The National Development and Reform Commission (NDRC) of the People’s Republic of China (PRC) is committed to encouraging the Chinese companies investing in the construction of the Funan Techo Canal (FTC) to accelerate its implementation, keeping the deadline set by the Royal Government of Cambodia (RGC).
The FTC project came up for discussion during the meeting between Sun Chanthol, Deputy Prime Minister and First Vice Chairman of the Council for the Development of Cambodia (CDC) and Zheng Shanjie, Chairman of NDRC in China on September 9.
Wu Hao, Secretary General of NDRC, Soeung Rathchavy, Ambassador of Cambodia to China, Peng Ponea, Minister of Public Works & Transport (MPWT) and Kong Vimean, Secretary General of the General Secretariat of CDC, were present on the occasion.
The meeting was organised to discuss the progress of major projects with Chinese investments across the Kingdom and ensure their timely completion.
According to CDC, the NDRC will encourage the Chinese companies to adhere to the targets for the FTC project or finish it even earlier than the deadline of 2028 given by RGC.
The Cambodian delegation led by the Deputy Prime Minister also held a meeting with Li Xiaopeng, Minister of Transport of China, on the same day to discuss the possibility of strengthening cooperation in the field of transport and logistics between the two countries.
During the discussions, Chanthol briefed the Chinese minister about the progress of infrastructure developments in Cambodia and the favourable factors for collaboration.
They also discussed the Belt and Road Initiative (BRI) and the One China policy which RGC supported.
Li promised to continue providing technical assistance to enhance Cambodian human resources and encourage Chinese businesspeople to expand their investments in Cambodia, especially in shipping, port development and multi-modal transport.
The Chinese minister expressed the hope that both nations will continue the close cooperation in developing the Cambodian-Chinese transport sector.
Speaking to Khmer Times, Lor Vichet, Vice-President of Cambodia Chinese Commerce Association said the role of NDRC is crucial for the timely completion of the FTC project.
“NDRC is the main macroeconomic control arm of the Chinese government and the third most powerful organ in the State Council of PRC for addressing issues related to economic policymaking as well as outbound foreign investment,” Vichet said.
According to him, NDRC has broad administrative and planning control over the economy of mainland China which allows it to take charge of the business and trade activities with partner countries.
Running 180 kilometres, FTC will connect Prek Takeo, a tributary of the Mekong River located in Kean Svay district in Kandal province to the coastal province of Kep passing through Takeo and Kampot provinces and significantly enhancing Cambodia’s connectivity and accessibility to international markets.
The project is undertaken by the Funan Techo Inland Waterways and Logistics Co Ltd at a cost of $1.7 billion. The construction is divided into two sections.
The first section, spanning over 21 km from Prek Takeo to Bassac River, is a joint venture between two Cambodian ports – public-listed Phnom Penh Autonomous Port (PPAP) and public-listed Sihanoukville Autonomous Port (PAS) and the Overseas Cambodian Investment Corporation (OCIC), a local conglomerate.
The state-run ports hold 51 percent of the first project’s shares and the other 49 percent of the shares go to OCIC.
The second section, stretching over 159 km connecting between Bassac River and Kep province, will be jointly invested by the two ports and China Road and Bridge Cooperation (CRBC).
It may be noted that on September 8, Chanthol also visited the Xiamen International Conference and Exhibition Center after participating in the 24th China International Fair for Investment & Trade (24th CIFIT) held in Fujian province.
The visit was accompanied by Hun Lak, Secretary General of the Cambodian Oknha Association (COA), Suon Sophal, Deputy Secretary General of the Cambodian Investment Board (CIB) of CDC and Kuon Thida, President of Orienda International Hospital.
