Kampong Speu provincial governor Vei Samnang has pledged to attract more investment to his province. Samnang announced that he would lead a provincial delegation to Hong Kong later this month to discuss business opportunities in the Kampong Speu.
He believed that the visit would attract foreign investors to open factories in the province, creating jobs and boosting the local economy.
“We have already received the approval of the prime minister to make the trip. We want to impress the peace we enjoy in Cambodia as a sound reason to invest,” he said.
“They dare not invest in countries that are experiencing political instability, even if labour costs are low. Our wages may be slightly higher, but this is offset by how stable the Kingdom is,” he added.
He said provincial authorities at all levels had always made it easy for domestic and international investors to take advantage of the benefits of doing business in Kampong Speu.
“Our close proximity to the Preah Sihanouk port makes the province an excellent location to build new factories. I expect that our trip will reap significant rewards,” he added.
“More factories and large enterprises create more jobs for our people and generate decent income for their families. This also contributes to a reduction in poverty and reduces illegal migration,” he continued.
Cambodia Chamber of Commerce (CCC) vice-president Lim Heng said Kampong Speu is ripe for investment, as it is close to the capital and also to the Kingdom’s flagship deep-water port.
“In addition, the province seldom experiences natural disasters,” he added.
He explained that as the investment in factories and enterprises in the province had grown, the province had experienced a labour shortage.
“I think several workers factories in Phnom Penh or nearby provinces have temporarily closed due to the international economic downturn. Those workers should relocate to Kampong Speu and look for new positions,” he said.
Samnang said the province has more than 380 medium- and large-scale factories, which employ a total of over 15,000 workers.
