PHNOM PENH: Prime Minister Datuk Seri Ismail Sabri Yaakob’s official visit to Cambodia is much-awaited by the Malaysian business community here as it will further enhance bilateral ties between both countries, especially in trade and investment in the young and booming economy.
“This is a much-awaited visit by the Prime Minister. It is the right time for the Prime Minister to come as Cambodia has recently, with the help of several countries, including Malaysia, introduced a new law on investment,” said Malaysia’s Ambassador to Cambodia Eldeen Husaini Mohd Hashim.
The new law focuses on facilitating foreign direct investment (FDI), especially in reducing red tape, which is an opportunity that Malaysian businesses should tap on, he told Malaysia media here.
It also provides for facilitation, through tax exemptions, incentives and investment protection packages.
Malaysia is the third largest investor in Cambodia with FDI worth US$3.53 billion (US$1 = RM4.18) between 1994-2020, just behind China and South Korea. Malaysia’s investments are mainly in the banking, telecommunication, power generation, and entertainment sectors.
“Hence, the Prime Minister’s official visit can be considered a good sign that Malaysia is ready to invest more in Cambodia and that is welcomed by the Cambodia government,” he added.
The maiden visit by Ismail Sabri as Malaysia’s Prime Minister is upon the invitation of his counterpart, Cambodia’s Prime Minister Samdech Techo Hun Sen.
The Malaysian Prime Minister is expected to arrive in Phnom Penh today at the Phnom Penh Cambodia International Airport. The premier will be received by the Senior Minister of the Prime Minister’s Department Datuk Othman Hassan, representing the Cambodian government.
Ismail Sabri will be accompanied by Foreign Minister Datuk Seri Saifuddin Abdullah, Senior Minister of International Trade and Industry Datuk Seri Mohamed Azmin Ali, Deputy Minister of Federal Territories Datuk Seri Jalaludin Alias, Risda chairman Datuk Seri Mohd Salim Mohd Sharif, and senior government officials.
Among other events, on the first day, the Malaysian Prime Minister will attend a dinner with Keluarga Malaysia in Cambodia and also meet the Malaysian business community.
Eldeen Husaini said there are about 5,000 Malaysians residing in Cambodia, of which about 2,000 are in the capital Phnom Penh, mainly involved in various businesses since 1994.