Trade Agreement Expected With Chinese Visit

Through 2010, Cambodia exported $37 million in goods to China—more than double for all of 2009—while importing more than $775 million, according to government figures.

Chun Sakada, VOA Khmer

Phnom Penh Wednesday, 03 November 2010

China’s National Assembly president, Wu Bangguo, arrived in Phnom Penh Wednesday, ready for official talks with Cambodia’s leaders in the wake of a visit for US Secretary of State Hillary Clinton.

Wu, whose first official goodwill visit lasts through Saturday, will meet Prime Minister Hun Sen and other government leaders, as well as King Norodom Sihamoni, to strengthen bilateral ties between the two countries, a government statement said.

Last week, China agreed to donate $700 million to Cambodia for the construction of a railway between Phnom Penh and the Vietnamese border to improve regional trade links.

Wu is expected to sign an additional trade agreement this week. Through 2010, Cambodia exported $37 million in goods to China—more than double for all of 2009—while importing more than $775 million, according to government figures.

China is also a significant investor in Cambodia in garments, textiles, hydropower, agriculture and mining.

China’s fixed asset investment in Cambodia was $930 million in 2009 and $234 million in the first quarter of 2010.

Wu’s visit follows an official stopover by Clinton on Monday, he told a group of students at a meeting the US encouraged Cambodia to grow increased ties with many countries, including China. The US contributes about $70 million per year to Cambodia in aid.

Cambodia, Malaysia pledge to further trade, investment relations

May 11, 2010
Xinhua

Cambodia and Malaysia will further promote and strengthen their trade and investment relations with the visiting of Malaysian Prime Minister Najib Razak and the signing of six deals worth more than 1 billion U.S. dollars.

During the three-day official visit to Cambodia, wrapped up Tuesday, Najib Razak has met with Cambodian leaders including Prime Minister Hun Sen and was granted an audience by King Norodom Sihamoni.

Najib and Hun Sen had exchanged a wide range of discussions over the bilateral cooperation between the nations and the assistance as well as investment in Cambodia.

Both of them highly valued their relations. Hun Sen thanked Malaysia for its continued support in various fields, and saying that the visit of Najib Razak and his business delegation "will add a new dimension to Cambodia's socii-economic development effort, through the expansion and strengthening of both countries' cooperation in the field of politics, security, economy, social affairs, and culture."

The Malaysian prime minister has pledged to encourage more investors to Cambodia. "Malaysia has been the biggest investor in Cambodia for 14 consecutive years with investments totaling 2.19 billion U.S. dollars. Cumulative Malaysian investments in Cambodia during the past two years total 118 million U.S. dollars," Najib Razak said.

It was the first visit to Cambodia made by Najib Razak since he came to office last year, and the outstanding achievement during the visit was the deals among the private sectors of the two countries that had agreed in principle to engage in business agreement that worth in total of 1 billion U.S. dollars.

[M'sian] PM wants more trade with Cambodia

Red carpet treatment: Najib inspecting a guard-of-honour in Phnom Penh yesterday. Accompanying him is Hun Sen. - Bernama

Tuesday May 11, 2010
By EDDIE CHUA
The Star (Malaysia)

PHNOM PENH: Malaysia hopes to increase the number of goods involved in its trade with Cambodia, said Datuk Seri Najib Tun Razak.

The Prime Minister said Malaysia trade base with Cambodia was very narrow and confined to a few products.

“Malaysia’s main export to Cambodia are chemicals, machinery, appliances and electrical products while imports consist of textiles, clothing, raw rubber and logs from Cambodia,” he said at the Malaysia-Cambodia business forum luncheon here yesterday.

Najib said there was plenty of opportunities for both countries to expand the scope of products and services.

He said businessmen from both nations must continue to find ways and work together to enhance the bilateral trade and form strategic partnerships that would take advantage of the opportunities arising from the greater regional economic integration.

He said it was important for both nations to continue to work closely to improve trade relations through bilateral cooperation and active participation in Asean integration initiatives.

“The governments of both countries have taken steps to establish a framework for sustained cooperation in all economic and political areas and now is the time to mobilise our resources collectively for the economic development of Asean as a whole,” he added.

