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By Sok Lak
Cambodia and China strive to achieve 2.5 billion dollars in 2012 on the development of bilateral trade between two countries.
On 22 May 2011, H.E. Cham Prasidh, Senior Minister and Minister of Commerce, and Wan Jifei, Chairman of the China Council for the Promotion of International Trade (CCPIT) and China International Commerce Chamber signed Memorandum of Understanding (MOU) on trade and investment cooperation opportunity between Cambodia and China.
H.E. ChamPrasidh said that Cambodia and China has a good relationship in all level. He added Cambodia and china will be able to achieve 2.5 dollars trade volume at the end of 2012.
Based on report from the Council for the Development of Cambodia (CDC), China is the first top investment in Cambodia with amount investment of 8 billion dollars in 2010. The bilateral trade between Cambodia and China amount at 1.4 million dollars.
He stressed that Cambodia and China are able to achieve the target if Cambodia can export more products to China. He also suggested China to encourage investors and business from China to purchase Cambodian products. “I believe that trade between two countries will increase more than this if Cambodia can export rice, rubbery and other agriculture products.
Wan Jifei said that Cambodia is potential partner on trade and investment among 10 countries in ASEAN and both of the countries promise to increase relationship on economy.
He added that he brought many big companies to do research and looking for opportunity for investment and doing business in Cambodia. “China is happy to encourage Chinese investors and businessman comes to Cambodia to help on development cooperation.”
Cambodia is a good place in region which can affract a lot of Chinese businessman to invest in this country for export to other countries, he stated. But the major problems for investors are high cost on electricity and lack of infrastructure.
H.E. Cham Prasidh declared that Cambodia will have more power from power plant in 2012 or 2013 especially from power plant at Kamchay waterfall.
Wan Jife pointed that Cambodia should increase the amount of export to China, because the demand of Cambodian agriculture products in China is high. He suggested Cambodia encourage Chinese companies directly contact Cambodian companies so that the product will not flow to the second or third counties that cause product cost high.
Source: The Southeast Asia Weekly, May 29-June 4, 2011, Vol. 5, Issue 22, Page 3