Japanese seek energy investments
Release Date: June 23, 2017
A number of Japanese companies have their eyes on Cambodia’s energy and gas sector, an opportunity welcomed by the government which has asked for studies to be carried out before any investment can be made.
The call came after Commerce Minister Pan Sorasak met Professor Fumio Hoshi, senior adviser to the Sumitomo Mitsui Banking Corporation, on Monday to discuss investment ideas.
Professor Hoshi said energy was a key issue in attracting investment. He added that before coming to Cambodia, he had met a number of Japanese companies who had expressed strong interest in investing in the energy sector.
“A number of options have been studied, including using fuel generators in place of coal-powered plants, solar energy and the construction of a transmission line carrying affordable electricity generated in Laos,” Mr Hoshi said.
Commerce Minister Pan Sorasak said the government fully supported the initiative. He asked Mr Hoshi to continue advocating investment opportunities in Cambodia to the Japanese business community.
“Many Japanese companies have already made successful investments in Cambodia with special preferences provided to companies investing in special economic zones,” Mr Sorasak said.
“Many more Japanese companies will come and invest in Cambodia in the near future.”
Victor Jona, director-general of the Ministry of Mines and Energy, said Japan had invested in many projects, especially in the special economic zones.
He said that now an increasing number of Japanese companies were entering the Cambodian market and creating many jobs.
Most Japanese investors and companies were interested in the energy and gas sector.
“We welcome Japanese investment and we do not discriminate against investors,” Mr Jona said.
“If there is investment from Japan, it will contribute to boosting the economy and living standards of the people.”
He said that Cambodia still had some blocks for exploring gas offshore, and the government had given some blocks to US companies to explore.
If Japanese companies were interested in offshore gas exploration the government would allow this but they would have to carry out studies first.
Mr Jona said Sumitomo Mitsui Banking Corporation proposed that Japanese businesses invest in the energy and gas sector. The bank wanted to lend to these investors but had to attract them first.
Source From: Khmer Times
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