Japanese Investment in Cambodia through QIP reached US$2.9 billion according to the Cambodia-Japan Joint Committee recently held its 23rd working meeting, which over presided by the Secretary-General of the Cambodia Development Council (CDC), Sok Chenda Sophea, and Masahiro Mikami, Japanese Ambassador to Cambodia. Cambodia and Japan will further strengthen economic and trade cooperation and encourage more Japanese companies to invest in Cambodia.
Ambassador Masahiro Mikami said that the Cambodian government and relevant departments and Japanese investors need to continue to maintain good cooperative relations in order to assist Japanese companies to succeed in business and investment in Cambodia. At the same time, it will attract more Japanese investors to invest in Cambodia to promote the economic development of the two countries.
The main topics discussed at this Cambodia-Japan Joint Committee Working Meeting include seniority compensation, withholding tax and VAT refund, logistics (cross-border freight by land), electricity price reduction and blackout, and importation of cars by unauthorized persons.
The Cambodia-Japan Joint Committee was established under the framework of the Cambodia-Japan Investment Liberalization, Promotion and Protection Agreement, which was signed by Prime Minister Hun Sen and former Japanese Prime Minister Shinzo Abe on June 14, 2007. As of January this year, the Cambodia Development Council has approved a total of 147 qualified investment projects (QIP) by Japanese companies, with a cumulative investment value of about US$2.9 billion.
Ambassador Masahiro Mikami expressed his high appreciation and gratitude to relevant Cambodian authorities for their long-term attention to and solving the problems and challenges raised by Japanese investors. Sok Chenda Sophea also thanked Japanese investors for continuing to trust Cambodia and continue to invest in Cambodia, emphasizing that national peace and political stability are conducive to creating a favorable investment environment. In addition, the Japan External Trade Organization (JETRO) and Mizuho Bank jointly held a public meeting on the new Investment Law on November 11 last year and achieved considerable results.
At the same time, he also appreciated the investment activities of all Japanese investors in the non-textile manufacturing industry, which have played an important role in the diversification of Cambodia’s economy and the development of Cambodia’s human resources. He also said that Cambodia promulgated a new Investment Law on October 15 last year to assist Cambodia in attracting investment and promoting economic recovery after the COVID-19 crisis.
In addition, he also mentioned that the meetings between the leaders of the two governments have made the relationship closer, such as the phone call between Prime Minister Hun Sen and the Japanese Prime Minister on December 1 last year, and the recent visit to Japan by Cambodian Deputy Commander-in-Chief of the Royal Army and Commander of the Army, Hun Manet.
