CDC of­fi­cial thanks China for in­vest­ment

The Phnom Penh Post - - BUSINESS - Hor Kim­say Nan­ning, China

THE Coun­cil for the De­vel­op­ment of Cam­bo­dia (CDC) heaped praise upon China yes­ter­day for its con­tin­ual sup­port of the King­dom, claim­ing that with­out its in­vest­ment the lo­cal econ­omy would never have man­aged to take off.

CDC Sec­re­tary-Gen­eral Sok Chenda Sophea, speak­ing at the 14th Chi­nese-Asean Expo (CAEXPO) in Nan­ning, China, said that Cam­bo­dia’s eco­nomic growth over the last decade was due to large in­flows of Chi­nese for­eign di­rect in­vest­ment (FDI) into large-scale in­fra­struc­ture and en­ergy projects.

“The suc­cess of the Cam­bo­dia econ­omy is be­cause of Chi­nese com­pa­nies and be­cause of Chi­nese in­vest­ment,” he said. “All of the Chi­nese in­vest­ments into roads, bridges and elec­tric­ity have helped to make Cam­bo­dia a suc­cess.”

China is the big­gest in­vestor in Cam­bo­dia, ac­count­ing for up to 44 per­cent of the $19.2 bil­lion in for­eign di­rect in­vest­ment (FDI) pumped into the King­dom be­tween 1994 and 2014, ac­cord­ing to the find­ings car­ried out last year by the Na­tional Bank of Cam­bo­dia (NBC) and the Na­tional In­sti­tute of Sta­tis­tics (NIS).

Cam­bo­dia has rou­tinely toed Bei­jing’s po­lit­i­cal and eco­nomic line thanks to its no-stringsat­tached deals.

Ning Jizhe, vice chair­man of the Chi­nese Na­tional De­velop- ment and Re­form Com­mis­sion, said that Cam­bo­dia and China must con­tinue to main­tain solid eco­nomic co­op­er­a­tion.

He high­lighted that China has in­vested in six hy­dropower dams and one coal-fired plant in Cam­bo­dia, as well as the planned new in­ter­na­tional air­port in Siem Reap and an ex­press­way that is to be built link­ing Ph­nom Penh to Si­hanoukville.

“China and Cam­bo­dia are in dif­fer­ent stages of de­vel­op­ment, but we have po­ten­tial to pros­per in dif­fer­ent sec­tors, which means our two coun­tries can gain more ben­e­fit through co­op­er­a­tion,” he said. “We need to bring along open-minded con­cepts, share pros­per­ity through in­vest­ment projects, and pro­vide mar­ket op­por­tu­nity.”

HOR KIM­SAY

The Coun­cil for the De­vel­op­ment of Cam­bo­dia Sec­re­tary-Gen­eral Sok Chenda Sophea speaks at the 14th Chi­nese-Asean Expo.

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