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Cambodia targets tech, agriculture investments

ANN/PHNOM PENH POST – Secretary-General Chea Vuthy of the Cambodia Investment Board (CIB) within the Council for the Development of Cambodia (CDC) emphasised the two key focus areas in the country’s updated investment legislation for Chinese investors.

These areas are high-tech industries and the agriculture sector, catering to both the domestic market and international export opportunities. Vuthy conveyed this message during a recent meeting held at the CDC headquarters in Phnom Penh with a delegation from the Chinese Chamber of Commerce, led by its President, Lin Shiqiang.

The dialogue aimed to not only gather feedback on enhancing the Cambodian investment landscape but also to urge the Chinese Chamber of Commerce to promote the kingdom as an investment destination. “There are 19 priority sectors within this law. Our most pressing areas of interest include investing in innovative high-tech sectors with a focus on research and development, as well as the agriculture, agro-industry and food processing sectors that cater to both local consumption and export,” Vuthy stated, detailing the new law.

He emphasised the importance of investment cooperation between the two countries, noting that China currently stands as the largest foreign financing group in the country.

In the first nine months of 2023, the CDC approved investment projects worth nearly USD4 billion, with a staggering 76 per cent of this, or approximately USD3.04 billion, from Chinese investors.

Cambodia Investment Board Secretary-General Chea Vuthy with Chinese Chamber of Commerce President Lin Shiqiang. PHOTO: PHNOM PENH POST