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PM urges increase of Chinese investment

PM urges increase of Chinese investment

Prime Minister Hun Sen called for more Chinese investment into Cambodia during a meeting with China’s Vice Minister of Commerce Gao Yan in Phnom Penh yesterday.

According to Eang Sophalleth, spokesman for Hun Sen, the premier told Gao that the Kingdom held great potential for Chinese firms.

“Prime Minister Hun Sen suggested to Gao that there is big potential for cooperation between both countries, especially at the special economic zone in Sihanoukville – which is already backed by China and requires the Chinese government to attract more investors there,” Sophalleth said.

The Sihanoukville Special Economic Zone is the largest economic zone by area in Cambodia and has rounded up a total of $320 million in investment since construction began in 2008.

It is a joint venture between Chinese companies and a firm owned by Cambodian People’s Party Senator Lao Meng Khin.

Gao Yan told Hun Sen that her visit was planned to boost China’s trade in Asia.

“This visit hopes to spur cooperation on trade with Cambodia in parallel with China’s [maritime] Silk Road for the 21st century policy.”

Between 1994 and 2012, China invested a total of $9.17 billion into Cambodia, with most of the investments going towards agriculture, infrastructure, garments, and mining, according to the Council for the Development of Cambodia.

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