CDC first vice-president Sun Chanthol addresses the China-Cambodia Cooperation Forum 2023 in Shenzhen, a metropolis connecting Hong Kong to mainland China. SUN CHANTHUL VIA FB
Deputy Prime Minister Sun Chanthol, who also serves as the first vice-chairman of the Council for the Development of Cambodia (CDC), announced a comprehensive master plan for the country’s transport and logistics sectors. The plan features 174 projects, amounting to an estimated value of $50 billion.
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Chanthol disclosed this during the China-Cambodia Cooperation Forum 2023 held on October 22 in Shenzhen, a metropolis connecting Hong Kong to mainland China.
The forum, organised by the Global Logistics Alliance (GLA), aims to bolster networking between Chinese and Cambodian investors in transport and logistics. The GLA boasts a network of over 5,000 carriers from more than 170 countries, connecting major global ports.
In his opening address, Chanthol highlighted Cambodia’s appeal to investors, emphasising the nation’s consistent economic growth of around 7% annually in the two decades preceding the Covid-19 pandemic.
“Cambodia possesses a significant asset in having 60% of its workforce under the age of 25, a valuable resource for prospective investment firms,” he stated.
Beyond domestic strategies, he said Cambodia also intends to bolster collaborations with international partners, highlighting the intergovernmental coordination between Cambodia and China.
The two countries have charted an action plan for building a “community of common destiny in the new era 2024-28”, encompassing sectors like economy, trade, politics and culture.
“There are three factors that determine venture success: location, human resources and capital funding. Cambodia offers an optimal location and a ready workforce. We eagerly await decisions from investors,” he said.
He noted that Cambodia introduced an investment law in 2021 to further streamline foreign capital infusion, in line with its free-market stance.
He added that infrastructure development initiatives by the government further solidify the country’s commitment to fostering investor mobility and transport.
Sin Chanthy, president of the Cambodia Logistics Association (CLA), said the country’s transport sector requires more foreign capital, despite significant local company involvement.
“In this sector, we require advanced technology and enhanced infrastructure, including warehousing and cold-storage facilities. We believe foreign backing, particularly from countries like China, is crucial to boost the sector’s development and meet both domestic and international demands,” he told The Post on October 24.
Chea Chandara, president of the Logistics and Supply Chain Business Association in Cambodia (LOSCBA), believes that modernisation in the transport sector is essential, as the current infrastructure is insufficient.
“Currently, transport companies operating in Cambodia are multi-ethnic, with firms from China, Singapore, Malaysia, Thailand, Taiwan and Europe. We require more foreign investment, particularly in technology, to expedite the development of the transport sector,” he added.