Najib said Cambodia had the potential to play a prominent role in Asia’s expansion.

Earlier, Najib held bilateral talks with his counterpart Hun Sen at the Council of Ministers.

He said Malaysia and Cambodia agreed to expand its two-way trade commitments and one of the topic discussed was Cambodia’s 3.5 million tonnes of rice surplus.

The country has invited Malaysian companies to set up mills to process the padi for export.

Najib said Cambodia was satisfied with the training provided under the Malaysia Technical Corporation and the number of scholarships provided by Petronas and other companies to Cambodians.

He said the Cambodian government has given an approval-in-principle for CIMB to open in the country after its application was submitted to the National Bank of Cambodia.

He said that with the approval, Malaysia would have five financial institutions operating in the country.

In the morning, Najib also attended the wreath-laying ceremony at the Independence Monument.

[M'sia] CIMB gets in-principle approval from Cambodia

Tuesday May 11, 2010
The Star Online (Malaysia)

PHNOM PENH: CIMB Group has obtained approval-in-principle to offer banking services in Cambodia by its central bank, the National Bank of Cambodia.

It said the approval allowed CIMB Bank to establish and operate a 100%-owned subsidiary to offer banking products and services to the nation of 14 million people.

"The approval also requires the group to set up operations within six months. The group plans to establish its headquarters in Phnom Penh as soon as possible," the company said in a statement yesterday.

CIMB group chief executive Datuk Seri Nazir Razak said he was pleased to be granted the approval-in-principle and excited about the long-term prospects for the Cambodian economy. "The move further cements our position as a leading Asean franchise. We are now in eight out of 10 Asean countries," he said in the statement.

Meanwhile Bernama reported that Cambodian Prime Minister Hun Sen welcomed Malaysian investors to venture into areas which have yet to be fully capitalised there.

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 in Phnom Penh.

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.

Malaysian Businesses Ink Deals on Official Visit

Prime Minister Hun Sen welcomes Malaysian Prime Minister Najib Razak, on Monday. (Photo: AP)

Chun Sakada, VOA Khmer
Phnom Penh Monday, 10 May 2010

CIMB Group Chief Executive Datuk Sri Nazir Razak said the bank would help bring “more trade and investment flows between Cambodia and other Asean markets.”

Malaysia banking giant CIMB will open a branch in Cambodia as part of a series of agreements penned between Cambodian and Malaysian officials Monday.

The CIMB Group was green-lighted by the National Bank of Cambodia to open a bank, but Prime Minister Hun Sen gave official approval Monday, as he met with Malaysian Prime Minister Datuk Seri Najib Tun Razak, who arrived Sunday for his first visit since becoming premier in April 2009.

Ngong Meng Tech, secretary-general of the Cambodian Chamber of Commerce, said Cambodian and Malaysian companies also signed six agreements totaling $1 billion in further meetings Monday.

Those deals focused on Cambodian production of coffee and halal sugar; a poultry farm for KFC; information technology security and the establishment of two universities and a business council here, Ngong Meng Tech said.

CIMB said in a statement it will operate a 100-percent owned subsidiary with headquarters in Phnom Penh, to be established in the next six months.

CIMB Group Chief Executive Datuk Sri Nazir Razak said in a statement the bank would help bring “more trade and investment flows between Cambodia and other Asean markets.”

Hun Sen “approved, encouraged and supported CIMB Group to open its office in Cambodia,” said Ieng Sophalleth, an adviser to the prime minister.

Hun Sen also encouraged his counterpart to consider further Malaysian investment, “particularly in the rice crop,” Ieng Sophalleth said.

Cambodia and Malaysia ink 6 pacts

05.10.10
Associated Press

PHNOM PENH, Cambodia -- Malaysian businessmen accompanying Prime Minister Najib Razak on an official visit have signed six agreements worth about $1 billion with their Cambodian counterparts.

Nguon Meng Tech, director general of the Cambodian Chamber of Commerce, said the pacts signed Monday covered coffee cultivation, information technology security, production of halal food, education - including the creation of two universities, setting up a poultry farm and opening of a commercial consular office.

