Page 32 - ELITE PLUS MAGAZINE VOL9

Penh earlier this year, and more Thai investors are likely to follow.“The first thing investors need to know is that Cambodia is fully at peace,” said Ambassador Sophea. “I can assure you that we have the best investment laws and policies in the region. We provide generous incentives and our economy is growing. We have a growing middle class. So our population becomes stronger in terms of purchasing power.”For investment in Cambodia, Thai companies can take advantage of low-cost labour and generous incentives, such as land leases up to 99 years, tax holidays up to nine years and tax exemptions for construction materials for building factories and the right of foreigners to buy condominiums.Potential sectors for Thai investors are tourism, agriculture, infrastructure construction and energy. “I am reallyimpressed by Thailand’s strength in hospitality, which can be put to use in Cambodia.”Tourists to Cambodia number some 4 million a year, and investment in hospitality from Thailand could help strengthen tourism in both nations. In June, Cambodia and Thailand joined forces to increase foreign and inter-ASEAN tourism under the “Two Kingdoms, One Destination” tourism pact, which will promote the exchange of foreign travellers and facilitate travel between the nations.Agro-industry is a sector in which the Cambodian government is encouraging investment. Cambodia is an agricultural export country, but most exports are raw materials. Thai investors could open farming and food processing factories in Cambodia and profit from the low cost of labour and other incentives.This year is an important one forthe two countries. On December 19, they will celebrate 65 years of diplomatic relations. There will be high level state visits, with Prime Minister Hun Sen expected to visit Bangkok. In terms of business promotion, seminars on investment will be held in both Thailand and Cambodia.Cultural cooperation has already progressed far. In June, Chandrakasem Rajabhat University held a “Khmer Food Festival” in the garden of Chatuchak Market. The event drew visitors eager to sample authentic Khmer recipes. In August, the univer- sity also launched Thai and Khmer language versions of the folk tale Manee Mekkala. The fable of the goddess of the sea is well known in both countries, and the bilingual versions will be used in language classes and as a showcase of cultural affinity.30 Elite+