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Saturday, May 19, 2012

UK investment in Cambodian apparel sector to surge

Investments in the Cambodian garment sector from the UK are to get a boost as the UK Trade and Investment Office is set to open a permanent branch in Phnom Penh.

Traditionally, Cambodia’s clothing sector has attracted the largest chunk of UK investment. Last year, the UK was the only European country to invest in Cambodia.

During the past five years, bilateral trade between Cambodia and the UK have risen by more than 300 percent and it was worth US$ 400 million in 2011, as per the data available with the British embassy in Phnom Penh. In the first quarter of the current year, there has been a growth in bilateral trade by over 40 percent year-on-year.

 The Phnom Penh branch of the UK Trade and Investment Office is being established in the expectation that the economic ties between the two nations would continue to grow at very fast pace.

The office would facilitate business registration and will also produce market reports. According to the data with the Cambodian Investment Board, the UK was the largest investor in Cambodia in 2011.

The bulk of the US$ 2.2 billion money, however, came in the form of a single investment by a Cayman Islands-based company. In 2010, UK investment in Cambodia was around US$ 10 million.

Meanwhile, Quantum Clothing, the UK’s biggest company in Cambodia, has inaugurated its third apparel factory with an investment of about US$ 10 million. . Read more!

Cambodian, Chinese firms sign co-op MOUs

PHNOM PENH - Cambodian and Chinese firms on Friday signed a number of memorandums of understanding (MOUs) on business cooperation in the fields of agriculture, mineral resources, food, garment, and electronic products.

Ten MoUs were signed between Chinese companies and a Cambodia's Power Partner Profit Group under the witness of Serei Kosal, Cambodia's senior minister in charge of special mission.

The Chinese firms engaged in the MOUs including Yunnan Yunmanganese Group doing business in mineral exploitation, water resource and electric power, real estate and rubber; Sinsing Rubber; Sichuan Jingong Chuanpai Flavoring; and Gao Shun Settles Down doing business in cassava.

 Speaking at the signing ceremony, Lt. Gen. Yim Sawvy, Chief Executive Officer of Cambodia's Power Partner Profit Group, said the 10 MOUs are involved in the business cooperation on natural rubber, rice, cassava, wooden furniture manufacturing, black pepper, mineral resources, electronic projects, industrial equipment products, clothing material, and chicken soup ingredient products.

He said through the MOUs, his group of companies expect to export 60,000 tons of rubber latex, 500,000 tons of rice, 1 million tons of cassava, and 3,500 tons of black pepper to China to supply those Chinese firms.

Vijit Yang, chairman of ASEAN-China Economy and Trade Promotion Association, which coordinated the business cooperation, said that through the MOUs, the bilateral trade and investment between Cambodia and China will be further promoted and the two countries' investors have moved closer.

 Meanwhile, Serei Kosal said the cooperation would deepen business relationship and strengthen connection between Cambodia's business people and China's investors.

 "Cambodia sees China as a big market for Cambodian products, especially for agricultural ones," he said, "we hope to see more Cambodia's exports to China after the MoUs were signed." . Read more!