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CDC offers support for Malaysian businesses in Cambodia
The Council for the Development of Cambodia (CDC) is ready to provide services to Malaysian investors in Cambodia, attracting foreign investment to Cambodia.
Sok Chenda Sophea, Secretary-General of the Council for Development of Cambodia, said this at the 6th ‘Asean-Italy High-Level Dialogue on Economic Relations’ in Kuala Lumpur, Malaysia, on July 5-6.
The event was organised by the Malaysian Retail Supply Association and the Malaysian Small and Medium Enterprises Corporation in the presence of Cheuy Vichet, Cambodian Ambassador to Malaysia, MRCA President Sharan Valiram, Dato Sri Ricky Yaw, Vice President of Malaysian SME Corporation, and manager of 15 companies.
Sophea expressed his gratitude to all company representatives who were interested in finding investment opportunities in Cambodia.
He said that the new investment law provides more incentives to investors and the resumption of socio-economic activities were the factors that benefitted investment.
“The development and success factors of Cambodia come from the tireless efforts of the government that has enabled Cambodia to relaunch the socio-economic development in all sectors,” Sophea said.
“The new investment law, which came into force at the end of 2021, is a framework of a strong legislation that has provided many incentives for investment in Cambodia,” he said.
Representatives of Malaysian businessmen and associations appreciated the development of Cambodia in recent years, especially the good management of Covid-19.
From August 31 to September 3, 2022, the Cambodian Embassy in Malaysia in collaboration with MRCA will organise a four-day trade mission in Phnom Penh and Kampong Speu province. The mission is to provide dialogue opportunities between companies in Cambodia and Malaysia, seeking more understanding of investment opportunities in Cambodia.
Cambodia has been keen on attracting more investment from Malaysia and other countries as the Kingdom has the potential for investment due to the bilateral free trade agreement between Cambodia-China and Regional Cooperation Economic Partnership.
Lim Heng, vice president of the Cambodia Chamber of Commerce, told Khmer Times in June that Cambodia would be able to attract more foreign investors from Malaysia and other countries due to trade pacts. “Cambodia has trade preferences – EBA, GSP, and other trade preferences in terms of bilateral free trade agreements with China and RCEP. This is the potential factor foreign investors see in Cambodia,” Heng said.
In the January-May period this year, the bilateral trade between Cambodia and Malaysia topped at $244 million, a 28.4% increase year-on-year, according to the data of the General Department of Customs and Excise.
The Kingdom exported $44 million worth of merchandise to Malaysia, 6.3% increase from last year and imported $200 million from Malaysia.
Source: https://www.khmertimeskh.com/501108010/cdc-offers-support-for-malaysian-businesses-in-cambodia/