Guangdong seeks investment chances in Cambodia

PHNOM PENH - A group of about 100 Chinese business people from China's southeast Guangdong province has been exploring business opportunities in Cambodia in order to further expand trade and investment ties.

The group, representing some 60 companies, is led by Guangdong Vice-Governor Zhao Yufang. They are doing businesses in the fields of construction and real estates, pharmaceuticals, agriculture, infrastructure development, energy, mineral resources, and electronics.

The delegation met with Cambodian business executives and officials on Friday.

"The visit to Cambodia is to seek opportunities to further deepen trade and investment ties between Guangdong province and Cambodia," Zhao Yufang said during the China's Guangdong-Cambodia Business Seminar.

She said trade volume between Guangdong province and Cambodia had reached $680 million in the first 10 months of 2013, up 54 percent year-on-year. On investment side, many Guangdong companies have been investing in mining, technology, infrastructure development, and agriculture in Cambodia.

"Through the visit, I believe that trade and investment ties between China's Guangdong province and Cambodia will be strengthened and expanded for mutual benefits," she said.

Speaking at the seminar, Mean Sophea, under secretary of state at the Cambodian Ministry of Commerce, said the group's visit to Cambodia would further promote trade and investment relations between Cambodia and China.

"Cambodia has full political stability, macro-economic stability, and preferential law and regulations for investors," he said. "Moreover, the relationship between Cambodia and China is excellent so that this is a good opportunity for Chinese companies to do businesses here."

He presented the delegation about the country's much potential sectors for investment including industries, agriculture, tourism, mining, oil and gas, energy, transportation and telecommunication.

Later in the day, Zhao Yufang and Mao Thora, secretary of state at the Cambodian Ministry of Commerce, jointly inaugurated the China's Guangdong Business Association in Cambodia.

"I do hope that the association will help broaden trade and investment ties between Cambodia and Guangdong province in particular and between Cambodia and China in general," Mao Thora said.

Trade volume between Cambodia and China was valued at $2.83 billion in the first nine months of 2013. The leaders of the two countries vowed last year to boost the volume to $5 billion by 2017.