Cambodia: Taiwan firm keen to invest in agri-food, automotive sectors

Far East Trade Service Inc Phnom Penh (FETPP), a Taiwanese company operating under TAITRA, is exploring opportunities to expand its investment in the agri-food, industry and automotive sectors with the assistance of the Council for the Development of Cambodia (CDC) for economic mutual interest.

Suon Sophal, Deputy Secretary General of the Cambodian Investment Board (CIB) of CDC on Friday received a courtesy call from Chen I-Hua, a newly appointed Chief Executive Officer of FETPP.

During the meeting, Sophal warmly welcomed Chen and the delegation for spending time exploring more investment opportunities as well as congratulated her on becoming the new CEO of the company.

Sophal apprised the efforts of the Royal Government of Cambodia (RGC) in improving the investment environment aimed at creating an open legal framework to facilitate international investors as needed.

Chen appreciated the RGC for its constant support and has always been committed to facilitating and maintaining foreign investment in the past until today.

She expressed commitment to explore the possibility of investing in other potential sectors which are currently being promoted by the RGC.

In the course of the discussions, Sophal also highlighted the duty of CDC to promote and attract investment in the industry and agro-food sectors as well as the implementation of roadmaps for the development of the automotive and electronic sectors to lure even more foreign investors into the Kingdom.

According to FETPP, the dialogue aimed to strengthen potential future business partnerships by expanding investment projects between Taiwanese and Cambodian enterprises for mutual economic benefits.

Hor Sereyvath, Chairman of ID Capital Plc told Khmer Times, “Rice, pepper and cashew are the flagship products which can be found in Battambang, Pursat and Kampong Chhnang which require advance processing facilities to meet the buyer standard and consumer demand as they usually were exporting to European countries and the United States and this is why the government need investment to promote the agri-food sector.”

He said that regarding the automotive sector, Cambodia is trying to transform the use of fuel vehicles into electric vehicles (EVs) as the nation cannot refine its fuel and must depend on imports from other countries.

On the other hand, this is a good opportunity for hotels, restaurants and local investors who are keen on investing in building the charge stations as the government is attracting more and more electric vehicle companies to invest in the Kingdom, Sereyvath added.

Based on FETPP, TAITRA –Taiwan External Trade Development Council – officially set up the branch office in Cambodia under the name of Far East Trade Service Inc. Phnom Penh in February 2020 and this is the 64th overseas branch to echo Taiwan’s new southbound policy which was initiated to strengthen the relations with its neighbours to the South.

FETPP is dedicated to facilitating bilateral trade between the two nations and one of the company’s missions is to be a reliable partner in supporting every Cambodian corporation to access world-class suppliers in Taiwan.

Source: Khmer Times