Japanese investors eye investment opportunities in Cambodia

English.news.cn   2013-02-08 20:37:01

PHNOM PENH, Feb. 8 (Xinhua) -- Business executives from 60 conglomerates in Japan has visited Cambodia to study the country's potential sectors, investment laws and business environment before making investment in the future.
The group of Japan's top business leaders, led by Hiromasa Yonekura, chairman of the Japan Business Federation, met with Cambodian Minister of Commerce Cham Prasidh and Cambodian business people on Friday morning in order to seek business opportunities.
In a presentation to those potential investors, Prasidh said that Cambodia now is full of political stability and its macro- economic situation is stable.
"Laws related to investment are sound, transparent and predictable. Moreover, products manufactured in Cambodia can get access to key world markets through trade preferences or duty-free because Cambodia is one of the least developed countries," he said.
The minister added that the country is strongly encouraging investment activities in agriculture and agro-industry, transport and telecommunication infrastructure, energy and electricity, labor intensive industries and export-oriented processing and manufacturing, tourism-related industries, human resources development, processing industry, oil and gas and mining.
The Japanese business people are mainly engaged in industries of automotive, petroleum, energy, banking and finance, transportation, brewery, food and beverage, steel and airlines, Yasukiyo Horiuchi, senior manager in charge of public relations bureau at the Japan Business Federation, told reporters.
Among them were representatives from Toyota Motor Corporation, Nippon Steel and Sumitomo Metal Corporation, Hitachi, Panasonic Corporation, Asahi Group Holding and the Bank of Tokyo-Mitsubishi UFJ, he said.
The group also met with Cambodian Prime Minister Hun Sen at the capital's Peace Palace later the same day.
In the meeting, Hiromasa Yonekura said that some of the investors have expressed their desires to invest here in the fields of energy, mineral resources, infrastructures and banking, and asked the premier to support and facilitate their projects.
Hun Sen expressed his welcome for any plan to invest in Cambodia, saying that the country treated both local and foreign investors equally and foreign investors can hold up to 100 percent of their investments in the country.
Japanese investors have begun to focus their investment in Cambodia in recent years. According to Japanese Ambassador to Cambodia Masafumi Kuroki, Japanese investors have invested about 300 million U.S. dollars in Cambodia in the last three years.
On the bilateral trade ties, the two-way trade volume were valued at 641 million U.S. dollars last year, up 25 percent year on year, said a report from the Japan External Trade Organization on Thursday.

Editor: Hou Qiang

Cambodia greets 333,900 Chinese tourists in 2012, up 35 pct

English.news.cn   2013-02-12 12:42:31

PHNOM PENH, Feb. 12 (Xinhua) -- Cambodia attracted 333,900 Chinese tourists last year, a 35 percent rise compared with 247, 200 Chinese visitors in a year earlier, according to a report of the Ministry of Tourism on Tuesday.
"China is the 3rd largest tourist arrival group to Cambodia last year after Vietnam and South Korea," Kong Sopheareak, chief of the statistics and planning department at the Ministry of Tourism, told Xinhua over telephone. "We see a steady rise of Chinese tourists to Cambodia from year to year, and we foresee that the country will receive up to 1 million Chinese by 2020."
He attributed the increase to more direct flight connection between Cambodia and China and Cambodia's attractive tourism destinations. "Moreover, the very good relationship between the royal government of Cambodia and the government of China has encouraged more Chinese investors and businesspeople to do businesses in Cambodia," he stressed.
Last year, Cambodia attracted a total investment of 263 million U.S. dollars from China, according to a record of the Council for the Development of Cambodia.

