Yuexiu eyes key investments
Yuexiu eyes key investments
The Council for the Development of Cambodia (CDC) said a major Chinese conglomerate has expressed interest in investing in a number of sectors in Cambodia, including transport infrastructure, real estate and agro-industry.
Zhaoyuan Lin, CEO of Yuexiu Group, a multi-sector investment firm, met with Deputy Prime Minister and CDC first vice-president Sun Chanthol on October 21 in the Chinese port city of Guangzhou, northwest of Hong Kong.
During their meeting, Chanthol described the Kingdom’s attractive investment climate, detailing the peace, macroeconomic stability and favourable investment laws that he said enables Cambodia to welcome all potential investors, both foreign and domestic.
In addition, he drew attention to the fact that Cambodia is also a signatory to a number of free trade agreements (FTAs), including with China.
He went on to describe recent developments in transport infrastructure, including the Phnom Penh-Sihanoukville Expressway and the new Siem Reap-Angkor International Airport (SAI), as well as ongoing preparations for comprehensive rail links and port expansions.
According to the CDC, Lin expressed interest in a number of sectors in Cambodia, including transport infrastructure, real estate and agro-industry.
Yuexiu Group currently invests globally in fields as diverse as hotels, commercial and residential real estate, banking, transport infrastructure and agro-industry.
Lin said his company will conduct internal discussions and consider the possibility of investing in Cambodia. He thanked the CDC for its readiness to provide consultation and coordinate any necessary investment procedures in the Kingdom.
Hong Vanak, director of international economics at the Royal Academy of Cambodia, described the existing relationship between the two nations as comprehensive, especially through the promotion of their “diamond cooperation framework”, the establishment of the Fish and Rice Corridor as well as industrial and technological corridors.
He believes that an important foundation for strengthening and expanding this cooperation would be for the private sectors of the two countries to form closer trade and investment links.
He said strengthening the two countries’ “ironclad” friendship through increased cooperation in all fields – especially tourism, energy, trade, investment and people-to-people exchanges – would nurture Cambodia’s economic growth, as China is the world’s second-largest economy.
“During his state visit earlier this month, Prime Minister Hun Manet also conducted meetings with the presidents of leading Chinese companies, which confirmed their plans to visit Cambodia and explore investment opportunities,” said Vanak.
“The CDC is a very important institution, as it approves new investments in Cambodia. I believe meetings between senior CDC officials and major Chinese companies will bring many positive results for the Cambodian economy,” he added.
According to the CDC, in the first half of 2023, Cambodia received a total investment of more than $1.105 billion, almost two-thirds of it from China.
Domestic investment was the second-largest source, accounting for around $200 million, or roughly 20%. Vietnam was the third largest source of investment, contributing just over $73 million, or almost 7%.
