Speeches
Remarks by U.S. Ambassador Joseph A. Mussomeli, Opening of GE Branch Office in Phnom Penh
Phnom Penh
July 23, 2007
Deputy Prime Minister Sok An, GE International President and CEO Nani Beccalli Falco, GE Southeast Asia President Stuart Dean, honored guests:
What a pleasure to be here today to celebrate the opening of this branch office--a great day for both GE International and Cambodia.
Not long ago Cambodia was considered too risky a place for foreign investment, and only the most adventurous Western entrepreneurs and companies would think of opening a business here. But foreign direct investment has been growing by leaps and bounds in Cambodia, reaching $425 million last year--a tremendous achievement.
The Cambodian government and the Cambodian people deserve much of the credit for this dramatic turnaround. The government has made important reforms to make it easier for businesses--foreign and Cambodian-owned--to operate here. Customs administration reforms have made it easier for Cambodia to trade with other countries. Cambodia's decision to impose 30- and 45-day limits for the issuance of construction permits and shorten the length of time that government offices have to respond to proposed building designs are examples of ways Cambodia has streamlined its licensing and permit approval process. Similarly, the friendliness, tolerance, and industriousness that are characteristic of the Cambodian people make this a very welcoming country for investors and tourists alike. Of course there is more to be done if Cambodia is to compete with neighboring countries. It must develop a more skilled workforce and improve legal protections for businesses. The rule of law must become central to Cambodian society and Cambodian business. But this celebration today is an outstanding example of how the efforts already made by Cambodia have borne fruit.
While many Americans may not realize that GE has a large presence outside the US, in fact the company is growing twice as fast in non-American markets. GE has long been a corporate pillar in Southeast Asia, with more than 50 years of doing business in the region, 20% annual growth for the past several years, and more than 10,000 employees in the region. And while many companies are solely focused on China and India as Asia's economic engines, we're delighted that GE is recognizing the potential of emerging economies such as Cambodia.
Cambodia is rightly proud of having one of the world's fastest levels of economic growth for the past two years. Increased levels of foreign investment will be key to Cambodia's continued economic growth. The fact that an American company as prestigious as General Electric is opening an office in Cambodia illustrates the promising investment opportunities that exist here. Cambodia is open for business, and we hope that many more American companies will follow in GE's footsteps.
