A transport truck prepares to receive shipping containers at the Phnom Penh Autonomous Port in Kandal province. Heng Chivoan
A senior official has encouraged US financiers to consider investing in Cambodia’s high-tech industrial parks, highlighting their potential to enhance the country’s competitiveness and offer opportunities for the region.
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Sun Chanthol, deputy prime minister and first vice-president of the Council for the Development of Cambodia (CDC), made the remarks during his December 14 meeting at CDC headquarters with Melissa Brown, US deputy assistant secretary of state for Southeast Asia.
The session was part of Brown’s three-day visit to the country, lasting from December 13-15, as reported in a CDC press release.
During the discussion, Chanthol noted the ongoing cooperation between the two countries’ governments on numerous issues, including trade.
He urged the US to further promote direct investment between the two nations, highlighting the country’s new investment law, which welcomes financiers from all countries to invest in various sectors, with certain areas offering legal incentives.
“Cambodia aims to transition from a labour-intensive economy to one that is less reliant on labour, focusing instead on utilising skilled capital to position the Kingdom as a key player in the global production chain,” he stated.
Chanthol emphasised the Kingdom’s encouragement of investment in high-tech industrial parks, which he believes will increase the country’s competitiveness and provide significant opportunities for both Cambodians and the wider region.
Brown conveyed her admiration for the Kingdom’s development and expressed gratitude to the government for allowing the US cruise ship MS Westerdam to dock in Cambodia during the Covid-19 outbreak in 2020, according to the same press release.
She noted that the ship is scheduled to return on December 28, with over 4,000 tourists.
Brown also urged the country to consider improvements in tax, transparency and the effectiveness of legal standards to enhance the investment climate.
Trade between Cambodia and the US during the first nine months of 2023 reached $7.08 billion, a slight decrease from the $7.3 billion recorded in the same period of 2022, according to the General Department of Customs and Excise (GDCE).
The data shows that Cambodia’s exports to the US for the period totalled $6.9 billion, marking a 2.1% decrease year-on-year. Imports of US goods dropped by 27.8% to $181.02 million during the period. Cambodia’s trade surplus decreased marginally to $6.72 billion, down from $6.8 billion in the previous year.
The US remains the Kingdom’s second-largest trading partner, accounting for 20.13% (or $7.078 billion) of the country’s total international trade, which amounted to $35.16 billion in the first nine months of 2023.
