Far East Trade Service Inc Phnom Penh (FETPP), a subsidiary of the Taiwan External Trade Development Council (TAITRA), is poised to broaden its investment horizons in Cambodia, particularly in the agri-food and automotive sectors. This initiative is in collaboration with the Council for the Development of Cambodia (CDC), aiming to foster economic synergy between the two regions.
Suon Sophal, the Deputy Secretary General of the Cambodian Investment Board (CIB) under CDC, recently welcomed Chen I-Hua, the newly appointed CEO of FETPP, and her team. The meeting served as a platform for Chen to explore additional investment avenues and for Sophal to congratulate her on her new role.
The dialogue underscored the Royal Government of Cambodia’s (RGC) commitment to enhancing the investment climate through an open and facilitative legal framework, as highlighted by Sophal. This endeavor seeks to attract international investors by offering a conducive environment for their ventures.
Chen expressed gratitude towards the RGC for its unwavering support and dedication to fostering foreign investment. She also conveyed her eagerness to delve into other promising sectors that the RGC is currently promoting, signaling a broadened scope of potential investments by FETPP.
Sophal emphasized CDC’s role in driving investments towards the industrial, agro-food, automotive, and electronics sectors. This is part of a broader strategy to not only attract foreign investment but also to develop these critical sectors through strategic roadmaps.
FETPP’s intention to expand its investment projects in collaboration with Cambodian enterprises is a move towards strengthening economic ties and fostering mutual benefits between Taiwanese and Cambodian businesses.
According to Hor Sereyvath, Chairman of ID Capital Plc, Cambodia’s agricultural products like rice, pepper, and cashew nuts, primarily from regions like Battambang, Pursat, and Kampong Chhnang, necessitate advanced processing facilities to meet international standards and cater to markets in Europe and the United States. This underscores the need for investment in the agri-food sector to elevate the quality and marketability of these products.
The automotive sector in Cambodia is also undergoing a transformation, with a shift towards electric vehicles (EVs) due to the country’s reliance on imported fuel. This transition presents opportunities for local investors, particularly in the development of charging infrastructure, which is pivotal as the government encourages investment from electric vehicle companies.
FETPP, established in Cambodia in February 2020 as TAITRA’s 64th overseas branch, aligns with Taiwan’s New Southbound Policy, aiming to enhance relations with southern neighbors. The company is committed to being a bridge for Cambodian corporations, facilitating access to high-quality suppliers from Taiwan and bolstering bilateral trade relations.
Source: Khmer Times
