built up together over time.
“I would
like to reiterate that closer relations between our business communities will
make an important contribution to our mutual benefits,” added Mr. Meng.
Last
year, the total trade volume between the two countries was about $388 million.
Malaysian exports to Cambodia totaled $235.4 million and imports from Cambodia
were $152.6 million, according to Mr. Meng.
May
Kunmakara
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