Prime Minister Hun Manet on Tuesday approved 26 Japanese companies to explore investment opportunities in the Kingdom’s potential sectors, including agriculture, food processing and aquaculture.
The approval was granted to Takahashi Fumiaki, President of Japan-Cambodia Association (JCA) during a meeting at the Peace Palace on November 19.
The JCA President apprised the Premier on the association’s progress and achievements, stressing its role in strengthening Cambodia-Japan relations and fostering economic cooperation between the two nations.
Fumiaki said that since the establishment of the JCA office in Phnom Penh in April, the association has collaborated closely with relevant ministries and institutions of the Royal Government of Cambodia (RGC) to enhance bilateral collaboration and drive mutual economic benefits.
“The cooperation has created three significant achievements to promote vocational training skills such as an automotive repair training school, a decoration and beauty training school and an information technology engineering training school in the Kingdom.”
Building on these successes, JCA has organised a business trip for 26 Japanese companies to explore investment opportunities in Cambodia’s potential sectors, especially the agriculture, food processing and aquaculture industries, he added.
Fumiaki went on to inform the Premier that the JCA has also put a lot of effort into promoting the country’s potential sectors aimed at attracting more companies to expand investments especially the small and medium enterprises from Japan to Cambodia. He emphasised that the JCA is committed to continue working closely with its development partners to further strengthen and expand cooperation in the industrial sector and human resources development.
Mr Hun Manet appreciated the JCA’s for strengthening the relations between the two countries, focusing on improving the connection between Cambodian and Japanese private sectors.
Congratulating the establishment of the JCA office in Phnom Penh and the other three vocational training schools, the Premier emphasised that the Japanese private sector has contributed greatly to the Kingdom’s economic growth over the past few decades.
The Premier welcomed all the Japanese investors and companies that are interested in exploring investment opportunities, while appreciating the efforts of JCA to encourage SMEs from Japan to invest in Cambodia.
“The initiative is aligned with the RGC strategies to promote the SME sector aimed at establishing the production chain to supply domestic demand as well as export overseas.”
Besides, Mr Hun Manet talked about the policies and measures implemented by the RGC to create a competitive and conducive environment for business investment.
Regarding cooperation in the industrial sector and human resource development, he encouraged the Japanese delegation to engage with relevant ministries and institutions to develop a comprehensive master plan aligned with the country’s specific needs and priorities.
Speaking to Khmer Times, Lor Vichet, Vice-President of Cambodia Chinese Commerce Association (CCCA) said, “The Japanese companies’ interest to invest in our country underscored the confidence of the investment climate and future growth prospects of the Kingdom particularly in agriculture, food processing and aquaculture sectors.
“These investments will gradually elevate both Cambodia’s supply chains and value chains within the region by increasing the Kingdom’s production capacity and quality standards through innovation and technology from the aforementioned Japanese companies.”
Vichet continued that investments from Japanese companies in non-textile manufacturing industries have been a contributing factor to Cambodia’s economic diversification and multi-faceted human resource development. “Furthermore, their investments in the auto industry and electrical equipment production have also contributed to technology and skills transfer to Cambodia.”
Pursuant to the future trajectory of Japanese investment, the landscape looks promising as demonstrated by the commitment of the RGC to steadily improve the investment climate by holding regular exchanges with the private sector, he added.
