Cambodian Deputy Prime Minister H.E. Keat Chhon, Minister of Economy and Finance, meets here on Sept. 1 with a delegation of US-ASEAN Business Council led by its President Ms. Frances Zwening.
Photo: Hun Yuth Kun
PHNOM PENH, Sept. 1 (Xinhua) -- A group of U.S. investors from the U.S.-ASEAN Business Council on Thursday visited Cambodia to observe investment opportunities and to boost trade and investment ties between U.S. and ASEAN member countries.
The group consisted of 11 U.S. firms led by Frances Zwenig, the Counselor of the U.S.-ASEAN Business Council.
During a meeting with Cambodian Prime Minister Hun Sen on Thursday afternoon, Frances Zwenig said the firms were in the businesses of oil and gas, manufacturing industries, automobile, financial industry, technologies, telecommunications and health.
"The visit will be a good opportunity for the U.S. investors to learn about Cambodia's potentials and it will also build stronger economic and trade relations between the U.S. and ASEAN member countries," she said.
During the first half of this year, the Council for the Development of Cambodia had reported that the U.S. investment projects in Cambodia was 142 million U.S. dollars, compared to the only 34.5 million U.S. dollars at the same period last year.
On the trade side, the two countries' bilateral trade was around one billion U.S. dollars in the first half of this year, mostly Cambodia's garment exports to the United States, according to the record of the Commerce Ministry.
Meanwhile, Hun Sen said Cambodia's economic growth was currently supported by garment industry, tourism, agriculture and real estate, and the government had been encouraging foreign investors to put their ventures in extractive industries including mining, oil and gas in order to boost the economic growth.
The premier also asked the U.S. investors to consider investing in agriculture by setting up processing plants of rice, corn, cassava and rubber.
Earlier in the day, the delegation met with the Minister of Finance Keat Chhon.
The delegation's visit to Cambodia was made just two weeks after the U.S. Export-Import Bank (Exim Bank) and Cambodia Chamber of Commerce inked deal on trade loan guarantees to boost trade between the two countries.
Under the agreement, Exim Bank will provide loan guarantees to underwrite the risk of nonpayment of medium- and long-term loans extended by commercial banks to Cambodian buyers of U.S. goods and services.
The group consisted of 11 U.S. firms led by Frances Zwenig, the Counselor of the U.S.-ASEAN Business Council.
During a meeting with Cambodian Prime Minister Hun Sen on Thursday afternoon, Frances Zwenig said the firms were in the businesses of oil and gas, manufacturing industries, automobile, financial industry, technologies, telecommunications and health.
"The visit will be a good opportunity for the U.S. investors to learn about Cambodia's potentials and it will also build stronger economic and trade relations between the U.S. and ASEAN member countries," she said.
During the first half of this year, the Council for the Development of Cambodia had reported that the U.S. investment projects in Cambodia was 142 million U.S. dollars, compared to the only 34.5 million U.S. dollars at the same period last year.
On the trade side, the two countries' bilateral trade was around one billion U.S. dollars in the first half of this year, mostly Cambodia's garment exports to the United States, according to the record of the Commerce Ministry.
Meanwhile, Hun Sen said Cambodia's economic growth was currently supported by garment industry, tourism, agriculture and real estate, and the government had been encouraging foreign investors to put their ventures in extractive industries including mining, oil and gas in order to boost the economic growth.
The premier also asked the U.S. investors to consider investing in agriculture by setting up processing plants of rice, corn, cassava and rubber.
Earlier in the day, the delegation met with the Minister of Finance Keat Chhon.
The delegation's visit to Cambodia was made just two weeks after the U.S. Export-Import Bank (Exim Bank) and Cambodia Chamber of Commerce inked deal on trade loan guarantees to boost trade between the two countries.
Under the agreement, Exim Bank will provide loan guarantees to underwrite the risk of nonpayment of medium- and long-term loans extended by commercial banks to Cambodian buyers of U.S. goods and services.
5 comments:
This is great! US should invest more in Cambodia and they can also hire Cambodian American to work because they know both culture very well. I applause US efforts to change the game plan in Southeast Asia. I have criticized US in the past but now I seen US is investing in Cambodia and Cambodian American is proud of US investor to see the potential growth and development of Cambodia. Cambodia will continue to strengthen its mutual relationship between China and US. Cambodia is key bloc for US to control Southeast Asia. I have seen Vietnam supported the US especially spratly islands.
Be ready to pay unofficial payments(bribes) when you start doing business in cambodia. You will find out in the hard way. The rules in investments in cambodia is not very clear. you pay whatever the official tells you otherwise they can make your life hard. For instances, when you arrived at the airport, the officials ask for money even there is a sign that is posted that forbids you to give any money to the airport officials
When America and China compete for Cambodia, it's good in term of economic, social, and perhaps political changes. Whether former enemies or friends, Cambodia must welcome and be-friended with any nation whose interest is for the mutual benefit of both nations. Cambodia is a friend with some of the most controversial nations such as Cuba, Iran, and North Korea, nevertheless; Cambodia must not take side, which is a fair stance considered past decision of taking side had proven to be quite destructive.
The former Khmer Rouge comrades now learn to talk about trade.
I heard during the year of Zero, they said American imperialist make cars and planes, they will eat steel whereas Cambodia the Ankar/people growing rice will eat rice.
Well, well who know now...
I'm Cambodian American. Hope US keep their word. Next election coming soon. I'm not sure. What will be. The moved was due to Viet recommendation. If happen will thru
Viet supervision.
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