Cambodian to have bright future

Cambodian to have bright future

PHNOM PENH (Reuter): Cambodia's First Prime Minister Prince Norodom Ranariddh said yesterday 28,000 jobs had been created by new foreign investment in his country since August and more investment was being planned.

"I think the future of Cambodia is very bright. I sign every week more than 10 investments," Ranariddh told diplomats, government ministers and foreign businessmen at the inauguration of a Malaysian-owned garment factory.

More than US$2 billion of investments have been made since the country's parliament adopted a foreign investment law last August, he said.

"This law has been well received by national and international investors," he said.

"Five months after this law (was) passed by the National Assembly more than $2 billion of invested capital has been committed which will create more than 28,000 jobs for the people of Cambodia," he said.

He promised to eliminate the red tape that delays foreign investment.

Chia Weng Leong, group financial controller of Cambodia Garments Ltd., which invested $8 million in the factory, also praised the new investment law.

"There's a better law now giving more benefit to foreign investors," he told reporters. "Now you can see everything is so much better."

His factory, which will export garments to Canada, Australia and the United States, employs more than 800 Cambodians and the work force was expected to rise to 1,500 by June, he said.