PHNOM PENH – Hong Kong Chief Executive John Lee Ka-chiu has urged more Cambodian enterprises, including those in the new economy, to go public in the special administrative region and gain stronger exposure to Chinese mainland investors.
Lee spoke at a dinner with business leaders in Cambodia’s capital, Phnom Penh, on Tuesday evening on the second leg of a six-day tour of three member states of the Association of Southeast East Asian Nations.
Leading a delegation of senior SAR government officials and prominent business figures, Lee ended a two-day visit to Laos on Monday and will proceed from Cambodia to Hanoi and Ho Chi Minh City in Vietnam, where he’ll stay from Wednesday to Friday before returning to Hong Kong.
Lee said Hong Kong, as the only world-class city enjoying the advantages of the Chinese mainland and the world, can leverage its highly-developed connectivity with the Chinese market, unique role in conducting offshore renminbi transactions, and its fundraising and legal services to forge closer ties with Cambodia.
ALSO READ: CE embarks on ASEAN visit with delegation in Laos
“We are keen to share Hong Kong's experience of its economic transformation with our friends here in Cambodia. Working together, we can pursue opportunities in technological development and high value-added services in this era of transition."
Saying that Cambodia’s burgeoning manufacturing sector and growing skilled workforce have positioned it as an attractive destination for a world of investors, Lee said a lingering disruption in supply chains, accelerated digitization of manufacturing processes, and a shift to more regionalized trade and logistics patterns are the new challenges to adapt to.
He said the disruptions in supply chains, increased digitization in manufacturing, and the growing trend of stronger regional trade and logistics patterns have presented new ground for Hong Kong and Cambodia to tap into, and this call for timely cooperation among partners in the region.
“We’re committed to joining hands with Cambodia and maximizing the unique advantages of our economies to thrive together,” Lee said identifying Cambodia as a traditional superpower in the textile and garment industry.
The HKSAR is going to house the headquarters of the International Organization for Mediation, he said, adding: “I am pleased to note that Cambodia was among the signatories in establishing the organization. It is set to become the world's first such organization dedicated to the settlement of international disputes through mediation.”
Identifying it as a significant development that makes good use of Hong Kong's bilingual common law system, he said it strengthens the SAR’s position as an international legal and dispute resolution services center.
Lee also said the Guangdong-Hong Kong-Macao Greater Bay Area presents new and exciting opportunities for Cambodian businesses, adding, “Hong Kong is your best connection point to this economic super-zone.”
Lee and his delegation were welcomed by Chinese ambassador to Cambodia Wang Wenbin on their arrival in Phnom Penh on Tuesday afternoon.
The CE expressed his gratitude for the embassy’s support for exchanges between Hong Kong and Cambodia, as well as its assistance to Hong Kong residents in the country.
Wang said that Leung Chun-ying, vice-chairman of the National Committee of the Chinese People’s Political Consultative Conference and Hong Kong’s former chief executive, had left Cambodia hours ahead of Lee’s arrival.
READ MORE: HK, Laos sign 12 deals on Lee’s visit
As the founder of the humanitarian-aid organization GX Foundation, Leung was in Cambodia for a ceremony marking the completion of the foundation’s Cataract Blindness Elimination Program in Prey Veng province and the launch of a new dengue-control project in Kampong Speu province.
Wang said the two visits show the importance the SAR attaches to building up closer relations with Cambodia and promoting China-Cambodia cooperation.
The CE also said that he looks forward to working closely with Wang to strengthen the economic and trade relations between the Chinese mainland, Hong Kong and Cambodia.
The delegation also visited Canadia Integrated Group, which runs Cambodia’s major commercial lender Canadia Bank, and was briefed on the bank’s operations by its chairman, Pung Kheav Se.
Wang Zhan contributed to this report
Contact the writer at williamxu@chinadailyhk.com
