Cambodian Prime Minister Hun Sen has asked Singapore to strengthen connectivity, particularly air connectivity between the two ASEAN nations.

According to Eang Sophalleth, Personal Assistant to the Cambodian Premier, while receiving a courtesy visit from Lau Peet Meng, Director of Security and Intelligence Division of Singapore Ministry of Defense at the Peace Palace here this morning, Mr Hun Sen said air connectivity will encourage tourists visiting Singapore to continue their trip to Cambodia.

The Prime Minister also suggested the promotion of bilateral cooperation in the fields of education and health services.

For his part, Meng spoke highly of Cambodia’s rapid progress along with peace and stability.

He congratulated Cambodia on successfully hosting the ASEAN Summits and Related Summits, stressing that Mr Hun Sen not only chaired the ASEAN Summits and Related Summits successfully, but also contributed to the search for peace for the region and
the world.

In reply, Prime Minister Hun Sen thanked Singapore for its contribution to the success of the ASEAN Summits and Related Summits in Cambodia.

Source: Khmer Times

The work on the master plan to develop Preah Sihanouk province into a multi-purpose model Special Economic Zone has reached the halfway mark and has now entered the stage of review and recommendations at the technical level, according to Long Dimanche, the Deputy Governor of the province.

“Safe to say the master plan is over 50 percent with three more major phases to go until the official approval,” a Facebook post by Dimanche noted after a review meeting.

The Royal Government of Cambodia through the Ministry of Economy and Finance (MEF) officially started the consultancy contract with China’s Urban Planning and Design Institute of Shenzhen (UPDIS) to develop the master plan on October 18, 2021. The government expected the process to take around 18 months to complete.

The master plan, one of the key priorities of Cambodia’s Industrial Development Policy (IDP) 2015-2025, is expected to be a dynamic long-term planning document that provides a conceptual layout to guide future growth and development for the province as one of the key economic poles.

The multi-purpose SEZ carries an explicit goal of turning Sihanoukville into a ‘second Shenzhen city’. Shenzhen is the most successful example of a Chinese SEZ, as it helped the transformation of a small fishing hamlet to become a manufacturing powerhouse and a high-tech innovator.

With the implementation of the master plan, the city’s population is also expected to go up to one million from the current 300,000 as the multi-purpose SEZ aims to become a major economic zone in Southeast Asia that is empowered by smart technology, as well as an advanced industrial zone serving regional and global production chains.

According to experts, the development of the SEZ is poised to play a key role in Cambodia’s recovery from the economic effects of the Covid-19 pandemic as well. Currently, the province completed the construction of 34 new roads and is now expanding its port and airport.

The $2 billion Phnom Penh-Sihanoukville Expressway, key for the province’s connectivity, became operational last October.

The decision to upgrade Preah Sihanouk into a multi-purpose SEZ comes alongside other efforts to further develop the Sihanoukville Autonomous Port.

Constructed with a loan of more than $200 million from the Japan International Cooperation Agency (JICA), the deep-sea port is expected to be completed in 2025.

Once completed, the new container port will be 350 meters long and 14.5 meters deep, which will be able to dock large ships with 5,000 TEU container capacities. It will allow ships with a capacity of more than 4,000 containers. In addition to building physical infrastructure, officials are also studying ways to make the port more efficient and business-friendly.

Meanwhile, the provincial administration has also started taking action to address the issue of unfinished buildings in Sihanoukville. So far, 359 such buildings have been identified by the administration, which is working on a package of incentives for developers and investors to complete the buildings.

Most of these buildings were abandoned by Chinese investors in 2019 following the ban on online gambling and the shutdown in the wake of Covid-19.

The Royal Government and the provincial administration expect that some of the Chinese investors would now come back, especially after China recently reopened its borders.

According to Vichet Lor, Vice President of the Cambodia Chinese Commerce Association (CCCA), the Chinese investors will now come back to Sihanoukville as the infrastructure steadily improved with the new Expressway connecting Phnom Penh with the city and the completion of new roads in the province.

Source: Khmer Times

Most foreign companies consider China an important investment destination, and the nation continues to post higher returns on investments compared with the global levels for nearly half of the companies surveyed, according to the American Chamber of Commerce in South China.

Experts said that China is expected to become increasingly attractive to foreign investors, underpinned by its optimized COVID-19 response and steady economic recovery.

The country’s high-standard opening-up will improve its business climate and help it build stronger competitiveness in attracting foreign investments, they said.

Following a survey involving
210 companies from the United States, Europe, Japan and other countries and regions, the AmCham South China concluded that most participating companies see China as a critical part of their future strategic development plans.

More than 90 percent of the respondents selected China
as one of their most important investment destinations.

Around 75 percent plan to reinvest in China in 2023, including 68 percent of US companies that are determined to dig deeper into the Chinese market.

The survey shows that China can provide a high return on investment, or ROI, with 76 percent of the companies reporting a positive overall ROI in China and 49 percent considering their overall ROI in China to be higher than their global benefits.

“With the optimization of its COVID-19 policies and measures and further opening-up, China is now headed toward recovery and will unleash substantial economic vitality, both greater and sooner than expected,” said Harley Seyedin, president of the chamber.

“The survey … results released today (Monday) show that China’s economy will be a crucial locomotive in promoting global economic growth in 2023,” he added.

Zhou Mi, a senior researcher at the Chinese Academy of International Trade and Economic Cooperation, said, “Rooted in its distinctive capability to align consumption, production and services for foreign investors, China’s high-quality development will ensure an increasing influx of foreign investments.”

China has also been improving its business climate and strengthening protection of the legitimate rights and interests of foreign investors through measures such as expanding market access, taking bold trials in pilot free trade zones and enlarging its network of free trade agreements, Zhou said.

According to the chamber, more than half of the surveyed companies gained over 30 percent of their global revenue from China. The companies’ profitability showed signs of improvement in 2022.

Around 88 percent of them gained profits in China, an increase of 6 percent. Up to 90 percent of US companies achieved profitability.

Jing Ping Yeo, vice-president and head of Asia-Pacific at Cytel, a US-based statistical software company, said the enterprise will comprehensively strengthen its efforts to tap into the potential of the Chinese market in 2023.

The survey further found that the rising operation and labor costs were the two biggest challenges that companies faced in South China in 2022.

Uncertainties in China-US relations influenced the confidence of some companies, but a “possible marginal improvement” in their bilateral ties is also expected.

Source: China Daily

BEIJING : China said on Tuesday the foundation of its economic recovery is not yet solid, and various unexpected factors may occur at any time, state media reported.

The country’s development still faces triple pressures including demand contraction, supply shock and weakened expectations, China’s Communist Party (CPC) central committee said in a communique, according to the official Xinhua News Agency.

The communique was released at the second plenary session of CPC’s central committee, which was held from Feb. 26 to Feb. 28.

More than 200 members of central committee discussed a draft of reforms to party and state organisations which will be examined at the upcoming 14th National People’s Congress (NPC).

The central committee also approved a proposed list of leadership candidates to be recommended at the first session of the upcoming Congress.

The 14th NPC, an annual meeting of parliament where thousands of delegates from across China will gather in the capital, Beijing, kicks off on Sunday.

Source: Reuters