Biz News Flash

China seeks to expand trade ties with Cambodia

(Xinhua)
Updated: 2011-05-24 14:36

PHNOM PENH -- China sees Cambodia as one of the potential trade and investment partners among the Association of Southeast Asian Nations (ASEAN) and pledges to boost closer economic ties between the two countries, said a senior Chinese official on Tuesday.

During a meeting with Cambodian Prime Minister Hun Sen, Wan Jifei, visiting chairman of China Council for the Promotion of International Trade and president of China Chamber of International Commerce, said that his visit to Cambodia was to boost closer cooperation between China and Cambodia on trade and investment.

He has brought with a number of large Chinese companies to explore trade and investment opportunity in Cambodia.

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"China is pleased to encourage Chinese investors to Cambodia in order to help Cambodia in its efforts for national development," he said.

Meanwhile, Prime Minister Hun Sen said, "To date, China is the largest investor in Cambodia," and that most of Chinese investments here are in infrastructure development, hydro-power dams, mineral resources exploration, irrigation system, and garment industry.

"These investment projects are very vital for sustainable and long-term development of Cambodian economy," he added.

According to the report from the Council for the Development of Cambodia, China is the largest investor in Cambodia with the accumulative investment of $8 billion by the end of 2010.

Hun Sen said that Cambodia would try to boost bilateral trade with China to $2.5 billion in 2012 from $1.4 billion in 2010.

Wan Jifei will also hold meeting with Cambodian Minister of Commerce Cham Prasidh and officials at Cambodian chamber of commerce on Tuesday afternoon on trade and investment cooperation opportunity.