Cambodia, China Sign MoU to Boost Two-way Trade

AKP Phnom Penh, Cambodia and China’s Shaanxi province have reached a Memorandum of Understanding (MoU) to strengthen and promote the two-way trade, economic and tourism cooperation, in Phnom Penh on Mar. 27.

According to a news release of the Ministry of Commerce, the MoU signing ceremony was held on the sidelines of Cambodia and China (Shaanxi) Cooperation Promotion Forum co-chaired by Minister of Commerce H.E. Pan Sorasak and visiting Governor of Shaanxi province H.E. Hu Heping and Ambassador of China to Cambodia H.E. Xiong Bo.

On the occasion, H.E. Pan Sorasak lauded the good diplomatic ties between the two countries and appreciated China’s support for the 5th China Round Table Conference and other prioritised sectors in the Kingdom. He also underlined the importance of establishing trade centre in Xi’an of Shaanxi province to attract Chinese investment projects and to boost Cambodia’s growth.

For his part, H.E. Hu Heping stated the progress in bilateral trade between Shaanxi province and Cambodia, which has reached some US$1.29 billion and the contribution of Shaanxi’s entreprises to the development of irrigation system, telecommunications, hydropower and infrastructure in Cambodia. He also stressed that industry is the potential sector for private sector cooperation.

China remains the top player and the great source of foreign direct investment (FDI) in Cambodia. The overall China’s FDI in Cambodia during the 1st semester of 2016 was US$1.2 billion while trade volume of the two nations accounted US$2.43 billion, up 10.2 percent compared to the same period last year.

Source: Agency Kampuchea Press