U.S Invests $1.1 Billion in Cambodia: CDC

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Phnom Penh (FN), Oct. 3 – As of August 2018, there were 52 projects invested by U.S investors, amounted to nearly US$1.1billion and approximately US$274 million of which were investments in industry and manufacturing sectors, according to the CDC’s report stated in the press release dated on Wednesday.

On the same day at the Council for the Development of Cambodia (CDC), Sok Chenda Sophea, Minister Attached to the Prime Minister and Secretary General of the CDC, received a courtesy call from a delegation of 30 people representing some large U.S firms, led by Mr. Michael Michalak, Senior Vice President and Regional Managing Director of the US-ASEAN Business Council (US-ABC).

The courtesy call aimed to strengthen business relation between Cambodia and the USA, as well as to explore new opportunities, trade potentials, and investments in Cambodia.

According to CDC, the government has laid out many supporting policies to incentivize and to increase investors’ confidence level. This includes the Cambodia Industrial Development Policy 2015-2025 which envisioned to transform and modernize Cambodia’s industrial structure from a labor-intensive industry to a skill-driven industry by year 2025.

Michael Michalak acknowledged and commended the Royal Government of Cambodia for the rapid growth.

In addition, he stated in the meeting that the US-ABC is a crucial consulting agency for U.S corporations operating in Southeast Asia (SEA), serving as the leading voice in promoting mutually beneficial trade and investment relationships between the United States and Southeast Asia.

Currently, the council has offices in 6 cities of SEA including Bangkok, Hanoi, Jakarta, Kuala Lumpur, Manila, and Singapore. Michael emphasized his expectation that today’s discussion would serve as a stepping stone to move the cooperation between the two countries to a new level.
=FRESH NEWS

http://en.freshnewsasia.com/index.php/en/11384-2018-10-03-09-34-37.html

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