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Investment deals signed with Kuwait

Investment deals signed with Kuwait

THE Cambodian government signed a series of bilateral investment deals with Kuwait on Wednesday as its looks to deepen economic and diplomatic ties with the oil-rich Gulf nation, an official said Wednesday.

The agreements were inked during a trip by Prime Minister Hun Sen to Kuwait, in the first state trip to the Middle East by top-level Cambodian officials.

Sin Bunthoeun, spokesman for the Ministry of Foreign Affairs, said memorandums of understanding were signed to set up Cambodians with employment in Kuwait and for construction of an irrigation system and hydropower project in Kampong Thom province.

He said agreements were also reached for the promotion of tourism and direct flights between the two countries.  

On expected assistance for Cambodia's nascent oil industry, he would say only that "Cambodia is asking Kuwait to provide technical assistance to train Cambodian officials".

According to Kuwait's state news agency KUNA, attending the talks in the opulent Bayan palace were the host nation's prime minister and top foreign affairs and petroleum officials, as well as representatives from the Kuwait Investment Authority and Kuwait Fund for Arab Economic Development, which had previously visited Cambodia to discuss investment.

The hydropower project alone will be worth more than US$300 million, according to Foreign Minister Hor Namhong, who is part of the visit

He said this trip was limited to Kuwait.

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