Cambodia reports rise in new business registrations

PHNOM PENH, June 21 (Xinhua): Cambodia's Ministry of Commerce said Friday that it has granted operating licenses to 1,676 new firms in the first five months of 2014, up 55 per cent as compared with the 1,084 companies for the same period last year.

Foreign businesses accounted for 749, up 46 per cent, while local firm registrations saw a 62 per cent rise to 927.

Ken Ratha, the spokesman for the Ministry of Commerce, said most foreign companies are run by Chinese, South Koreans, Japanese and Vietnamese, adding they are doing businesses mainly in garment, footwear, agriculture, agro-industry, tourism, construction and real estate.

"The increase in new businesses clearly shows the country's good security and political stability in combination with favourable business environment for investors," he told the news agency. "The growth also demonstrates investors' confidence in Cambodia's situation even though a political dispute over election results in July last year remains unsolved."