ASEAN KEY DESTINATIONS
Chinese investment in Cambodia
A delegation from the Chinese firm met with Cambodia’s Commerce Minister Cham Prasidh earlier this week, to discuss its plans to promote its equipment in Cambodia.
“The company will hold an event to promote the quality and capacity of engineering machinery to Cambodian customers. We will also look into the possibility of constructing a plant here,” he said at the meeting.
LiuGong produces heavy construction equipment such as wheel loaders, forklifts, and excavators. It claims to be the largest wheel loader manufacturer in the world.
Cham Prasidh said he supported the firm in setting up a construction plant in the country, highlighting the Kingdom’s quota and duty-free access to markets.
“We encourage and support Gaungxi machinery to start a construction plant in Cambodia,” he said. The firm posted profits of US$280.44 million for 2010 on revenues of $2.32 billion, according to a statement.
LiuGong employs some 13,000 workers including more than 750 engineers, and produces more than 60,000 machinery units annually, according to a report earlier this month in Construction Report magazine.
A report by Council Development of Cambodia shows China’s approved investments declined to $694 million last year, down from $893 million in 2009
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