Cambodia Welcomes Malaysian Investors

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.