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ICBC latest Chinese bank to eye Kingdom

THE National Bank of Cambodia is set to sign a memorandum of understanding regarding the Kingdom launch of the Industrial and Commercial Bank of China.

In a meeting lasting over three-hours, which saw the government meet with delegations from the Industrial and Commercial Bank of China and China Oil and Foodstuff Corporation, officials said the signing would take place in December, when Cambodian Prime Minister Hun Sen would pay a state visit to the People’s Republic.

Sok Chenda, secretary general of Council for the Development of Cambodia, said: “Related to opening a branch in Cambodia, I know ICBC’s delegation wants to meet National Bank of Cambodia tomorrow morning.”

Deputy General Manager of ICBC Liu YangPing said through an interpreter that her bank aimed to open in Cambodia as the economy progressed.

During the meeting, held at CDC headquarters, officials from the Ministries of Agriculture, Commerce, Finance, Tourism and Chinese delegations highlighted opportunities for the importation  of Cambodian rice.

Vong Seyvisoth, secretary of state for Ministry of Finance, said Cambodia produced a lot of the agricultural products, but Vietnam and Thailand bought the majority.

Sok Chenda added that various MoUs were due during the China trip, including an agreement regarding the Sihanouk province Special Economic Zone.

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