Malaysia firm mulls Cambodia

[PHNOM PENH POST]

MALAYSIA’S Mutiara Group International is considering opening an international hotel and supermarket in Cambodia, Chairman Christopher Soo says.

Speaking at a meeting with Commerce Minister Cham Prasidh last week, he said the firm was interested in the Kingdom’s tourism potential.

“Our intention today is firstly to assess the possibility of  investing in an international-standard hotel and commercial market in Phnom Penh,” Soo said.

Mutiara Group, which has listed companies in Australia, China and Hong Kong, claims its annual turnover is $1 billion.

The Commerce Minister highlighted Cambodia’s open economy and foreign ownership rules at the meeting.

Tourism Minister Thong Khon said Phnom Penh could use more hotels to meet the rapidly expanding demand created by tourism.

“We still lack international-standard hotels in Phnom Penh, as the number of foreign tourists has increased dramatically in recent months,” Thong Khon said.

Currently, the Kingdom’s capital had about 7,000 hotel rooms, he said. “We need more five- star hotels to complement the rise in demand.”

Council for the Development of Cambodia figures show investments totalling $167 million were approved in 2010, making it the third largest source of foreign investment in Cambodia during that period.