Najib arrived Cambodia on Sunday for his first visit since coming to office last year. Malaysia ranked fourth among foreign investors in Cambodia in 2009. Najib said Malaysia has been the biggest cumulative investor with $2.19 billion over the past 14 years.

Vast potential for M’sian investors in Cambodia

Malaysian Prime Minister Najib Razak (L), accompanied by Cambodian Prime Minister Hun Sen, stand during their national anthems at a welcome ceremony at the Council of Ministers in Phnom Penh May 10, 2010. Najib is in Cambodia for a three-day official visit. REUTERS/Chor Sokunthea

10th May, 2010
New Sabah Time (Malaysia)

PHNOM PENH: Prime Minister Datuk Seri Najib Tun Razak is expected to witness the signing of six business agreements worth US$1 billion during his three-day official visit to Cambodia beginning Sunday.

The five business agreements will be between the private sectors of both countries while another agreement will be signed between a Malaysian company and a Cambodian government agency.

Cambodian Prime Minister Hun Sen will join the visiting premier on Monday to witness the inking of all agreements covering education, ICT security, halal industry, agriculture, training and retail sectors.

Foreign Minister Datuk Seri Anifah Aman told Malaysian journalists here that Najib’s first official visit to this country, after assuming office April last year, was very significant in further cementing bilateral ties between both countries.

Malaysian Ambassador to Cambodia Datuk Pengiran Mohd Hussein Pengiran Mohd Tahir Nasruddin disclosed that total trade volume between the two countries amounted to US$150 million last year.

Ninety per cent of the trade involved Malaysian exports of textile, palm oil, food and beverage while the remaining 10 per cent constituted Malaysian imports of rubber, textile and rice, he said.

Mohd Hussein said there were vast opportunities for Malaysians to explore Cambodia’s services sector such as education, healthcare, construction, halal industry, tourism and, oil and gas.

Malaysia, with an investment of US$1.8 billion, is currently the fourth largest investor in Cambodia after China, Korea and Vietnam.

The ambassador said Malaysian investment in Cambodia included the manufacture of sports apparels, hotels, education, banking and fast food chains.

“Trade and investment between both countries are expected to be intensified as the region moves towards becoming an Asean Economic Community by 2015 which allows the free movement of goods, capital and people,” he added.

Mohd Hussein called on Malaysian businessmen to consider Cambodia seriously as it was also located in the Mekong basin comprising Myanmar, Laos and Vietnam with a population of 100 million people.

A total of 117 Malaysian businessmen will join the Malaysian delegation during the official visit.

On Monday, the prime minister is expected to attend the wreath laying ceremony at the Independence Monument, call on Hun Sen and later hold bilateral talks at the Council of Ministers, here.

Najib will then hold a dialogue with Malaysian investors and businessmen in Cambodia before he is joined by Hun Sen at the Malaysia-Cambodia Business Forum and Luncheon.

Both leaders will then witness the signing of the six business agreements.

Najib is also scheduled to visit Hello Axiata Operations Centre here, a Malaysian- Cambodian telecommunication joint venture, and later visit the construction site of the new complex which will house the Embassy of Malaysia.

Meanwhile, Rosmah will have a separate function on Monday by visiting the Kantha Bopha IV Hospital and the Bun Rany Hun Sen High School.

The prime minister and his wife will conclude their second-day visit by attending the official dinner hosted by Hun Sen and wife Bun Rany.

On the final day, Najib will have an audience with King Norodom Sihamoni at the Royal Palace.

The visiting premier will also call on the President of the National Assembly Heng Samrin and President of the Senate Chea Sim.

Malaysia and Cambodia to ink six business deals

Sunday May 9, 2010
The Star (Malaysia)

PHNOM PENH: Datuk Seri Najib Tun Razak will witness the signing of six business deals worth US$1bil (RM3.27bil) between Malaysia and Cambodia during his official visit here.

The deals are related to education, ICT security, halal business, healthcare, training and the retail sector.

During his three-day visit, beginning today, the Prime Minister will witness the signing of five MoUs and the award of a letter of agreement.

Foreign Minister Datuk Seri Anifah Aman said Najib would hold bilateral talks with his Cambodian counterpart Hun Sen to boost two-way trade and investment.

