The Indian government is setting up a project development company to facilitate investment in Cambodia’s private sector by Indian firms, the country’s ambassador to Cambodia said Monday.
Dinesh Patnaik said the hospitality and agriculture industries were among those that could potentially benefit from the scheme, which he estimated would take about a year to begin.
“The development company is an independent government agency who will work as facilitator and help Indian companies to set up businesses in Cambodia, Laos, Vietnam and Myanmar,” Mr. Patnaik said.
“It will also conduct research to find out the potential sectors in those countries that could benefit from investments.”
The proposal—part of India’s “Act East” policy, which aims to foster economic and strategic ties with Southeast Asia—was announced by India’s Finance Minister, Arun Jaitley, the Economic Times newspaper reported Monday.
Commerce Minister Sun Chanthol said he had not been officially briefed on the matter by his office and therefore could not comment.