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(VEN) - The Cambodian Ministry of Commerce sponsored a meeting between Vietnamese producers and Cambodian distributors on April 4 in Phnom Penh. At the meeting, the ministry's officials introduced Cambodia's new policies for trade development and industries, which will benefit Vietnamese businesses investing in Cambodia.
Trade, a spearhead sector in Cambodia
Deputy Secretary of State of Cambodia's Ministry of Commerce said that the Cambodian government considers trade an important sector, which will help change the face of the Cambodian economy and reduce poverty. He also said that the Cambodian Ministry of Commerce sees a need to construct national and international trade development programs.
The Cambodian trade sector will host more forums and meetings between Cambodian high-ranking officials and domestic and foreign investors, especially for those coming from the private sector. Policy introduction and helping investors solve their problems will be the major topics at these forums and meetings. Cambodian Prime Minister Samdech Akeah Mohasena Badey Hun Sen is the one that will make the final decisions at such forums and meetings. There will be a similar forum on April 27 in Cambodia in which Vietnamese businesses can participate and tell Cambodia's high-ranking officials about difficulties they have encountered while doing business in the country.
The Cambodian government will issue some legal documents early and reemphasize that it will continue working to protect investor's interests to promote investment and trade relations between Cambodian businesses and foreign partners including Vietnamese partners.
Deputy Secretary of State of Cambodia's Ministry of Commerce said that Cambodia's effective efforts in political stabilization in the past decade is one of the major factors that have paved the way for trade and investment in Cambodian to develop.
Potential industries in Cambodia
Yi Thoon, deputy secretary general of the Council for the Development of Cambodia, said that agriculture, trade, tourism, energy, overland and waterway transport, oil drilling and workforce development are areas in which Vietnamese businesses should invest in Cambodia. Eighty percent of the Cambodian population earns a living by doing agriculture-related jobs. Yi Thoon said that Cambodia has more than two million hectares of rice cultivation land, but the rice yield in Cambodia has reached only 2.8 tonnes per hectare, while Vietnam is able to obtain 10 tonnes per hectare. Vietnamese businesses can provide Cambodian farmers with financial and technical assistance. The Cambodian government is focusing on agriculture development, and irrigation construction.
Cambodia encourages investment in electrical power, footwear, textile and garment, and sea-based tourism development.
Investors in Cambodia will not suffer from discriminatory treatment, while foreign investment projects are not nationalized and controlled in terms of investment capital. Foreign investors in Cambodia can freely remit money to their home countries and benefit from many preferences including the GSP (Generalized System of Preferences), while trading with many countries including EU countries. About 40 leading Vietnamese businesses with a combined capital of more than US$600 million are operating in Cambodia. They are providing 30,000 jobs for Cambodians./.
By Phung Long
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