HK firms enter Cambodia

HK firms enter Cambodia

PHNOM PENH (AFP): Two Hong Kong companies have signed a 35- million-dollar joint venture deal to construct Cambodia's largest cement factory, reports said yesterday.

Land Regent Ltd. and Wing Group Co. Ltd. will have a 70 percent stake in the factory with Cambodia's Angkor Cement Ltd. holding the remaining shares, the reports said, citing Minister of Industry Pou Sothirak.

The three-phase project is expected to be completed by 2003 when the factory will produce 500,000 tons of cement per year and employ 1,200 people in Cambodia's southern Kampot province.

Government officials hailed the deal as a sign that foreign businesses are returning to Cambodia following a drastic drop in outside investment after fierce factional fighting in July which effectively ousted co-premier Prince Norodom Ranariddh.