Cambodia sees Belt and Road Initiative as key development strategy for trade, investment

PHNOM PENH -- Cambodia regarded the China-proposed Belt and Road Initiative as a key development strategy for the country's trade and investment expansion, said a Commerce Ministry news release on Sunday.

Proposed by China in 2013, the Belt and Road Initiative refers to the Silk Road Economic Belt and the 21st Century Maritime Silk Road, aiming at building a trade and infrastructure network connecting Asia with Europe and Africa along the ancient trade routes of Silk Road.

"This initiative not only brings enormous advantages to the countries involved, but also becomes a long-term strategy to promote connectivity and cooperation in all fields such as infrastructure, economy, investment and finance, as well as strengthens people-to-people bonds," the news release said, citing a Commerce Minister Pan Sorasak's speech delivered at the 2017 Asia-Pacific Regional Conference in Perth, western Australia on Saturday.

The minister said that through the initiative, Cambodia and China signed a Memorandum of Understanding on strengthening cooperation and investment on industries in 2015.

He added that under the Cambodia-China Belt and Road Initiative cooperation, China has invested in many large projects in Cambodia, including a 400-megawatt Lower Sesan II Hydropower Plant with the cost of $781 million, a 246-megawatt Tatay River Hydropower Plant with the cost of $540 million, 16 road projects worth $1.6 billion, and a $880 million new airport in Siem Reap province.