Cham Prasidh, Cambodia's Senior Minister and Minister of Commerce07 September 2009
By Channel NewsAsia's IndoChina Bureau Chief Anasuya Sanyal
PHNOM PENH: Cambodia is open for business, despite global economic uncertainty and a negative growth forecast. For foreign investors in the country, the downturn could be a moment of opportunity.
Cambodia has not been spared by the economic crisis - exports have dropped by 23 per cent and the construction industry has slowed almost to a standstill. But it will take another quarter to determine any negative long-term economic effects.
The country's Commerce Minister, Cham Prasidh, is confident that demand will pick up again, especially in the hard-hit garment sector. He explained why the country is a perfect springboard to foreign markets.
"Cambodia is a less developed country. We enjoy market preferences larger than our neighbouring countries which are developing countries. It means that products that you can produce in Cambodia go to Europe duty free and quota free," he said.
Fund manager Doug Clayton dispels some common misperceptions regarding investing in Cambodia.
He said: "Many investors think Cambodia's an unstable place, but personally I think it's one of the most stable countries in Southeast Asia because it has had the same government for over two decades and is unlikely to change over the next ten years."
A 15 per cent corporate tax rate and various government incentives have made CEOs like Johnny Ong of Singapore's HLH confident of its success. The company is expected to invest US$40 million into its corn agribusiness over the next few years.
HLH said it can import expensive farm equipment and seed stock from abroad tax free. Local labour is easily available and there is plenty of land to lease – 7 million hectares over the whole country.
Cambodia has not been spared by the economic crisis - exports have dropped by 23 per cent and the construction industry has slowed almost to a standstill. But it will take another quarter to determine any negative long-term economic effects.
The country's Commerce Minister, Cham Prasidh, is confident that demand will pick up again, especially in the hard-hit garment sector. He explained why the country is a perfect springboard to foreign markets.
"Cambodia is a less developed country. We enjoy market preferences larger than our neighbouring countries which are developing countries. It means that products that you can produce in Cambodia go to Europe duty free and quota free," he said.
Fund manager Doug Clayton dispels some common misperceptions regarding investing in Cambodia.
He said: "Many investors think Cambodia's an unstable place, but personally I think it's one of the most stable countries in Southeast Asia because it has had the same government for over two decades and is unlikely to change over the next ten years."
A 15 per cent corporate tax rate and various government incentives have made CEOs like Johnny Ong of Singapore's HLH confident of its success. The company is expected to invest US$40 million into its corn agribusiness over the next few years.
HLH said it can import expensive farm equipment and seed stock from abroad tax free. Local labour is easily available and there is plenty of land to lease – 7 million hectares over the whole country.
11 comments:
Ah Chor MaShit corrupted...
Yes he is very rich, but he also helps his country at least some, not barking from outside.
of course, i supported my gov't's sound decision to attract more investors to our country of cambodia. god bless cambodia.
He's a veryg thief who has stole hundreds millions of Cambodia's money. This one of the big leeches must be stopped sooner than later.
not many big companies will risk their money doing business in cambodia because its full of corruption.
You are so right 6:14am! corruption in cambodia is big time! even police dept given a robber a green light, those robber are close to police...
Clean up your front yard first ah jkout ,your country smell stink
I think this is tough time for Hun Sen first, he has to face with krt court decision to add more prosecution,and now withhis phd degree of begging, but how is he going to lead the country to prosper, without economy degree? I think it best for him is to
thread the country with civil war better than step down. We may see the beginning of the end of Hun Sen regime. I can't wait!
While the government of Cambodia working hard to bring in investments, the SRP and their puppet like disgrace Mu Sochua are trying hard to destroy Cambodia's economy. Shame on you SRP and disgrace Mu Sochua.
measthes@yahoo.com
"helping his country"?
Since when youn help khmer?
He is not khmer, look at him.
100% viet
dO MA AH HO CHI MINH!!!
Post a Comment