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Logo of Phnom Penh Post newspaper Phnom Penh Post - Govt backs deals with Prague and Kuwait

Govt backs deals with Prague and Kuwait

IN a nearly unanimous vote, parliamentarians at the National Assemby approved bilateral pacts  with Kuwait and the Czech Republic, Heng Samrin, president of the National Assembly announced Wednesday.

The Cambodian government,  in the deals known as Promotion and Reciprocal Protection of Investments Agreements, pledged to supply business licences to Kuwaiti and Czech nationals, ensure security of their businesses and to avoid government corruption.

In return, Keat Chhon, minister of economy and finance, said he hoped Kuwait would share its expertise in the oil and gas industry to improve Cambodia's energy infrastructure.

Chheang Vun, chief of the National Assembly Commission on Foreign Affairs said at the meeting that he expected the agreements would attract investors from Kuwait and the Czech Republic. "They will provide many jobs," he added.

The Cambodian government has already signed similar agreements with more than 20 other countries including Russia, Korea, China, Vietnam and Thailand.

During the meeting at the National Assembly on Wednesday, Keat Chhon said that once the agreements have been approved by the King, Cambodia will be better able to expand the agricultural sector by exporting more products to the Middle East and Europe.

The leader of the opposition party, Sam Rainsy, criticised the Cambodian government for promising economic land concession licences without investigating foreign companies. "Many ... do not do anything for Cambodia but destroy our natural resources," he said.

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