The Council for the Development of Cambodia (CDC), the Hong Kong Special Administrative Region (HKSAR) of the People’s Republic of China and the Hong Kong Trade Development Council (HKTDC) Wednesday signed two memoranda of understanding (MoUs) to diversify the economy, develop private sector and foster sustainability for common benefits.
Both agreements were inked in the presence of Prime Minister Hun Manet and John FC Lee, Chief Executive of HKSAR.
Sun Chanthol, Deputy Prime Minister and First Vice Chairman of CDC signed MoUs with Margaret Fong, Executive Director of HKTDC and Agnes Chan, Chairman of Hong Kong General Chamber of Commerce at the Peace Palace.
According to a CDC press release, the first MoU between the Hong Kong Investor of HKSAR focused on strengthening investment cooperation, while the second MoU was made with the HKTDC to facilitate investment and trade interaction for the businessmen in both countries.
HKSAR Chief Executive presided over a press meet on the event theme, ‘Super-connecting New Pathways to Success: Hong Kong-Cambodia Partnerships in Fostering Mutual Prosperity and Economic Development’ which was attended by over 50 media outlets from both local and international institutions at the Sofitel Phnom Penh Phokeethra.
Wang Wenbin, Chinese Ambassador to Cambodia, Kith Meng, President of Cambodia Chamber of Commerce (CCC) and Dr Peter K N Lam, Chairman of HKTDC were present on the occasion.
To a specific query raised by Khmer Times, Chief Executive of HKSAR John FC Lee said, “Hong Kong will act as the connector to facilitate trade and investment flow with China as we agree to collaborate with the Kingdom on many aspects such as commercial, finance, technology and industrial sectors.”
“Cambodia is a developing country and its market is full of opportunities to promote business activities as well as connect trade overseas.”
John emphasised that Cambodia and China have signed and exchanged 13 agreements and MoUs to boost trade, human capital, aviation, technology and infrastructure development aimed at strengthening cooperation and promoting commerce, contributing to the Belt and Road Initiative.
This is John’s first trip to explore new trade and investment opportunities in the Kingdom.
“During the meeting with the Premier, we agreed to improve many fields and sectors to further develop Cambodia and I personally was amazed by the country’s GDP between 5 to 6 percent every single year,” he added.
During the event, John said, “The objective of the mission is to explore opportunities and forge connections that will strengthen the relationship between the two nations.”
“The HKTDC has 50 offices globally, including six in ASEAN such as Thailand, Vietnam, Indonesia, Malaysia, Singapore and the Philippines,” he said.
Speaking to Khmer Times, Dr Ben Li, Founder and Honorary Chairman of Cambodia Chinese Commerce Association (CCCA) said, “In the last two decades, Hong Kong investors mainly focused on manufacturing including shoes, garments and footwear, however, the investors are turning their interest to the logistic sector.”
He said that Cambodia has been developing many areas such as innovation, green technology and logistic infrastructure including new airports and Hong Kong is capable of helping the country to achieve that as we are experts in terms of air, land and water transportation systems, connecting worldwide.
Catherine Chan, Founder and Executive Director of Urban Village said, “Hong Kong represents the largest sweater manufacturing in the Kingdom as the investors realised the potential of development in Cambodia.”
“Apart from that, the country is also strengthening and promoting hospitality services such as restaurants, retail shops and hotels,” she said.
As one of the leading Hong Kong investors in Cambodia, we decided to develop Urban Village and Factory Phnom Penh which consisted of education and sports centres, cinema, restaurant and business networking areas in line with the Royal Government vision, she added.
