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Large German company exploring opportunities in Cambodia

Large German company exploring opportunities in Cambodia

PHNOM PENH: A senior German diplomat has confirmed that a large German enterprise – which currently operates in Vietnam – is examining the possibility of extending its investment to Cambodia.

According to German ambassador to Cambodia Stefan Messerer, the company is currently conducting studies on the kingdom’s investment climate.

Senate president Hun Sen announced that Messerer revealed the information during a July 4 meeting at the Senate.

“A German company which currently invests in Vietnam is examining the possibility of investing in Cambodia and is conducting further studies on the investment climate, including tax regulations,” said Hun Sen, via social media.

During the meeting, Hun Sen explained to the ambassador that the seventh-mandate government of Prime Minister Hun Manet is actively working to facilitate and improve the investment climate in Cambodia. He asked Messerer to continue promoting the kingdom’s economy, through investment and human resource development.

The Senate president cited the case of Japanese company Minebea, which invested in a neighbouring country and has now opened a factory in Cambodia. He noted that this made the firm’s supply chains smooth and unobtrusive.

According to Hun Sen, Messerer also said that three German business delegations will visit Cambodia in the near future. The ambassador expressed his hopes that German direct investment will be further expanded in the kingdom.

In June, Germany opened an honorary consulate in Siem Reap province, and Messerer believed it would encourage visitors from Germany and other European nations to visit Siem Reap.

Hun Sen agreed, suggesting that the new consulate would boost tourism.

He noted that Cambodia is currently promoting the expansion of exports to markets in Europe, the US, Japan, South Korea and China, within the framework of the Regional Comprehensive Economic Partnership (RCEP), the Asean Free Trade Agreement (AFTA) and free trade agreements (FTAs) with China, South Korea and the United Arab Emirates.

He added that the kingdom is also working on establishing new FTAs with other nations. He urged the German side to speed up negotiations on an FTA between Asean and the EU.

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