Business / Economy

Good ties boost Chinese investments in Cambodia

(Xinhua) Updated: 2014-01-22 17:38

PHNOM PENH - Cambodian Prime Minister Hun Sen said Wednesday that the country's good relations and cooperation with China have encouraged more and more Chinese investors to Cambodia.

The premier made the remarks during a meeting with Zhang Tingke, visiting vice-president of a leading Chinese power company Huaneng Group, at the Peace Palace in the capital Phnom Penh.

"Chinese investments in Cambodia are thanks to niceties between Cambodia and China, and Chinese investment projects here have always been supported by Chinese banks," he said, adding that those investment projects were essential to develop Cambodian economy and poverty reduction.

China is the largest investor in Cambodia, according to the Council for the Development of Cambodia. The cumulative Chinese investment in the country has totaled $9.6 billion from 1994 to 2013.

Those projects have been focused on the fields of garment and footwear industries, banking and finance, agriculture, tourism, energy, mining, real estate, transportation infrastructures, and telecommunication.

For his part, Zhang said the Chinese government has always encouraged investors to Cambodia in order to contribute to helping Cambodia in economic development and poverty reduction.

He said his visit to Cambodia was to partner with Ang & Associates Lawyers Company owned by a Cambodian tycoon Kith Meng in order to develop a 400-megawatt hydropower dam on Sesan River in northeastern Stung Treng province of Cambodia.

Total investment in the project is estimated at $781 million.

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