Soong Siew Hoong, executive adviser at the Associated Chinese Chambers of Commerce and Industry of Malaysia, speaks at the Malaysian embassy in Phnom Penh this week. Photo by: Sovan Philong
Friday, 04 March 2011 15:00 May Kunmakara
MALAYSIAN businesses are searching for opportunities in Cambodia following a high-profile visit of Prime Minister Najib Tun Razak last year, the Malaysian ambassador in Phnom Penh has said.
Following the premier’s May visit, during which deals worth a reported US$1 billion were signed, he has observed that many business trips have been made to Cambodia.
“We had five companies which were investing in garments, agricultures, and other industries, make deals worth US$163 million last year,” said ambassador Datuk pengiran Hj.Mohd Hussein bin Datuk Pg Hj.Mohd Tahir Nasruddin.
According to the Council for the Development of Cambodia, approved investment from Malaysia in 2010 was $167 million, making it the third biggest foreign investor in Cambodia.
Speaking at the Malaysian Embassy in Phnom Penh, executive advisor of the Associated Chinese Chambers of Commerce and Industry of Malaysia, Soong Siew Hoong, said that 29 entrepreneurs and investors were currently taking part in the four-day business trip to Cambodia.
One trip member, Datuk Eddy Chen Lok Loi, group managing director of Metro Kajang Holdings Berhad, said: “Cambodia has developed a lot in housing and real-estate development. “
He added: “We want to find 1,6000 hectares of land for palm oil plantation and processing. We have a big plantation in Malaysia and also have plantations in Indonesia with capital investment of about $200 million.” ACCCIM signed a memorandum of understanding with the Federation of the Association for Small & Medium Enterprise in Cambodia yesterday morning “recognising the immense possibilities of promoting trade and investment for their respective business communities”.