PHNOM PENH, Cambodia - Malaysian businessmen accompanying Prime Minister Najib Razak on an official visit have signed six agreements worth about $1 billion with their Cambodian counterparts.
Nguon Meng Tech, director general of the Cambodian Chamber of Commerce, said the pacts signed Monday covered coffee cultivation, information technology security, production of halal food, education -- including the creation of two universities, setting up a poultry farm and opening of a commercial consular office.
Najib arrived Cambodia on Sunday for his first visit since coming to office last year. Malaysia ranked fourth among foreign investors in Cambodia in 2009. Najib said Malaysia has been the biggest cumulative investor with $2.19 billion over the past 14 years.
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From Jamaluddin Muhammad
PHNOM PENH, May 10 (Bernama) -- Cambodian Prime Minister Hun Sen on Monday welcomed Malaysian investors to venture into areas which are yet to be fully capitalised in this country.
He said the areas included agriculture, agro-industry, infrastructure, labour-intensive and export-oriented industries, oil and gas, mining and tourism.
"Cambodia has opened its economy to all investors and treats both local and foreign investors equally," he said during a Cambodia-Malaysia Business Forum at a hotel here.
The country, Hun Sen said, has opened its economy in all sectors, including banking, insurance and telecommunications in which 100 per cent foreign-owned equity was allowed in such sectors.
"This openness has provided several Malaysian companies to pioneer investments in banking and telecommunication sectors ahead of investors from other countries," he said.
Tycoon Tan Sri Dr Chen Lip Keong who set up Naga World Hotel, Axiata in telecommunications, Cambodia Utilities in power generation and Cambrew for Angkor Beer were some of the Malaysian investors' success stories in investing in this country, he added.
Hun Sen also announced at the forum that the National Bank of Cambodia issued a letter of approval in principle for the establishment and operation of the CIMB (Cambodia) Plc Bank, a subsidiary of CIMB Bank of Malaysia, on May 6.
The premier warmly welcomed this new investment and wished CIMB (Cambodia) many successes in its operation in the future.
He thanked the Malaysian government and its people for their continued support through training of Cambodian officials and sponsorship of the Smart School Project for two high schools in Phnom Penh.
Hun Sen also thanked Malaysia for accepting Cambodian labour force totalling 25,449 workers in the country currently.
Nguon Meng Tech, director general of the Cambodian Chamber of Commerce, said the pacts signed Monday covered coffee cultivation, information technology security, production of halal food, education -- including the creation of two universities, setting up a poultry farm and opening of a commercial consular office.
Najib arrived Cambodia on Sunday for his first visit since coming to office last year. Malaysia ranked fourth among foreign investors in Cambodia in 2009. Najib said Malaysia has been the biggest cumulative investor with $2.19 billion over the past 14 years.
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From Jamaluddin Muhammad
PHNOM PENH, May 10 (Bernama) -- Cambodian Prime Minister Hun Sen on Monday welcomed Malaysian investors to venture into areas which are yet to be fully capitalised in this country.
He said the areas included agriculture, agro-industry, infrastructure, labour-intensive and export-oriented industries, oil and gas, mining and tourism.
"Cambodia has opened its economy to all investors and treats both local and foreign investors equally," he said during a Cambodia-Malaysia Business Forum at a hotel here.
The country, Hun Sen said, has opened its economy in all sectors, including banking, insurance and telecommunications in which 100 per cent foreign-owned equity was allowed in such sectors.
"This openness has provided several Malaysian companies to pioneer investments in banking and telecommunication sectors ahead of investors from other countries," he said.
Tycoon Tan Sri Dr Chen Lip Keong who set up Naga World Hotel, Axiata in telecommunications, Cambodia Utilities in power generation and Cambrew for Angkor Beer were some of the Malaysian investors' success stories in investing in this country, he added.
Hun Sen also announced at the forum that the National Bank of Cambodia issued a letter of approval in principle for the establishment and operation of the CIMB (Cambodia) Plc Bank, a subsidiary of CIMB Bank of Malaysia, on May 6.
The premier warmly welcomed this new investment and wished CIMB (Cambodia) many successes in its operation in the future.
He thanked the Malaysian government and its people for their continued support through training of Cambodian officials and sponsorship of the Smart School Project for two high schools in Phnom Penh.
Hun Sen also thanked Malaysia for accepting Cambodian labour force totalling 25,449 workers in the country currently.
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