Cambodian Citizenship Deal

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Time to Invest in Cambodia

 

By Yoon Won-sup

Staff Reporter

 

Chea Vandeth, chief of Cabinet and advisor to deputy prime minister

PHNOM PENH, Cambodia _ Cambodia, where tourism has been mushrooming

thanks to the Angkor relics, attracting foreign investment with a

variety of incentives, a senior official of the Cambodian government

said.

``We have now political stability, which is an essential condition for

foreign investment,'' Chea Vandeth, chief of Cabinet and advisor to

Deputy Prime Minister Sok An, said in an recent interview with The

Korea Times.

 

Chea meant that investment in tourism and infrastructure is growing

fast as demand grows. In terms of the number of foreign travelers to

Cambodia, the Southeast Asian country enjoys 50 percent increase every

year.

 

``In 2008, over three million foreign visitors are expected to come to

Cambodia to see the time-honored temples in the Angkor region,''

Chea said. ``So it is the best time to invest in Cambodia to create

facilities for tourists.''

 

Among other things, he picked cheap labor as a great benefit for

foreign investors. Chea thought that first investors would benefit the

most because the world is just opening its eyes to the great potential

of Cambodia.

 

Moreover, any foreigners who invest over $400,000 in Cambodia is

entitled to Cambodian citizenship for the sake of convenient investment

activities, Chea added.

 

``In several years, investment will be too late as the price of labor

and land will go up in the future,'' he said.

 

He stressed that entertainment facilities for Korean tourists are

necessary given that the largest number of visitors to Cambodia come

from Korea, followed by visitors from Japan and China.

 

Actually, there are already many hotels and new hotels under

construction to accommodate swarms of coming travelers in Siem Reap

where famous Angkor Thom and Angkor Wat are located. So he supports the

idea of ``tourism diversity.''

 

``We need facilities other than hotels, especially in Siem Reap,''

he continued. ``For example, theaters, theme parks, water parks,

resorts karaoke bars, museums, international conference centers and so

on.''

 

Lastly, he said the earlier the investment is made the better for the

investors in terms of gains.

 

yoonwon...@koreatimes.co.kr

 

12-29-2005 20:52

 

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