Cambodian deputy PM says strategic partnership with China creates more opportunities for businesses

Global Post / Xinhua | 7 September 2014

 

PHNOM PENH, Sept. 7 (Xinhua) -- The Comprehensive Strategic Partnership of Cooperation between Cambodia and China has been providing "more favourable conditions" for economic, trade and investment ties between the two countries, Cambodian Deputy Prime Minister and Cabinet Minister Sok An said on Sunday.

The two countries upgraded their ties to the Comprehensive Strategic Partnership of Cooperation in December 2010.

"The strategic partnership between the two countries has also created stronger confidence of Chinese investors in Cambodia," he said during the celebration of the Mid-Autumn Festival, which was organized by the China Hong Kong and Macao Expatriate and Business Association in Cambodia (CHKMEBA).

China is the largest investor in Cambodia with the cumulative investment of more than 9.6 billion U.S. dollars, according to the figures recorded by the Cambodian government. For the bilateral trade volume, it topped 3.7 billion U.S. dollars last year.

Meanwhile, the deputy prime minister also extended profound thanks to the Chinese government and people for providing enormous support to Cambodia for socio-economic development.

The celebration of the lunar worship was attended by about 1, 000 people, who are Cambodian officials, Chinese businesspeople and expatriates, and Chinese-blooded Cambodians.

Addressing the event, Chinese Ambassador to Cambodia Bu Jianguo hailed the CHKMEBA for hosting the lunar worship celebration, saying the association has greatly contributed to promoting trade and investment ties between China and Cambodia.

"The association has not only helped develop Cambodia's economy, but also contributed to further enhancing traditional friendship relations between China and Cambodia," the ambassador said.

CHKMEBA's president Yum Sui Sang said that founded in 1998, the association currently has nearly 100 Chinese companies as members and they do businesses in such fields as banking and finance, garment and textiles, pharmaceutical manufacturing, transportation, machinery and real estate.