PHNOM PENH (The Phnom Penh Post/Asia News Network): On July 5, a senior investment official reassured the Malaysian business community that the Cambodian government would continue to treat local and foreign investors fairly and that the new investment law offers a host of tax incentives and other benefits.
Sok Chenda Sophea, Secretary General of the Council for the Development of Cambodia (CDC), the government’s highest decision-making body for private and public sector investment, was speaking on the sidelines of an interactive lunch co-hosted by Malaysia Retail Chain Association (MRCA) and SME Association of Malaysia (SME Malaysia).
Prominent Malaysian businessmen present at the lunch revealed that a large number of Malaysian companies are planning to expand their business to Cambodia in the near future, now that the country is full of investment opportunities.
Chenda Sophea commended Malaysian companies that have pursued or expressed interest in investing in Cambodia, noting that the Kingdom’s successes in combating the Covid-19 pandemic had prompted the government on November 1 to allow full resumption of the national socio-economic activity, create better conditions for investors.
“[We] are ready to serve and pave the way for all Malaysian investors as well as other foreign investors. At the same time, the new investment law, which came into force at the end of 2021, has become a solid regulatory framework to provide many incentives for all kinds of investments in Cambodia,” he said.
The event was chaired by MRCA President Sharan Valiram and SME Malaysia Vice President Ricky Yaw and brought together representatives from 15 leading companies.
Members of MRCA and SME Malaysia present at the event remarked on the rapid development witnessed in Cambodia in recent years in various sectors, and praised the government’s effective management of Covid-19, which has essential to improving the business climate and boosting investment flows.
With the support of the Malaysian Embassy in Phnom Penh, the MRCA is to organize a trade mission from August 31 to September 3, which will be held in the capital and the province of Kampong Speu. The visit and associated events aim to promote dialogue between Malaysian and Cambodian businesses with a view to fostering partnerships and creating new opportunities.
On April 28-29, some 52 Malaysian representatives from 36 companies participating in a “Malaysian SME Trade Mission to Cambodia” led by Malaysian SME President Ding Hong Sing explored the investment and business potential in the Kingdom, assessed business match opportunities, met with senior government officials. and visited potential production sites.
The business visit this year coincided with the 65th anniversary of diplomatic relations between Cambodia and Malaysia, established on August 31, 1957.
The trade volume between Cambodia and Malaysia topped $500 million in 2021, up 13.14 percent from a year earlier, according to the Ministry of Commerce.
Last year, the Kingdom’s exports to Malaysia topped $101 million, up 2.62% from over $98 million in 2020, and imports topped $399 million, up up 16.16% year over year from more than $343 million a year earlier.
Malaysia has invested more than $3.15 billion in the Kingdom by the end of 2021, the CDC reported.