PHNOM PENH: Prime Minister Hun Sen has confirmed his position to investors that no matter how small or large a company is when coming to invest in Cambodia, he will guarantee priority to the first company that comes.
Speaking at the graduation ceremony for students of the University of Puthisastra in Phnom Penh on Wednesday morning, 17 August, Prime Minister Hun Sen revealed that a large company planning to invest in motor manufacturing in Cambodia requested the Royal Government to cancel its contract with the Japanese corporation, MinebeaMitsumi Inc., who came to invest in Cambodia first.
In response, the Prime Minister told this company that he cannot do that.
“I told them I do not care which fish is smaller or bigger, I ate whichever fish that came first, this is my point," he said.
He further added, "If I wait for you as a big company to come and I reject a small company’s investment, this is not the way Cambodia has done things since before. Cambodia has its phases, and when the phases are insecure, there are only some investors who dare to come, so we must welcome those who dare to come and not wait for companies that come during easy times. They say we do not welcome investors, what about when Cambodia was experiencing difficult times, why not come then? It’s like this. In addition, if I cancel the contract for this company, the next day I can also cancel the contract for your company.”
MinebeaMitsumi Inc. is a Japanese multinational corporation and a major manufacturer of machinery components and electronic devices. In 2010, the company established a subsidiary in Cambodia to produce electronics, opening production in 2011. The company has about 9,000 employees.
The Prime Minister will attend the 10th anniversary of the establishment of this company in Cambodia on 1 December 2022.
To date, there are a total of 1,947 factories operating in Cambodia, employing a total of more than 1 million people (1,044,226), including nearly 800,000 women (793,028), with total investment reaching more than US $15 billion.