EU investors told to tap Cambodia’s trade potential

EU investors told to tap Cambodia’s trade potential

Cambodia on Monday proposed Spain to consider entering into a bilateral treaty aimed at facilitating investment and strengthen business interaction.

Sun Chanthol, Deputy Prime Minister and First Vice-Chairman of the Council for the Development of Cambodia (CDC) told Maria Amparo López Senovilla, Secretary of State of the Ministry of Economy and Competitiveness (MINECO) of Spain to consider entering into a bilateral agreement to realise full potential that Cambodia has to offer.

Chanthol is in Spain (June 9-18) to explore investment opportunities in the European Union. He was accompanied by Hun Lak, Secretary General of the Cambodian Oknha Association (COA) and Suon Sophal, Deputy Secretary General of Cambodian Investment Board of CDC.

Also Kuon Thida, President of Orienda International Hospital, Leang Pov, President of Khmer Beverages, Lim Socheat, Vice President of Cambodia Chamber of Commerce (CCC) and Chan Phaloeun, Under Secretary of State of the Ministry of Agriculture, Forestry and Fisheries (MAFF) are part of the delegation.

During the meeting with the MINECO Secretary, Chanthol highlighted the positive environment in the Kingdom driven by the political and macroeconomic stability along with young workers with energetic and dynamic workforce, favourable investment regime and the interconnected infrastructures.

With all the development policies in place, Chanthol hoped that Cambodia and Spain would be able to come up with a bilateral investment treaty to facilitate investors and strengthen the business activities between the two nations.

The MINECO Secretary outlined several sectors Spanish was keen on investing in the Kingdom, including tourism, renewable energy, medicine, transport infrastructure, and wastewater treatment systems.

Based on MINECO, the ministry is responsible for proposing and executing the Spanish Government’s policy on economic matters and reforms to improve competitiveness and trade.

On the same day, the two leaders co-chaired the Spain-Cambodia Business Forum (SCBF) organised by the Spanish Chamber of Commerce [Cámara] and the Spanish Confederation of Business Organizations (CEOE) aimed at disseminating the investment potential and opportunities in the Kingdom to enterprises in Madrid City.

Chanthol took the chance, briefing on the policies of the Royal Government of Cambodia (RGC), updating the investment climate as well as encouraging all participants to expand the business operations, production and supply chains in the Kingdom.

During the Q&A session, Sophal explained in detail the mechanisms of RGC for the development of the new priority sectors including automobiles, electronics, auto parts, agro-industry, clean energy, infrastructure, tourism and hospitality.

The SCBF also created a programme for business matching, allowing participants to seek partners to invest in the Kingdom which saw engagement from leaders and representatives of 50 companies.

The Deputy Prime Minister went on for an individual discussion with major companies that currently investing in the Kingdom’s railway infrastructure, engineering and construction, pharmaceutical, health, education, water resources, energy and agriculture, clarifying the CDC mission and readiness to coordinate with investors and ensuring the achievement of the companies.

Based on CDC announcement, Chanthol held talks separately with 30 Spanish firms and there are eight major companies to be mentioned such as the Insud Pharma, Centunion, Melia Group, Molecor, Construcciones y Auxiliar de Ferrocarriles (CAF), Biorizon Biotech, Eductrade and Talgo.

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