Canadians urged to invest in Cambodia

 

Friday, 31 August 2012 

By Rann Reuy 

Phnom Penh Post

 

Canadian Trade Minister Ed Fast (pictured) yesterday said he would urge Canadians to invest in Cambodia as opportunies become more viable to potential foreign direct investment from countries that have thus far played a small role in the Kingdom.

“I see the environment here, and more specifically the business environment, is very positive, and I think my job is to go back to Canada to tell the Canadian business community that Cambodia is great place to invest,” he said during his first visit to the country, adding that there had been much progress in Cambodia-Canadian relations.

Fast attended a ceremony recognising the first 10 customers at the Cambodian branch of Manulife, a Canadian insurance company that opened two months ago.

During the short period of operations, the company’s revenue reached about US$20,000, according to David Wong, chairman of Manulife Cambodia. The company has about 100 customers, although some applicants were rejected due to age and disease, he noted.

“Life insurance is a new industry in Cambodia. It provides an important means by which Cambodians can take more control of theirs and their families’ future,” he said.

One of Manulife’s customers, Keo Vannak, a 50-year-old government official at the Department of Economy and Finance in Kandal province, said that he bought the 10-year term product from Manulife, which cost $369 per year.

“If I do not die during 10 years, this money will not be returned. If I have a problem that results in death, [the company] will give $14,000 to my wife or my children,” he said.