Oil prices hit all-time high in Cambodia

English.news.cn   2013-02-15 13:53:42

PHNOM PENH, Feb. 15 (Xinhua) -- Oil prices in Cambodia hit the highest of all time on Friday, with a liter of premium gasoline going for 1.45 U.S. dollars at all petrol stations in the capital.
The price is the highest ever if compared with the peak price of 1.41 U.S. dollars a liter in 2008 and once again in last March.
Bin May Mialia, Commercial Manager for Thai-based PTT Oil Company in Phnom Penh, said Friday that the latest spike in oil price on international market resulted from continuing political troubles in the Middle East, economic recession in Europe and U.S. dollar currency depreciation.
"Just within the last two weeks, oil price in Cambodia has increased by 4.5 percent," he said. "Oil price hike in Cambodia is in line with the globally soaring oil prices. We don't have our own produced oil, so we totally import it from foreign countries."
Officials at the Ministry of Finance could not be reached for comments on Friday. But Finance Minister Keat Chhon said last year that the oil price increase affected everyone and businesses in the country and recommended people to tighten the purse strings and make maximum use of oil they purchased.
On Friday, a barrel (159 liters) of crude oil costs above 97 U. S. dollars in the international market, up from 95 U.S. dollars in January.
Cambodia has completely purchased petroleum from Vietnam, Singapore and Thailand. Last year, this Southeast Asian nation spent about 1.62 billion U.S. dollars on some 1.65 million tons of petroleum, according to a report of the Commerce Ministry.
In December last year, Cambodian Petrochemical Company and Sinomach China Perfect Machinery Industry Corp unveiled a 2.3 billion U.S. dollar project to build the first oil refinery in Cambodia and the construction is expected to be completed at the end of 2015.

Editor: Fang Yang

Daughter of Cambodia's late King Sihanouk to lead royalist party

English.news.cn   2013-02-16 11:47:53

PHNOM PENH, Feb. 16 (Xinhua) -- Princess Norodom Arun Rasmey, the youngest daughter of Cambodia's late King Father Norodom Sihanouk, will be elected as the President of the royalist political party Funcinpec to contest in July's general elections, the party's spokesman Tum Sambol said on Saturday.
Princess Norodom Arun Rasmey is currently serving as Cambodian ambassador to Malaysia.
"The princess has already agreed to accept the position at the request of the party's board members and she will be officially elected as the party's president during the party congress on March 21," he told Xinhua over telephone.
He said that the party decided to choose the princess for the position because she came from a political background with an impeccable resume.
"More importantly, Funcinpec is a royalist party, so it is our top priority to choose a royal member to lead the party," he said. "Another reason is that the party wants to promote women into politics."
Funcinpec was first founded by late King Father Norodom Sihanouk in 1981. Sihanouk's son, Prince Norodom Ranariddh, led the party to electoral victory in the 1993 UNTAC-sponsored elections.
At that time, Ranariddh was co-prime minister in a "two-prime ministers" government with Hun Sen for four years until there was a bloody factional fighting in 1997 and Ranariddh was ousted from the position.
Since then, the party's popularity has gradually declined due to internal rifts and it won fewer seats at the National Assembly from term to term.
Currently, Funcinpec is led by Nhik Bun Chhay and Arun Rasmey' s husband, Keo Puth Rasmey.
In the last general elections in July 2008, the Funcinpec Party won only two seats out of the 123 parliamentary seats. At that time, the Cambodian People's Party of Prime Minister Hun Sen won up to 90 seats, followed by the opposition Sam Rainsy Party with 26 seats, the Human Rights Party three seats, the Norodom Ranariddh Party two seats.
Chheang Vannarith, executive director of the Cambodian Institute for Cooperation and Peace, said Saturday the princess' presence in the Funcinpec will definitely improve the popularity of this party.
"Princess Arun Rasmey can promote the popularity of the Funcinpec not only because she is a princess, but more importantly, she possesses strong leadership with integrity," said Vannarith, who is also a lecturer of Asia Pacific Studies at the Leeds University in the United Kingdom.

Editor: Wang Yuanyuan

Qatar Airways ready to launch daily flights to Cambodia's capital

English.news.cn   2013-02-18 14:49:30

PHNOM PENH, Feb. 18 (Xinhua) -- The Doha-based Qatar Airways will operate its daily flights from Doha to Phnom Penh, the capital of Cambodia, from Tuesday, Cambodia's tourism minister Thong Khon said Monday.
"Tomorrow (Tuesday), the airline will launch daily flights from Doha to Phnom Penh via Ho Chi Minh City, Vietnam," he told reporters on the sidelines of a tourism conference. "It will become the only Middle Eastern carrier to operate into Cambodia."
The minister said that with the presence of Qatar Airways, he believed that there would be more tourists from Arab countries to Cambodia.
"It is a huge airline. Its presence here truly reflects Cambodia's full security and political stability and potential for business opportunities," he said.
According to a report of Cambodia Airports, the developer and operator of the country's international airports, Qatar Airways will operate flights with an A330-300 plane, which can be seated by 305 passengers.
Ang Kim Eang, president of Cambodia Association of Travel Agents, said the presence of Qatar Airways in Cambodia will benefit not only tourism industry, but also trade and investment between Cambodia and countries in the Middle East.
"When there is direct flight between the two countries, it will bring tourists, investors and businesspeople from Qatar and other Arab countries to Cambodia," he told Xinhua over telephone on Monday.
According to the latest report of tourism ministry, last year, Cambodia received only 10,000 tourists from more than 10 countries in the Middle East.

