Cambodian Prime Minister has promised to give priority to Singaporean investors for their investments in Cambodia, underlining that they can partner with local investors to boost up the investments in the opportune potentiality.
Prime Minister Samdech Akka Moha Sena Padei Techo Hun Sen expressed the promise at an important economic forum in Singapore on July 26 during his three-day official visit (July 25-27, 2010) to the country at the invitation of Singaporean Premier Lee Hsien Loong.
The visit is intended for promoting the relationships, friendship and bilateral cooperation, and for upgrading trade and investment between the two countries.
“I, myself, would like to promise and guarantee the favorable business environment and Cambodia opens wide door to Singaporean businessmen and investors,” said Prime Minister Samdech Techo Hun Sen in a relayed TV broadcast from Singapore by Cambodian TV Network (CTN).
The prime minister invited the Singaporean businessmen who had never visited Cambodia to made business fact-finding visits in order to take the investment opportunity.
According to World Bank report 2009, Cambodia was classified in the first rank among 29 countries for the Government and private sector discussion.
In reference to the report, Prime Minister Samdech Techo Hun Sen urged the Singaporean and Cambodian investors to actively participate in such a mechanism, saying that despite having obtained considerably good results, the Royal Government would further endeavored to cut down the unnecessary formalities and procedures to facilitate the investors and reduce the cost price in doing businesses in Cambodia, especially relating to the strengthening of good governance and the reduction of transport and electricity costs.
This is a suitable time for all business communities and investors to evaluate the potentialities and to take investment opportunity as Cambodia has remarkable potential sectors, including agriculture and agro-industry, infrastructure, labour-intensive industry and export-oriented industry, natural resources especially oil, gas and mine, and tourism, he further said.
In addition to the aforementioned potential sectors, the prime minister underlined that Cambodia opens its economy to foreign direct investment in all sectors, that is, banking, insurance, and telecommunications, which, he said, a number of countries in the world do not give one-hundred (100) percent right to any foreign company in these sensitive sectors without the participation of local partners.
Cambodia-Singapore relationship has, so far this year, lasted for 45 years. In 2009 the volume of trade exchange amounted to US$690 million, of which US$481.8 million was the export to Singapore from Cambodia. The investment from Singapore has since 1994 totaled US$570 million.