Northeast China firms eye local agribusiness opportunities

Riding the wave of warm bilateral relations, businesspeople and public officials from China’s Liaoning province, in the northeast, are in Cambodia exploring opportunities in agribusiness.

At the Cambodia-Liaoning Trade Promotion Event, held yesterday at Phnom Penh’s The Great Duke Hotel, the Chinese delegation met with potential Cambodian business partners in the agriculture sector.

The event aimed to bolster trade and investment between the Kingdom and the Chinese province as well as revitalise Northeast China’s sluggish industrial sector, said Song Yanlin, director of Liaoning’s department of commerce.

It also sought to capitalise on warm bilateral relations between the Chinese and Cambodian governments, which present tempting opportunities for cooperation and mutual development, he added.

Organised by Liaoning’s department of commerce and Hong Kong’s Sunwah Group, the forum was attended by Chinese ambassador Wang Wentian as well as senior Cambodian commerce and agriculture officials.

“The success of this event will enable commercial enterprises in both countries to understand each other better, including their needs and capabilities, with the ultimate goal being to develop new business partnerships,” Mr Song said.

Cambodia is a very desirable investment destination for agribusiness firms in Liaoning province looking for opportunities abroad, representatives of the Chinese delegation said.

Johnson Choi, Sunwah’s executive director, said, “Cambodian agriculture businesses are well-positioned to establish strong business alliances with partners in Liaoning province.

“The economies of both Cambodia and Liaoning are poised for further growth, given strong and expanding investment in agriculture, as well as other sectors.”

China has long been Cambodia’s top trade partner and exporter. In 2018, trade between the two countries equalled $7.39 billion, up 27.6 percent compared to 2017, according to figures from Liaoning’s department of commerce.

Chinese investment in Cambodia reached $6.8 billion in 2018, a 7 percent year-on-year increase, Prime Minister Hun Sen said in January.