Large group of U.S. tycoons visit Cambodia for investment possibilities

PHNOM PENH, Jan. 13 (Xinhua) -- A large group of 96 U.S. billionaires, mostly spouses, have been visiting Cambodia in order to explore investment opportunities, said a senior Cambodian official.

The delegation was from the United States' Chief Executive Organization (CEO) and was led by Kenneth M. Quinn, former U.S. Ambassador to Cambodia and president of the World Food Prize Foundation, and John Ruan III, a member of the CEO and chairman of the Ruan Transportation Management Systems.

On Thursday afternoon, the delegation had met with Cambodia's government officials led by Deputy Prime Minister Keat Chhon, who is also the minister of economy and finance, at the Peace Palace.

"The delegation wanted to study about Cambodia's potentials for investment opportunities," Om Yintieng, advisor to Prime Minister Hun Sen, told reporters after the meeting. "They can be new investors for Cambodia in the future."

The delegation members are from sectors of education, investment and financial consultation, banking and finance, IT, pharmaceutical and health product manufacturing, tourism, energy, food manufacturing, real estate and transportation.

During the meeting, Keat Chhon said that the delegation's visit reflected their confidence in full political stability in Cambodia and it could be a boost for the investment from the United States to Cambodia.

He also presented the group about Cambodia's potentials for investment in the fields of agriculture, agro-industry, tourism, mining, oil and gas, energy, transportation and telecommunication.

Meanwhile, John Ruan III said that the group hailed the rapid development of Cambodia in all fields and added that the visit to Cambodia was to eye the country's potentials and challenges for future investment consideration.

Om Yintieng said "Currently, Cambodia has seen increasing number of investors from the United States and Japan thanks to our efforts to fight against corruption."

They arrived in Cambodia on Wednesday night by a cruise ship for an one-week visit after visiting Vietnam.

The U.S. Chief Executive Organization has the maximum 2,000 members -- all of them are tycoons with the age of at least 50 years old, said Om Yintieng.