U.S.-based global company General Electric (GE) has officially opened a branch office in Cambodia, showing interest in the nation's natural resources and confidence in its investment climate, local media reported on Tuesday.
"We are very interested in Cambodia. Our internal findings have shown strong potential in four main sectors: healthcare, oil and gas, energy, and water, which best suit GE," GE International President and Chief of Executive Officer Ferdinando Beccalli-Falco was quoted by Cambodian daily newspaper the Rasmei Kampuchea as saying here on Monday.
GE goes where there has already been growth and there is currently much expansion in Cambodia driven by garment exports, infrastructure construction, and growth in consumption and tourism, he said.
A great deal of multipartite aid and loans are flowing into Cambodia to support the growth and the probability of the discovery of huge deposits of oil and gas will help Cambodia fund its growth in the future, he added.
GE's new office in Cambodia will be part of its regional network and "we need the public to support our growth plan, so we inaugurate the branch office today," said GE Thailand and Cambodia President Pornlert Lattanan.
With operations in five other ASEAN (the Association of Southeast Asia Nations) countries since the 1960s, GE expects that Cambodia will contribute to its six billion U.S. dollars annual income in the Southeast Asian region.
"GE has increased by 20 percent annually in the Southeast Asian region and we expect to have similar growth in Cambodia," added Pornlert Lattanan.
Foreign Direct Investment (FDI) in Cambodia has increased by 30 fold over the past four years and the service industry has increased more than two-fold over the past five years, according to official figures.
Source: Xinhua
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