The Council for the Development of Cambodia (CDC) heaped praise upon China yesterday for its continual support of the Kingdom, claiming that without its investment the local economy would never have managed to take off.
CDC Secretary-General Sok Chenda Sophea, speaking at the 14th Chinese-Asean Expo (CAEXPO) in Nanning, China, said that Cambodia’s economic growth over the last decade was due to large inflows of Chinese foreign direct investment (FDI) into large-scale infrastructure and energy projects.
“The success of the Cambodia economy is because of Chinese companies and because of Chinese investment,” he said. “All of the Chinese investments into roads, bridges and electricity have helped to make Cambodia a success.”
China is the biggest investor in Cambodia, accounting for up to 44 percent of the $19.2 billion in foreign direct investment (FDI) pumped into the Kingdom between 1994 and 2014, according to the findings carried out last year by the National Bank of Cambodia (NBC) and the National Institute of Statistics (NIS).
Cambodia has routinely toed Beijing’s political and economic line thanks to its no-strings-attached deals.
Ning Jizhe, vice chairman of the Chinese National Development and Reform Commission, said that Cambodia and China must continue to maintain solid economic cooperation.
He highlighted that China has invested in six hydropower dams and one coal-fired plant in Cambodia, as well as the planned new international airport in Siem Reap and an expressway that is to be built linking Phnom Penh to Sihanoukville.
“China and Cambodia are in different stages of development, but we have potential to prosper in different sectors, which means our two countries can gain more benefit through cooperation,” he said. “We need to bring along open-minded concepts, share prosperity through investment projects, and provide market opportunity.”