Zhu Yujiang (left), chairman of the board of Beijing Scitech Holdings Co., Ltd., meets with Prime Minister Hun Manet on May 5. STPM
Chinese company Beijing Scitech Holdings Co., Ltd. has expressed interest in investing in crude oil refining and the production of various by-products derived from crude oil residue in Cambodia. The Cambodian government viewed the plans as a possibly significant contribution to the Kingdom’s socio-economic development.
During a May 5 meeting with Prime Minister Hun Manet at the Peace Palace, Zhu Yujiang, chairman of the Scitech board, praised Cambodia’s rapid development across various sectors. He observed that each time he visits, the country continues to demonstrate positive changes.
He added that, as a Chinese investor, he is pleased to witness the strengthening and continuous growth of cooperation and relations between the governments and peoples of China and Cambodia.
“As the Chairman of the company, I am interested in exploring investment opportunities in Cambodia in the field of crude oil refining and the production of various products processed from crude oil residue,” he shared.
Zhu affirmed that such investments would contribute to Cambodia’s socio-economic growth and enhance the country’s production capacity.
The prime minister welcomed the visit by the delegation and expressed his appreciation for the company’s interest in exploring investment opportunities in Cambodia.
“Cambodia always welcomes investment companies that are interested in exploring opportunities,” he said.
He highlighted government policies and measures aimed at encouraging companies to invest in Cambodia’s supply chains. He urged the company to consider investment in supply chains and to continue discussions and collaboration with the relevant ministries and institutions to take advantage of emerging opportunities.
“Investment in supply chains is a key strategy for Cambodia to promote the production of semi-finished and finished products to serve both domestic and export markets,” he added.
Lor Vichet, vice-president of the Cambodia-China Commerce Association (CCCA), told The Post on May 6 that Cambodia and China are in the same region and share a strong fraternal bond. As a result, the number of Chinese investors coming to Cambodia continues to grow year-on-year.
He said multiple factors encourage Chinese investment in Cambodia, including excellent diplomatic relations, political stability, favourable investment laws, an abundant and skilled labour force at a reasonable cost, and good infrastructure.
Vichet added that, in addition to those factors, the Cambodian government has signed several trade agreements with other countries, which have expanded the export market for Cambodian goods and secured preferential tariff treatment.
“Cambodia’s geographic potential and access to international export markets play an important role in attracting more Chinese investors,” he noted.
Chea Vuthy, secretary-general of the Cambodian Investment Board, stated in late 2024 that Cambodia-China relations have reached their highest point ever. According to him, both sides are actively working to build a deepened Cambodia-China shared future community, strengthen the Diamond Cooperation Framework, and achieve positive progress in establishing industrial and technology corridors, as well as corridors for fisheries and rice — producing tangible benefits for both countries.
“Direct investment flows from China into Cambodia have consistently ranked among the highest over the past decade, and the growth trend is expected to continue in the years to come,” he continued.
