'Cambodia offers golden opportunity for business'
Published on: Thursday, April 28, 2016
Kuala Lumpur: Given the political stability in Southeast Asia, Cambodia offers a golden opportunity for business and investment.Vice-Chairman of the Commission on Foreign Affairs, International Cooperation, Media and Information, Kingdom of Cambodia, Senator His Excellency Chhit Kim Yeat said this in his welcoming speech in an effort to woo businessmen and investors to his country at the recent 14th Asia-Pacific International Honesty Enterprise – Keris Award 2016 at the Berjaya Times Square Hotel cum Convention Centre, here."There are a lot of reasons why it is worthwhile to invest in Cambodia. We offer Open Economy, Sound Macroeconomic Environment, Competitive Investment Incentives, One-Stop Service and Fast Track Investment Approval process (28 days). Other favourable factors are Low Labour Cost, Access to Asean and World Markets, Preferential Trading Status and Strategic Location," he said.ADVERTISEMENT According to the Senator, the investment law and sub-decree in Cambodia contains a number of important guarantees for the investors such as equal treatment of all investors and no nationalisation adversely affecting the property of investors."In addition, there are no price controls on products or services, no requirement of local equity participation, and no restriction on foreign exchange convertibility. On top of it, there is free remittance of foreign currencies abroad," he said.Offering assurance of personal help, His Excellency Chhit said investment in Cambodia will not only benefit the businessmen's or investors' companies but will also help the Cambodian people to gain employment."At the same time, it will expedite growth of the Cambodian economy. I am always ready to assist you," he told potential investors.ADVERTISEMENT Meanwhile, the Senator emphasised the importance of honesty in the economic sense which is to meet the basic requirement of keeping a promise, and to stick to the right path."To me, honesty is an invisible form of asset. While enterprise is the mainstay of market economy, honesty is one of the crucial ingredients.
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"Facts have told us that only those enterprises that practise honesty and follow market rules, will be able to face competition and stay unbeaten. We have to aim long-term; we need to adhere to this principle and meet this requirement," he advised.At this juncture, His Excellency Chhit reminded the business community about the 2008 China Contaminated Milk Scandal after tests found the industrial chemical melamine in liquid milk produced by three of the country's leading dairy companies. Several infants had died and more than 6000 made sick."This contaminated milk scandal is most disheartening. Unscrupulous enterprises tried to cheat, tried to replace certain content with cheap but harmful thing. As a result, this dishonesty destroyed everything that they had managed to build over the years.Stay up-to-date by following Daily Express’s Telegram channel.
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"This included their organisation, their brand, their good name, and even the good image of the country. They lost millions and millions of dollars. This is a lesson, which should not be forgotten, to everyone in the business world," he pointed out.