Many Major Chinese Companies Announce Investment in Cambodia After Meeting with Deputy Prime Minister

On October 16, 2023, H.E. Sun Chanthol, Deputy Prime Minister and First Vice President of the Council for the Development of Cambodia, accompanied Samdech Thipadei Hun Manet to attend the 3rd Belt and Road Forum in Beijing.

After the forum, PM Hun Manet traveled to Saudi Arabia to attend the ASEAN-GCC Summit, and H.E. Sun Chanthol continued his tour to major Chinese companies to persuade and encourage them to invest in Cambodia.

From the 20th to 21st, H.E. Sun Chanthol traveled to Guangzhou and Shenzhen to meet with the leaders of nearly 10 major Chinese companies in various fields, including BYD company, Is China's largest electric car manufacturer; Huawei company, a leading company in the field of digital technology; and Wanli Tires company, one of China's largest tire manufacturers.

The Deputy Prime Minister introduced the business environment and potential of Cambodia's economic development to the leaders and encouraged more Chinese companies to invest in Cambodia. Among them, many companies have announced that they will come to study and invest in Cambodia.

The following is a summary of H.E. Sun Chanthol's meeting with major Chinese companies:

Wanli Tires Announces Detailed Study and Feasibility of Opening a Tire Factory in Cambodia

On the 21st, H.E. Sun Chanthol met with Mr. Jing Guangjun, Deputy Director and General Manager of Guangzhou Industrial Investment Holdings Group (GIIHG), a member of one of the largest Chinese and global companies. The company also has a subsidiary of Wanli Tires, a tire manufacturer. During the meeting, H.E. Sun Chanthol introduced them to infrastructure projects in Cambodia that are conducive to investment and development.

After listening to the Deputy Prime Minister's explanation, Mr. Jing Guangjun expressed his satisfaction with the rapid growth of Cambodia's economy and said that the company had decided to study in detail how to establish a tire factory in Cambodia. The Deputy Prime Minister warmly welcomed the intention to invest in Cambodia and announced assistance to the study of the company so that the company can start investing, building a factory, and producing tires in Cambodia as soon as possible.

XDS plans to expand its bicycle plant in Bavet City to expand its production line

Ms. Chuqiao Li, Vice President of SHENZHEN XIDESHENG Bicycle Co., Ltd. (XDS), pointed out that the company's business in Cambodia has been expanding smoothly. To achieve the goal in the future, the company has expressed its vision to expand its factory located in Bavet City to be as large as the factory in Shenzhen.

BYD is ready to open a new car showroom in Siem Reap in 2024

According to sources, in 2023, BYD is building two service centers and two showrooms and is ready to open a new showroom in Siem Reap in 2024. The expansion will also provide an additional 300 job opportunities for Cambodia. In addition, the company will import more new cars to Cambodia.

Guangzhou Metro Group is interested in investing in the construction of the railway from Phnom Penh to Takhmao International Airport

Mr. Jianlong Ding, President of Guangzhou Metro Group, expressed interest in the potential for the construction of the railway in Phnom Penh and the connection from Phnom Penh to the new airport (Takhmao Techo International Airport), which will be commissioned in 2025.

Yuexiu Group plans to invest in various sectors in Cambodia

In a meeting with Mr.Zhaoyuan Lin, CEO of Yuexiu Group, the Deputy Prime Minister briefed on new developments and the potential for investment in Cambodia. The company has also expressed its intention to invest in Cambodia in the fields of transport infrastructure, real estate, and the agro-industry.

Yuexiu Group is a large Chinese company that invests in real estate, finance, agriculture, and modern transportation systems.

Xinyi Energy plans to invest in glass production in Cambodia

Xinyi Energy, one of the largest glass suppliers in China, is looking for investment opportunities in glass production in Cambodia, as it currently has 11 manufacturing plants across China.

After listening to the introduction of the potential and investment environment in Cambodia, Mr. Put Lee, President of Xinyi Energy, also expressed his determination to visit Cambodia on site to learn more about its strength and potential for production and to explore more opportunities to invest in Cambodia.

Investment in various sectors will enhance Cambodia's model of economic diversification and development.

Most of Cambodia's economic development sectors include agriculture, tourism, and manufacturing, while the development of emerging sectors such as digital technology and energy vehicles is still limited. If Cambodia can attract investment in more areas, it will promote the diversified development of the country's economy and the functioning of the digital society, as well as attract more investors, continue to strengthen the resilience of the country's economy, and achieve sustainable development. and promote competition.

In addition, Deputy Prime Minister Sun Chanthol's talks with representatives of Chinese enterprises in various fields also reflect the consensus on the cooperation achieved by the Chinese and Cambodian leaders. In particular, it is in line with the "Pentagon Strategy" set out by Samdach Thipadei Hun Manet and working with China to build a high-quality, high-standard Sino-Cambodian community with a common future in the new era.