Taiwan business delegation scheduled to visit in March
A group of investors from Taiwan plan to visit Cambodia in March to seek investment opportunities and tap into the Kingdom’s economic growth, said Cambodia Chamber of Commerce (CCC) director-general Nguon Meng Tech.
Meng Tech on Monday met with representatives of the Taiwan-based TEP Culture and Education Association – led by its CEO Peter Hou – to discuss further details of the visit.
He welcomed the association’s assistance in co-organising the visit and expressed his optimism that it would benefit all parties. He said the investors will come from various fields such as agriculture, trade and industry.
CCC vice-president Lim Heng said a CCC-led group of Cambodian investors will meet the Taiwan investors to discuss business opportunities in the Kingdom.
“They will look for investment opportunities in our country’s garment and footwear industry. The investors’ confidence in the Kingdom is reflected in our current state of peace and rapid economic growth,” he said.
Garment Manufacturers Association in Cambodia secretary-general Kaing Monika told The Post on Monday that Cambodia is a very liberal country in terms of investment.
“There are no restrictions in terms of the sector to invest in. Of course, different sectors present different opportunities and challenges.
“For labour-intensive industries like garment, footwear or travel goods, there is still space [to build factories] – and an abundant supply of workers,” said Monika.
To boost trade, competitiveness and ease of doing business, the government has reduced some of the red tape involved in export procedures.
Ministry of Commerce spokesman Pen Sovicheat told The Post last week that among the bureaucratic reforms was the elimination of certificates of origin and the registered exporter system, with these now able to be applied for at the provincial level.
Cambodia attracted more than $3.5 billion in foreign direct investment (FDI) last year, an increase of nearly 12 per cent over 2018, thanks in part to Chinese investors who accounted for half of the investments, the National Bank of Cambodia’s Macroeconomic and Banking Progress 2019 Report and 2020 Outlook report said.
A breakdown of the data by country showed that Chinese FDIs accounted for 43 per cent, South Korean (11 per cent), Vietnamese (seven per cent), Japanese and Singapore (six per cent) and other countries (27 per cent).