Cordial reception: Mr Hun Sen and Mr Lee had a closed-door meeting where they agreed that both sides could explore areas of cooperation such as tourismJuly 27, 2010
By LEE U-WEN
The Business Times (Singapore)
Hun Sen committed to conducive and friendly business environment
CAMBODIA is rolling out the red carpet for Singapore companies to invest there, with the invitation coming from none other than the kingdom's Prime Minister Hun Sen.
The 59-year-old leader, who is in Singapore for a three-day bilateral visit, told a business luncheon yesterday that he was 'personally committed' to ensure a 'conducive and friendly business environment' for all those keen to expand into Cambodia.
'You have the capital, the know-how and the experience. Let's combine your assets with our endowments and potential,' he said in a speech to some 120 guests at the Shangri-La Hotel. Among them were over 50 of Singapore's most prominent business leaders, including the chief executives of SilkAir, Fraser & Neave and Keppel Integrated Engineering.
'My key message today is that Cambodia is open for businesses to you, the Singaporean investors. We wait to welcome you,' he said at the luncheon which was hosted by Singapore's Trade and Industry Minister Lim Hng Kiang.
Mr Hun Sen said that his government is busy streamling processes and formalities for private investments, and would do all it could to reduce the cost of doing business in Cambodia, such as by strengthening governance and bringing down transport and electricity costs.
Singapore's economic agencies and business associations have stepped up their level of engagement with Cambodia over the past 18 months, with six business missions and study trips organised to the kingdom to explore potential opportunities there.
Last month, trade promotion agency International Enterprise Singapore led an agri-food mission to various Cambodian provinces, the second such trip in the past year.
Among the participating companies were HLH Agriculture, a wholly-owned subsidiary of mainboard-listed HLH Group whose interest is in large-scale corn cultivation for feedstock. Another firm, Singapore Agri-Tech, took part because of its interest in rice cultivation for both domestic and export purposes.
Many small and medium-sized enterprises are also increasingly looking towards Cambodia as a lucrative destination for trade and investment, said Mr Lim. Bilateral trade has been improving steadily of late, with total trade reaching $1.3 billion in the first six months of this year - a 62 per cent jump over the same period last year. In the whole of last year, the Republic's investments rose eight-fold from the previous year to US$278 million, bringing total investment in the last 15 years to US$602 million. Singapore is Cambodia's eighth-largest foreign investor.
It was a busy day for Mr Hun Sen and his high-level delegation, which included his deputy and Foreign Minister Hor Namhong, Senior Minister and Commerce Minister Cham Prasidh, as well as a business delegation from the Cambodia Chamber of Commerce. He was first welcomed at the Istana by Prime Minister Lee Hsien Loong, following which they had a closed-door meeting where they agreed that both sides could explore areas of cooperation such as tourism.
Besides a separate courtesy call on President S R Nathan and his wife, Mr Hun Sen also visited the Marina Barrage before returning to the Istana where Mr Lee hosted a dinner in his honour. The Cambodian leader leaves for home later today after playing a round of golf and lunching with Senior Minister Goh Chok Tong.
CAMBODIA is rolling out the red carpet for Singapore companies to invest there, with the invitation coming from none other than the kingdom's Prime Minister Hun Sen.
The 59-year-old leader, who is in Singapore for a three-day bilateral visit, told a business luncheon yesterday that he was 'personally committed' to ensure a 'conducive and friendly business environment' for all those keen to expand into Cambodia.
'You have the capital, the know-how and the experience. Let's combine your assets with our endowments and potential,' he said in a speech to some 120 guests at the Shangri-La Hotel. Among them were over 50 of Singapore's most prominent business leaders, including the chief executives of SilkAir, Fraser & Neave and Keppel Integrated Engineering.
'My key message today is that Cambodia is open for businesses to you, the Singaporean investors. We wait to welcome you,' he said at the luncheon which was hosted by Singapore's Trade and Industry Minister Lim Hng Kiang.
Mr Hun Sen said that his government is busy streamling processes and formalities for private investments, and would do all it could to reduce the cost of doing business in Cambodia, such as by strengthening governance and bringing down transport and electricity costs.
Singapore's economic agencies and business associations have stepped up their level of engagement with Cambodia over the past 18 months, with six business missions and study trips organised to the kingdom to explore potential opportunities there.
Last month, trade promotion agency International Enterprise Singapore led an agri-food mission to various Cambodian provinces, the second such trip in the past year.
Among the participating companies were HLH Agriculture, a wholly-owned subsidiary of mainboard-listed HLH Group whose interest is in large-scale corn cultivation for feedstock. Another firm, Singapore Agri-Tech, took part because of its interest in rice cultivation for both domestic and export purposes.
Many small and medium-sized enterprises are also increasingly looking towards Cambodia as a lucrative destination for trade and investment, said Mr Lim. Bilateral trade has been improving steadily of late, with total trade reaching $1.3 billion in the first six months of this year - a 62 per cent jump over the same period last year. In the whole of last year, the Republic's investments rose eight-fold from the previous year to US$278 million, bringing total investment in the last 15 years to US$602 million. Singapore is Cambodia's eighth-largest foreign investor.
It was a busy day for Mr Hun Sen and his high-level delegation, which included his deputy and Foreign Minister Hor Namhong, Senior Minister and Commerce Minister Cham Prasidh, as well as a business delegation from the Cambodia Chamber of Commerce. He was first welcomed at the Istana by Prime Minister Lee Hsien Loong, following which they had a closed-door meeting where they agreed that both sides could explore areas of cooperation such as tourism.
Besides a separate courtesy call on President S R Nathan and his wife, Mr Hun Sen also visited the Marina Barrage before returning to the Istana where Mr Lee hosted a dinner in his honour. The Cambodian leader leaves for home later today after playing a round of golf and lunching with Senior Minister Goh Chok Tong.
9 comments:
Not to mention finding way to keep the sand export problem a secret.
mr. hun sen is a very smart man. thank god that cambodia have him now. i totally liked his speech here. he is looking for ways to help lift the cambodian economy to a new level in history. of course, khmer like me can benefit from singapore's expertise, investment, etc... after all, singapore is famous in cambodia for their healthcare treatment, etc... we invite singapore to do business and investing in cambodia. god bless cambodia.
Of course, you're Mong Rithy, you sales Cambodian SAND to Singapore for Hun Sen and the money will go directly to Hun Sen pocket and yours.
i love flying singapore air from america to cambodia. and i like going to cambodia via singapore. i think should and can learn from singapore's economic know-how. i was so impressed with singapore when my plane landed there over continue on to phnom penh. singapore is so clean and beautiful and so modern as well. i'm sure cambodia can learn from singapore in many ways. thank god our prime minister is in singapore to sign a business deal so cambodia can call cambodia their second home as well. god bless cambodia.
yes, you like him because you are a yuon communist and he is your slave. that's right.
hun zen is a khmer rouge, a killer.
One thing Hun Sen can learn from Singapore:
Good leader increase their country land mass not reduce it.
4:41am, good perspective! right on, my fellow khmer citizen! shame on all leaders who is short-sighted when it comes to khmer territories, etc...!
Singapore is a beautiful country, i flew couple time with Singapore airline to cambodia, i love their services...yep, cambodia can learn a lot from Singapore, if i have alot of money i'll be like Mr. jet Lee living in Singapore....
7:42 AM
Both countries supported each other and learned from each others. Thanks to the Singapore government in helping for the reforming of our new Cambodian Constitution.
Remembered, a lot of Khmer people from Cambodia went to study and learned from there since the day one.
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