Cambodia keen on expanding ties with China’s Guangzhou
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Cambodia is seeking to expand its investment ties with the Chinese province of Guangzhou. Deputy Prime Minister Sun Chanthol, along with a delegation, recently visited the Chinese city in a bid to attract new businesses and investors to Cambodia. The representatives were welcomed by Qun Ge, CEO of the Guangzhou International Corporate Incubator, a recently-launched center that has already helped 12 businesses list on the stock market. During the trip, the parties highlighted Cambodia’s potential for new ventures, along with its investment laws and regulations formulated to help foreign investors. Chanthol invited the Chinese delegation to visit Cambodia to better understand the country.
Following discussions, the Chinese representatives agreed to the visit and to explore the possibility of investing in new businesses in the Kingdom. They also noted previous partnerships with other members of the Belt and Road Initiative, increasing the potential for greater participation in investments in the region. These ties may help Cambodia to leverage the potential available in Guangzhou, which is an established global hub for transport and emergent technology innovation, to turn Phnom Penh into a center for science, technology, and commerce.
There are also plans to bolster the railway sector in Cambodia, and the Deputy Prime Minister met with Jianlong Ding, Chairman of the Guangzhou Metro Group, to facilitate discussions on the matter. Chanthol underlined the commitment of the Cambodian government in supporting the railway sector, which aims to increase travel convenience for foreign investors. Vichet Lor, Vice President of the Cambodia Chinese Commerce Association (CCCA) shed further light on the Cambodian government’s efforts to bolster trade ties through the Belt and Road Initiative (BRI). The partnership will attract new investments from Guangzhou, a city that has strategically positioned itself for sustainable development alongside other Chinese cities, including Beijing, Shenzhen, and Shanghai.
Guangzhou port, as the oldest international port city in China, has tremendous potential to influence trade, support new business ventures, and help Cambodia’s move to establish itself as a global transport and trade hub center. All of these efforts could further drive Cambodia’s development in a region that has seen significant growth and investment in recent years. While the COVID-19 pandemic has slowed down economic activity, the country remains optimistic about its investment across new sectors, which include transportation and innovation, set to bolster trade ties with China through the BRI.
