China Mulls More Investments in CambodiaS. Korean firm included in new U.S. sanctions package for Russia’s war against Ukraine

Wuxi Capital Group Co., Ltd. of China is interested in investing in Cambodia, especially in the Preah Sihanouk province’s Special Economic Zone (SEZ).

Mr. Zhang Weimin, Vice President of the Board of Directors of Wuxi Capital Group Co., Ltd., unveiled the intention during a meeting with Mr. Long Dimanche, Deputy Governor of Preah Sihanouk province in Sihanoukville on Feb. 22.

He said that the Chinese firms will cooperate with Wuxi to invest in Cambodia’s SEZ, as Wuxi city and Jiangsu province have allied with Sihanoukville and Preah Sihanouk, respectively.

Mr. Long Dimanche welcomed the firm’s investment intention and appreciated China’s contribution to Cambodia’s investment in all sectors.

The deputy governor briefed his guest about Preah Sihanouk province’s investment potential, economic and geographic situation, vision of a deep-sea port, railway development plan, as well as the master plan to transform the province into a multi-purpose model special economic zone.

The province has been diversifying
its economy and is expected to become an international trade and logistics centre, an international multi-modal goods transport centre, an international financial centre, a luxurious tourism site, and a smart city in Cambodia.

Cambodian Prime Minister Samdech Moha Borvor Thipadei Hun Manet will launch a special programme to promote the province’s investment in 2024, he added.

Source: Agence Kampuchea Presse

The U.S. government on Friday announced a massive sanctions package, including one against a South Korean company, for Russia’s ongoing war against Ukraine and the recent death of Russian opposition leader Alexei Navalny.

In the Federal Register, the Bureau of Industry and Security under the Commerce Department posted the addition of 93 entities to its trade restriction list, which included Daesung International Trading, the South Korean firm located in the southeastern city of Gimhae.

Earlier, President Joe Biden announced more than 500 new sanctions against Russia for its war in Ukraine and the death of Navalny.

“These sanctions will target individuals connected to Navalny’s imprisonment as well as Russia’s financial sector, defense industrial base, procurement networks and sanctions evaders across multiple continents,” he said in a statement.

“They will ensure Putin pays an even steeper price for his aggression abroad and repression at home,” he added.

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