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.