Google

ASEANAFFAIRS
Sign up | Log in

    ASEAN PROFILES

  ASEAN KEY DESTINATIONS

Home  >>   Daily News  >>Cambodia>>Investment>>Red carpet for Chinese investors
NEWS UPDATES Asean Affairs     December 7,  2016  





Red carpet for Chinese investors

December 1, 2016

The Cambodia-China Business Forum drew hundreds of Chinese investors to Phnom Penh yesterday to discuss opportunities to take a stake in Cambodia’s rapidly developing economy.

The high-profile investment conference, held under the tagline “Cambodia: The Kingdom of Opportunity Along The ‘One Belt, One Road”, saw representatives of more than 200 Chinese companies gather at a hotel conference centre on the outskirts of the capital. The full-day event was jointly organised by Cambodian conglomerate LYP Group, owned by CPP Senator Ly Yong Phat, and China Minsheng Investment Group (CMIG), China’s largest private investment group.

The gathering, which comes just a month after Chinese President Xi Jinping’s visit, explored investment opportunities for Chinese companies in Cambodia’s fast-growing economy, reviewed case studies of previous Chinese FDI, and ended with a number of investment deals signed.

The biggest of these was a $1.5 billion deal between LYP Group and property developer SRE Group, a Hong Kong-listed subsidiary of CMIG, to develop the Cambodia-China Friendship City on 550 hectares north of the capital.
Seng Nhak, director of LYP Group, said the development would include an international five-star hotel, a television broadcasting studio, a sports stadium, an 18-hole golf course and other entertainment facilities.

“We are now working on this project,” he said. “What’s most important for us is to cooperate with CMIG to establish an extraordinary international city that will be useful for people to live sustainably here.”

In his opening address, Prime Minister Hun Sen welcomed Chinese investors attending the conference and highlighted the depth of Chinese investment in Cambodia.

“In the last five years, China represented the biggest source of foreign investments in Cambodia, with an investment capital of $4.9 billion, of which some $560 million has been invested in our special economic zones,” he said.

In Channy, president of Acleda Bank, said the conference reflected the continued growth of bilateral relations, which has seen significant Chinese investment into major Cambodian economic and development projects.

“The size of Chinese investment in Cambodia is huge – it’s number one in terms of size,” he said.

“The main draw for this investment is the confidence of Chinese investors in Cambodia’s economic growth and political stability.”

Representatives of Chinese companies attending the forum expressed optimism in Cambodia’s economic development, and hinted at more investment to come.

Chen Yi Qin, chief operating officer of Zhejiang Provincial Energy Group, said strong historic ties between China and Cambodia had given Chinese companies confidence in their investment here. Moreover, Cambodia’s rapid economic growth in recent years was creating fresh business opportunities for his company.

“The energy industry in Cambodia has great potential for market growth in the near future,” he said. “In every industry you need energy.”Zhang Nan, deputy general manager of Sinosteel Corporation, a state-owned mining and metals trading firm, said the company was planning to expand its presence in the Kingdom.

“We expect to sign an agreement next year for an industrial park,” she said. “Under our leadership as a central state-owned enterprise in China, there will be a lot of related enterprises and factories flocking over to Cambodia.”

Wrapping up yesterday’s forum, LYP Group signed a memorandum of understanding (MoU) with 14 Chinese banks to fund investments of Cambodian industries and the ‘One Belt One Road’ project. Company representatives declined to discuss the details of the agreement.


Reach Southeast Asia!
10- Nations, 560- Million Consumers
And $1 -Trillion Market
We are the Voice of Southeast Asia Media Kit
The only Media Dedicated to Southeast Asia Advertising Rates for Magazine
Online Ad Rates
Contact: marketing@aseanaffairs.com

Comment on this Article. Send them to  your.views@aseanaffairs.com

Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
 
or
submit your comment in the box below



 
Today's  Stories                           December 7, 2016 Subsribe Now !
• VN firms invest in textile, dyeing Subcribe: Asean Affairs Global Magazine
• Indonesian consumers, investors need kicking
• Coca-Cola opens new $100M plant at capital economic zone
Research Reports
on Thailand 2007-2008

• Textiles and Garments Industry
• Coffee industry
• Leather and footwear industry
• Shrimp industry

• Slow economic growth predicted in 2017 
• Tanncam takes stake in financial service firm
Asean Analysis                  December 2,, 2016
• Asean Analysis  December 2, 2016
Taking Stock of the Alliance as the Philippines Prepares for Trump
Advertise Your Brand

Asean Stock Watch   December 6, 2016
• Asean Stock Watch-December 6, 2016
The Biweekly Update
• The Biweekly Update  December 2, 2016

ASEAN NEWS UPDATES      Updated: 04 January 2011

 • Women Shariah scholars see gender gap closing
• Bank Indonesia may hold key rate as inflation hits 7 percent
• Bursa Malaysia to revamp business rules
• Private property prices hit new high in Singapore • Bangkok moves on mass transport
• Thai retailers are upbeat
• Rice exports likely to decline • Vietnamese PM projects 10-year socioeconomic plan

ASEAN  ANALYSIS

This year in Thailand-what next?


AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More

 


Name

Name


Email

Email



1.  Verifier

1. Verifier

For security purposes, we ask that you enter the security code that is shown in the graphic. Please enter the code exactly as it is shown in the graphic.
Your Code
Enter Code

Home | About Us | Contact Us | Special Feature | Features | News | Magazine | Events | TV | Press Release | Advertise With us

| Terms of Use | Site Map | Privacy Policy  | DISCLAIMER |

Version 5.0
Copyright © 2006-2017 TIME INTERNATIONAL MANAGEMENT ENTERPRISES CO., LTD. All rights reserved.
Bangkok, Thailand
asean@aseanaffairs.com