Logo of Phnom Penh Post newspaper Phnom Penh Post - CDC official thanks China for investment

CDC official thanks China for investment

The Council for the Development of Cambodia Secretary-General Sok Chenda Sophea speaks at the 14th Chinese-Asean Expo.
The Council for the Development of Cambodia Secretary-General Sok Chenda Sophea speaks at the 14th Chinese-Asean Expo. Hor Kimsay

CDC official thanks China for investment

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.”

MOST VIEWED

  • Restrictions re-imposed in capital as Covid cases surge

    Amid the ongoing community outbreak of Covid-19, which has shown no sign of subsiding with 750 infections and 10 deaths reported on June 2 alone, the Phnom Penh Municipal Administration has decided to re-impose the suspension of all occupations and business activities deemed as posing high risk of

  • Phnom Penh-Sihanoukville expressway 51% complete

    The construction of the nearly $2 billion Phnom Penh-Sihanoukville Expressway is 51.35 per cent complete and is expected to be finished in 2023, according to Ministry of Public Works and Transport secretary of state Vasim Sorya. Invested in by Cambodian PPSHV Expressway Co Ltd, the first expressway in

  • With herd immunity likely in 2022, is Cambodia ready to reopen for tourism?

    The government aims to inoculate 80 per cent of the target population by June next year, giving it a head start among regional peers to reboot the sector but first, it has to do a few things to up its game A sign on a glass

  • First 7-Eleven store to open mid-June, ambassador says

    Thai retail conglomerate CP All Pcl will open Cambodia’s first 7-Eleven convenience store in mid-June, Cambodian ambassador to Thailand Ouk Sorphorn told The Post on June 1. The Bangkok-listed 7-Eleven franchise operator, the retail arm of Charoen Pokphand Group Co Ltd, granted CP All (Cambodia)

  • US wants 'full access' to Ream Naval Base

    On June 11, the US embassy's Defense Attaché Colonel Marcus M Ferrara visited Ream Nava Base in coordination with Cambodian officials following the recent approval of Prime minister Hun Sen to allay the concerns on Chinese military presence at the base as raised by US Deputy

  • US embassy guard gets Covid despite two doses of Pfizer jab

    The Covid-19 tracking commission on June 4 said a security guard at the US embassy in Phnom Penh had contracted the novel coronavirus, despite having received a second dose of the Pfizer-BioNTech shot two weeks ago. Embassy spokesperson Chad Roedemeier confirmed the SARS-CoV-2 infection to The