“The visit is also to cement a bond of friendship and increase trade between the two countries,” he told Malaysian journalists here.

Anifah said the bilateral discussions would also touch on issues relating to creating an Asean Community by 2015, besides broadening their existing co-operation. Najib will be accompanied by a 117-member delegation comprising mainly businessmen.

Malaysian Ambassador to Cambodia Datuk Pengiran Mohd Hussein Mohd Tahir Nasruddin said business matching between entrepreneurs from both countries would also be held.

“The business talks will involve 16 sectors such as construction, ICT, oil and gas, food and beverage, education and healthcare,” he said, adding that total trade between the two countries stood at US$150mil (RM490mil).

Cambodia, Kuwait ink trade pacts

Prime Minister Hun Sen (left) and visiting Kuwaiti premier Sheikh Nasser Mohammed al-Ahmed al-Sabah (centre) held talks in Phnom Penh where officials from both counties signed the deals. -- PHOTO: AP

Aug 4, 2008
AFP

PHNOM PENH - IMPOVERISHED Cambodia and oil-rich Kuwait on Monday inked five agreements, including trade, aviation and investment deals, during a meeting by prime ministers of the two countries, a spokesman said.

Prime Minister Hun Sen and visiting Kuwaiti premier Sheikh Nasser Mohammed al-Ahmed al-Sabah held talks in Phnom Penh where officials from both counties signed the deals, Cambodian government spokesman Khieu Kanharith said.

The officials signed agreements on economic cooperation, trade, investment, foreign affairs cooperation and civil aviation, the spokesman said.

'Prime Minister Hun Sen welcomes any investment by Kuwait's companies in Cambodia because it has a big potential in developing economic growth,' Mr Khieu Kanharith said.

He said the two countries would discuss more ways to boost trade and investment, and that Kuwait had promised to help Cambodia develop its agricultural sector.

The two premiers also discussed cooperation in oil, with Cambodia asking Kuwait to help train local experts on the petroleum industry, which is starting to take root here after the discovery of offshore deposits.

Cambodia expects to begin producing oil from its offshore fields in 2011, following the discovery of oil in 2005 by US energy giant Chevron.

But it remains unclear how much oil can be recovered, or whether any potential revenue would be used to benefit Cambodia, ranked among the world's most corrupt countries.

Cambodia has climbed back from decades of civil unrest to emerge as one of the region's most vibrant economies, marked by an unprecedented building boom that is radically changing the face of the once-sleepy capital.

The Kuwaiti premier arrived in Cambodia on Sunday for a three-day visit.

North Korean PM Signs Trade, Shipping Pacts in Phnom Penh

"We should push North Korea to respect human rights, to start the democratic process ... We should condemn North Korea, because there are serious human rights violations in North Korea, and the people are getting poorer and poorer" - Opposition leader Sam Rainsy

North Korean women hold North Korean and Cambodian flags as they wait for North Korean Prime Minister Kim Yong-il to arrive at Phnom Penh international airport November 1, 2007. Kim is in Cambodia as part of his four-nation Southeast Asia trip. REUTERS/Chor Sokunthea

Cambodian Prime Minister Hun Sen (R) shakes hands with his North Korean counterpart Kim Yong-Il during a signing ceremony at the ministry of Foreign Affair in Phnom Penh. Kim Yong-Il arrived in Cambodia Thursday under heavy security, starting a rare visit focused on boosting trade between the two impoverished nations.(AFP/Tang Chhin Sothy)

Chiep Mony, VOA Khmer
Original report from Phnom Penh
01 November 2007

North Korean Prime Minister Kim Yong Il arrived in Cambodia as scheduled Thursday, immediately signing two bilateral agreements to strengthen economic and shipping ties between the two.

Government spokesman Khieu Kanharith told reporters after Kim's meeting with Prime Minister Hun Sen that the North Korean prime minister had brought up three important points to improve relations between the two nations.

The first was to increase the exchange of delegations at all levels, Khieu Kanharith said. "Secondly, North Korea wants to increase trade relations. As you can see, today we signed two agreements, on investment and sea transportation."

North Korea also sought Cambodia's political support, he said, especially in the UN.

