Chinese President pledges to encourage investment in Cambodia
Chinese President Xi Jinping has pledged to encourage Chinese investors to do business in Cambodia, contributing to the kingdom’s economic development.
Chinese President Xi Jinping (R) shakes hands with Cambodian Prime Minister Hun Sen in their meeting in Beijing. (Photo: phnompenhpost.com)
Phnom Penh (VNA) – Chinese President Xi Jinping has pledged to encourageChinese investors to do business in Cambodia, contributing to the kingdom’seconomic development.
The Chinese President made the promise at his reception for Cambodian Prime Minister HunSen in Beijing on February 5. Hun Sen was the only foreign leader to visitChina since the new coronavirus (nCoV) outbreak started in China’s Wuhan citylast December.
Xi said hewelcomed a new era in China-Cambodia relations, saying theimplementation of the “commondestiny” policy will takebilateral ties to a new height.
The Chineseleader expressed his deep gratitude for Hun Sen’s support, adding the visit demonstrated Cambodia places highertrust in China.
Xi affirmedthat China will continue facilitating the negotiation of a bilateral free tradeagreement with Cambodia and that the Chinese government will encourage Chinesebusinesses to invest in Cambodia and to import more Cambodian products, Hun Sensaid in a recent Facebook post.
The CambodianPM welcomed China’s gesture and hoped that China will provide a broader marketaccess for Cambodian products.
The firstround of the two countries’ FTA negotiation convened in Beijing on January 20 and 21, according to the CambodianMinistry of Commerce. The trade deal is expected to lift two-way trade to 10billion USD in 2023.
TheChina-Cambodia trade reached 7.4 billion USD last year, up 22 percent from2017. China has so far invested about 14.7 billion USD in Cambodia between 1994and 2016./.
The Cambodian economy is projected to expand 6.1 percent this year, lower than the growth rate of 7.1 percent recorded in 2018, due to external headwinds, said Secretary of State of Cambodia’s Ministry of Economy and Finance Vongsey Vissoth on January 30.
Cambodian Prime Minister Hun Sen on February 4 met with host President of the Republic of Korea (RoK) Moon Jae-in in Seoul to discuss plans for strengthening the bilateral relations.
The Cambodian Government aims to transform Sihanoukville, the capital of Preah Sihanouk province, into Cambodia’s industrial hub – a “second Shenzhen city”, Secretary of State at the Ministry of Economy and Finance Vongsey Vissoth said.
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This follows Telegram’s serious failure to address the content that has been repeatedly reported to them, despite various efforts of negotiation and cooperation made by MCMC, it said.
Chinese President Xi Jinping (R) shakes hands with Cambodian Prime Minister Hun Sen in their meeting in Beijing. (Photo: phnompenhpost.com) 