EU pledges support to Cambodia's general election in July

English.news.cn   2013-02-18 16:51:25

PHNOM PENH, Feb. 18 (Xinhua) -- The European Union will support and cooperate with Cambodia in order to ensure a free and fair general election in Cambodia in July, Ambassador Jean-Francois Cautain, Head of EU Delegation to Cambodia, said on Monday.
Cautain made his remarks during a meeting with Cambodian Prime Minister Hun Sen at the Peace Palace, Eang Sophallet, personal spokesman for the premier, told reporters after the meeting.
"Twenty-seven countries in the European Union will support and cooperate with Cambodia in organizing the forthcoming parliamentary election in order to ensure that the election will be free and fair," Cautain was quoted by Eang Sophallet as saying to Hun Sen.
He did not say what ways of support the EU will provide to Cambodia for the election.
Cautain also hailed Cambodia for progressive steps in judicial reform through adopting several legal instruments including the Civil Code, the Penal Code and the Anti-Corruption Law; however, he said the country should expedite the passages of Law on Judges, Law on Lawyers and Law on Supreme Council of Judges.
Meanwhile, the premier said that the forthcoming election is held once in every five years and it is very important to push Cambodia towards development with democracy.
He also pledged to urge the passages of the above-mentioned laws as soon as possible.
Cambodia sets to hold a general election on July 28, the National Election Committee announced last month. Some 9.67 million Cambodians will be eligible to cast their ballots.
The Committee said that the election will cost about 21 million U.S. dollars, which is covered by the government.
In the last general election in 2008, the Cambodian People's Party of Prime Minister Hun Sen won 90 seats in the National Assembly, followed by the Sam Rainsy Party with 26 seats, the Human Rights Party three seats, the Norodom Ranariddh Party two seats and the Funcinpec Party two seats.

Cambodia forecasts 4 mln foreign tourists in 2013

English.news.cn   2013-02-18 18:19:52

PHNOM PENH, Feb. 18 (Xinhua) -- Cambodia is predicted to greet 4 million foreign visitors this year, an expected 12 percent rise year-on-year, Tourism Minister Thong Khon said Monday.
"Last year, we received 3.58 million foreign tourists, up 24 percent year-on-year, and generated total revenue of about 2.2 billion U.S. dollars," he told reporters on the sidelines of a tourism conference. "This year, we believe that the country will attract up to 4 million foreign visitors."
He said about 75 percent of the tourists were from Asia-Pacific region and about 16 percent from European countries.
"Besides, ASEAN member states see countries in Asia-Pacific region as our major tourism destinations, especially China, Japan, South Korea and India," he said.
The minister said that flight connections are very important to attract foreign tourists to Cambodia, saying that the country has already connected direct flights to seven countries out of the ten- member ASEAN, except Brunei and Indonesia.
"This year, I hope that there will be direct flights from Japan to Cambodia and flight increases from China to Cambodia," he said.
Ang Kim Eang, president of Cambodia Association of Travel Agents, said the tourism growth from year to year was thanks to attractive tourism destinations, broad promotions, flight connections between Cambodia and foreign countries and visa exemptions among ASEAN member states.
"If everything continues going well, I believe that the country's tourism sector will see stronger growth this year," he said Monday.
Cambodia is the destination for ecological and cultural tourism. This Southeast Asia nation is well-known for its 12th century Angkor Wat Temple, a world heritage site, which is situated about 315 kilometers northwest of Phnom Penh, the capital of Cambodia.
Also, it has a pristine coastline stretching in the length of 450 kilometers in four provinces of Koh Kong, Preah Sihanouk, Kampot and Kep. The coastline was officially recognized as one of the World's Most Beautiful Bays in May, 2011.