Representatives from over 200 Chinese companies attended the Cambodia-China Business Forum yesterday at Garden City Hotel on the outskirts of Phnom Penh to discuss high-profile investment opportunities in Cambodia’s rapidly developing economy.
The conference, held under the tagline “Cambodia: The Kingdom of Opportunity Along The ‘One Belt, One Road”, was jointly organised by Cambodian conglomerate LYP Group and China’s largest private investment group China Minsheng Investment Group (CMIG).
A number of investment deals were signed in the aftermath of Chinese President Xi Jinping’s visit to the Kingdom a month ago, including a $1.5 billion agreement between CMIG subsidiary and Hong Kong-listed property developer SRE Group and LYP Group, which is owned by ruling party senator Ly Yong Phat. The huge deal is to develop the “Cambodia-China Friendship City” on 550 hectares north of the capital, including plans for an international five-star hotel, a television broadcasting studio, a sports stadium, an 18-hole golf course and other entertainment facilities.
Prime Minister Hun Sen said in his opening address yesterday: “In the last five years, China represented the biggest source of foreign investments in Cambodia, with an investment capital of $4.9 billion, of which some $560 million has been invested in our special economic zones”.
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