French companies eyeing to invest in Cambodian garment, textile sectors

YarnsandFibers News Bureau 2017-09-27 17:00:00 – Phnom Penh

Cambodia’s economic rate is rapidly growing in Southeast Asia with a substantial labour force, abundant natural resources and a favourable location for ensuring long-term investment, through FPI, France will gather more than 300 French companies and private enterprises to study the feasibility of investing in Cambodia in the near future in the garment, textile and agriculture and tourism sectors, said Jean-Pierre Raffarin, France’s former prime minister who is now a senator and president of FPI, on Thursday.

The French investment will help Cambodia’s exports to the EU grow more and more, especially in the purchase of garments, textiles and agricultural products.

Cambodian Commerce Minister Pan Sorasak addressed the French Senate said that the kingdom had over the years maintained an average GDP growth rate of about 7 percent and was constantly striving to create a better business environment for investors.

Also present at the French Senate were several diplomats and key industrialists. Mr Sorasak led a delegation to the Apparel Sourcing Paris 2017 exhibition that was held from September 18 to 21. Also in the delegation was Van Sou Ieng, president of the Garment Manufacturers Association in Cambodia (GMAC).

Mr Sorasak told the French Senate that the European Union’s “Everything but Arms” policy allowed Cambodia to export all kinds of goods to the EU without paying any tariffs or taxes.

They invited all French companies to continue their good cooperation with Cambodia and to further invest in their country’s industries that manufacture garments, textiles, footwear, agricultural products and other potential products.

GMAC president Mr Sou Ieng said that his association was working closely with the Ministry of Commerce to get access to more apparel markets.

Even though most of their exports go to Europe, they are striving to expand their markets further. This year they brought nine Cambodian companies to the fair in Paris.

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