Chinese bank to invest in Cambodia's TV, steel sectors

PHNOM PENH - The Export-Import Bank of China has planned to invest in two mega-projects in Cambodia, the bank's vice president Zhu Xinqiang said?on Friday.

Speaking in a meeting with Cambodian Prime Minister Hun Sen at the Peace Palace, Zhu said that the bank would partner with a local TV station in order to modernize its TV system to a digital one with internet and telephone system, Eang Sophallet, spokesman for Prime Minister Hun Sen, told reporters after the meeting.

Zhu said the project is estimated to cost about $235 million.

The other project is to build a steel plant by importing raw materials from overseas to manufacture in Cambodia and supply the finished products to local and regional markets, he said without giving the details of investment cost.

Zhu asked the premier to support the projects.

It is unknown when the two projects will be started. During the meeting, Zhu also hailed Cambodia for rapid social and economic development in recent years, saying that the country has lots of potential for investors.

Hun Sen welcomed the investment plan, especially cooperation between the bank and a local partner to modernize the TV system as the country needs the latest technologies.

For the steel factory, the prime minister advised the bank to contact relevant institutions in Cambodia, especially the Council for the Development of Cambodia (CDC) for investment procedures.

China is the largest investor here with a total investment of $8. 91 billion from 1994 to 2011, according to the CDC's data.