In a statement distributed to reporters at the Phnom Penh International Airport Thursday morning, North Korea said the four-day visit was an important occasion to increase understanding and friendship between the two.

Kim Yong Il is the highest-ranking North Korean official to visit Cambodia in six years. He is no relation to the "supreme leader" of the socialist nation, Kim Jong Il.

Regarding six-party talks over North Korea's nuclear weapons, Khieu Kanharith said the view from North Korea was that "the tensions are because of the United States."

Kim "said that the tension is the result, primarily, of the US adopting a position of being the enemy of North Korea," he said. "So when the US changes its position, the tension will be eased, and the situation will be better. [Cambodia] will welcome the change of position and we welcome all countries taking part in the six-party negotiations.''

Opposition leader Sam Rainsy said the Cambodian government should take this opportunity to remind its impoverished ally to seek democratic reform.

"We should push North Korea to respect human rights, to start the democratic process," Sam Rainsy said. "We should condemn North Korea, because there are serious human rights violations in North Korea, and the people are getting poorer and poorer."

North Korean premier visits Cambodia

Thursday, November 1, 2007
The Associated Press

PHNOM PENH, Cambodia: North Korea's premier arrived on a rare visit to Cambodia on Thursday to explore business opportunities to boost the economy of his reclusive state.

Kim Yong Il — the highest-ranking North Korean official to visit Cambodia in six years — will oversee the signing of two agreements to facilitate investment and maritime transportation between the two impoverished nations, Cambodian Foreign Minister Hor Namhong told reporters.

"This visit is to strengthen political relations as well as our economic and trade relations," he said, adding, "I think the North Koreans will buy more products from Cambodia." He did not elaborate.

Prime Minister Hun Sen welcomed Kim at the airport in the capital, Phnom Penh. About 1,000 Cambodian well-wishers, waving flags of the two countries, were brought to greet the North Korean premier.

Kim and his delegation will "have a firsthand look at great successes made by the government and people of Cambodia in efforts to achieve development and prosperity," a North Korean government statement said.

During his four-day visit, Kim is to hold talks with Cambodia's retired king, Norodom Sihanouk, who has maintained a close personal relationship with North Korean leaders for decades. Kim is not related to top North Korean leader Kim Jong Il.

Sihanouk has often traveled to North Korea for long stays at a palace in Pyongyang, the communist nation's capital.

Early this month, Cambodian Commerce Minister Cham Prasidh said North Korea may try to promote business ties with Cambodia to offset sanctions imposed by some countries on the communist state.

Although North Korea has diplomatic relations with 160 countries, it is still considered one of the world's most isolated nations, as most of its ties remain nominal and involve only minimal trade and exchanges.

China is North Korea's only major ally and accounts for more than half of its total foreign trade.

The U.N. Security Council imposed sanctions on North Korea following its test of a nuclear device last year.

Kim Yong Il, a technocrat who became premier earlier this year, ranks below Kim Jong Il and the country's No. 2 official, Kim Young Nam. He is on a four-nation Southeast Asian tour which also includes Vietnam, Malaysia and Laos.

In 2001, Kim Yong Nam visited Cambodia at Sihanouk's invitation.

North Korea to Sign Seaport, Trade Agreement With Cambodia

Sok Khemara, VOA Khmer
Original report from Washington
25 October 2007

Cambodia expects to sign agreements on seaports and trade with North Korea in November, Foreign Ministry officials said Thursday.

The agreements are expected to follow the visit of North Korea Prime Minister Kim Yong Il, no relation to the country's "supreme leader" Kim Jong Il.

In a four-day visit beginning Nov. 1, Kim is expected to meet with Prime Minister Hun Sen and other top political and commerce leaders.

North Korea has close ties with Cambodia, stemming from the relationship between former North Korea president Kim Il Sung and former Cambodian king Norodom Sihanouk, who maintains a palace in the reclusive socialist country.

In separate develops Thursday, officials said they expected Sihanouk to return to Beijing—where he also has a residence—following the Water Festival next month to receive medical treatment.

Arriving in Phnom Penh this week was an assistant to Michiel Pestman, the Dutch attorney of jailed Khmer Rouge ideologue Nuon Chea, who began work with Cambodian lawyer Son Arun on the former regime leader's defense.