Economy

China leads investments in various fields in Cambodia

(Xinhua)
Updated: 2011-04-06 11:10

PHNOM PENH - China has been leading in the investments in Cambodia's three sectors including hydro-power dams, mineral resources, garment industry, said?Ith Praing, secretary of state of the Ministry of Industry, Mines and Energy.

During a meeting with the visiting Vice-Minister of the National Development and Reform Commission of China, Zhang Xiaoqiang, Ith Praing said that five Chinese firms have invested a?total of $1.6 billion to construct five hydro-electric dams with the total capacity of 915 megawatts in Cambodia.

There are 23 Chinese firms exploring mineral resources such as metallic minerals, titanium, bauxites, and copper in Cambodia, he said, adding that hundreds of garment factories in Cambodia are invested by Chinese.

"These sectors, especially the investment in hydropower dams, will be much contributed to the long-term development of Cambodia' s economy," he said. "We have observed that all investments from China are good, all projects are active."

"For hydro-power dams, all the five dams being constructed are expected to complete on schedule, and for mineral resources, some have finished their exploration process and now are applying for exploitation license," he said.?

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Meanwhile, Zhang said that his visit to Cambodia is to observe the Chinese firms operating in Cambodia and encourage them to strengthen and expand their investment?in the country to help Cambodia's development.

"China always gives attention to assist Cambodia in its process to develop its nation, we are willing to strengthen our cooperation with Cambodia on these above mentioned sectors and also to diversify to other sectors, especially agriculture,"?Zhang pointed out.?

The vice-minister?also said that China is impressed with the development of special economic zones in Cambodia and pledged to attract Chinese investors to set up manufacturing factories in the Sihanoukville Special Economic Zone.

China is the largest investors in Cambodia with the accumulative investment of $8 billion by the end of 2010, according to a report of the Council for the Development of Cambodia.