Cambodian PM Wants 1+1 Formula for Foreign Investment

AKP Phnom Penh, September 29, 2018 —Prime Minister Samdech Akka Moha Sena Padei Techo Hun Sen of the Kingdom of Cambodia wanted to see the implementation of 1+1 formula for foreign investment.

While meeting President and CEO of the U.S.-ASEAN Business Council Mr. Alexander Feldman, in New York on Sept. 28 morning (local time in New York), on the sidelines of the 73rd Session of the UN General Assembly, the Cambodian Premier explained that the 1+1 formula means foreign companies, including those from the U.S., investing in an ASEAN country have the possibility to create factories in Cambodia, reported the National Television of Kampuchea (TVK).

For example, he added, Thailand+1 means American companies operating in Thailand can create factories in Cambodia.

Samdech Techo Hun Sen also mentioned about the Cambodia Industrial Development Policy 2015-2025 focusing on three main sectors – agriculture, industry and services, and about the country’s economic growth forecasted by ASEAN+3 Macroeconomic Research Office (AMRO) to be around 7.2 percent despite threat from global economic pressure.

For his part, Mr. Alexander Feldman spoke highly of the Cambodian Prime Minister’s support to the American companies in Cambodia such as Ford and Coca Cola, and praised the Cambodian youths for their capacity in response to the progress of digital economy.

He suggested Cambodia continue its open economic policy and its support for the ASEAN visa so as to boost capacity building, particularly increase the education quality in the ASEAN framework.

On the bilateral ties, both Samdech Techo Hun Sen and Mr. Alexander Feldman wanted to see better relations between Cambodia and the U.S. in order to expand the trade and investment potential.

By C. Nika