CDC first vice-president Sun Chanthol (right) and US embassy Chargé d'Affaires Bridgette Walker greeting each other during their Sept 3 meeting. - CDC
PHNOM PENH: Deputy Prime Minister Sun Chanthol, first vice-president of the Council for the Development of Cambodia (CDC), has expressed a desire to see more US and EU investment in Cambodia as the CDC prepares to launch a mission in the US to attract companies there later this month.
He made the remarks during a meeting with US embassy Chargé d'Affaires Bridgette Walker on Sept 3 at CDC headquarters in Phnom Penh.
A press release from the council on the same day stated that Chanthol thanked the US and its companies for their investment in Cambodia, highlighting several success stories. Among them were Coca-Cola, which operates in the Royal Group Phnom Penh Special Economic Zone (RGPPSEZ), and RMA Automotive Cambodia, which assembles Ford vehicles in Pursat province.
"The deputy prime minister would like to see more investment from the US and the EU. He highlighted that the CDC's 'door-knocking' mission to the US, scheduled for September, aims to promote Cambodia's investment climate and attract US investors," the release said.
Chanthol expressed optimism that direct investment from the US will increase in the future, citing the government's investment facilitation efforts through the CDC as a one-stop shop, and Cambodia's openness to foreign investors.
In response to Walker's inquiries about the sectors the government is targeting for investment, Chanthol pointed to key areas such as automobiles, electronic components and agro-industry. He explained that investment in these industries would add value to the Cambodian economy, according to the release.
Walker expressed optimism about Cambodia's efforts to attract investors and wished the CDC success in its upcoming mission to the US, it added.
On bilateral relations, Walker anticipated continued cooperation between Cambodia and the US, with hopes of strengthening and expanding ties to support Cambodia's economic and social development.
According to the CDC, US investments accounted for just 0.1% of the total investment in Cambodia from September 2023 to August 2024, while China ranked first, contributing about 60% of the total.
In the first seven months of 2024, trade between Cambodia and the US exceeded $5.6 billion, an increase of 6.5%. Exports totaled more than $5.5 billion, up 6.4%, while imports from the US topped $154 million, up 8.9% from the same period in 2023, according to the General Department of Customs and Excise (GDCE). - The Phnom Penh Post/ANN
