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Property Investment Cambodia-Japan public-private sector meeting Thursday

Property Investment Cambodia-This meeting will be held under the framework of the agreement between the Kingdom of Cambodia and Japan for the liberalisation, promotion and protection of investment that was signed by Prime Minister Hun Sen and his Japanese counterpart Shinzo Abe on June 14, 2007.

It will be chaired by the minister attached to the prime minister and Secretary-General of the Council for the Development of Cambodia Sok Chenda Sophea and Ambassador of Japan Masahiro Mikami.

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“This bilateral meeting is part of the aftercare-service mechanism which gives Japanese investors the opportunity to address challenges and make requests to representatives of Cambodian ministries and agencies to review and take appropriate actions so as to promote Japanese investment in Cambodia, as well as to improve the investment and business environment in Cambodia,” it added.

Minister of commerce Pan Sorasak said on Wednesday last week that the relationship between Cambodia and Japan has expanded since diplomatic relations were established in 1953.

Bilateral cooperation and relations have continued to evolve, especially since both nations became strategic partners in 2013, he noted.

According to the Ministry of Commerce, between 1994 and  2018, there were 137 Japanese investment projects in Cambodia representing total invested capital of $2.486 billion. In 2019 alone, there were six projects worth $299 million, one of which, AEON Mall 3, has an investment capital of $289.6 million. In 2020, there was one project, worth $7.17 million. Most Japanese investments are located in the Phnom Penh Special Economic Zone, Neang Kok Koh Kong.

The Cambodia-Japan Joint Committee meeting is held biannually. Its first meeting was conducted on Aug 11, 2009.

Within the framework of economic cooperation between ASEAN and Japan, Japan has prepared 87 economic development projects, including 58 projects to support Cambodia, Laos, Myanmar and Vietnam in the fields of agriculture, tourism, development of small and medium enterprises, quality assurance and investment promotions among others.

Japan External Trade Organisation said bilateral trade between the two nations from January to November of 2020 was valued at $1.918 billion, a decline of 8.7 percent compared to the same period of 2019. Cambodia exported $1.486 billion to Japan, down 14 percent from the same period in 2019. Same period imports from Japan were $432 million, a year-on-year decrease of 7 percent.