Govt invested $4B for northeast economic pole

Govt invested $4B for northeast economic pole

The Royal Government of Cambodia (RGC) spent about $3.85 billion by the end of last year to boost the development of northeast part of the country aimed at connecting economic flow with the triangle development area between the three neighbouring countries – Cambodia-Laos-Vietnam – through the construction of various infrastructures, industrial parks and economic centres.

Penn Sovicheat, Secretary of State and Spokesperson of the Ministry of Commerce (MoC) announced the figures on Tuesday during a press conference to apprise the result of the ‘13th meeting of the Joint Coordination Committee on Cambodia-Laos-Vietnam Development Triangle Area’ (CLV-DTA) held on March 1.

The 13th Joint Coordination Committee (JCC) meeting was presided over by Cham Nimul, Minister of Commerce along with Nguyen Chi Dzung, Minister of Planning and Investment of Vietnam and Khamjane Vongphosy, Minister of Planning and Investment of Lao PDR.

Sovicheat discussed the “progress of socioeconomic development in the CLV-DTA and the implementation of master plans that were endorsed by the heads of the three countries as well as update the progress and achievement of the ministry over the past six months”.

He said that during the 13th JCC meeting on CLV-DTA, the three countries agreed to conclude the draft Master Plan for Socio-Economic Development in the CLV-DTA up to 2030 for submission to the 12th CLV-DTA Summit to be held in the Kingdom of Cambodia in late 2024 for review and adoption.

Speaking to Khmer Times, Sovicheat said that the CLV-DTA was initiated by former Prime Minister Hun Sen to boost the development of the provinces located in the northeast part of the country, connecting economic flow with bordering provinces of Laos and Vietnam through the construction of infrastructures, economic centres, industrial parks and businesses institutions.

The MoC Secretary emphasised that by the end of 2023, RGC injected a development budget of $1.5 billion in Kratie, $1.2 billion in Stung Treng, $728 million in Ratanakiri and $431 million in Mondulkiri – a total budget of approximately $3.85 billion.

The meeting of CLV DTA JCC is one of the mechanisms of the framework of the CLV DTA among the three countries, which was established in 1999 in Vientiane, Lao PDR, he added.

According to information obtained by Khmer Times, the three Ministers at the 13th JCC meeting signed several proposals for the CLV-DTA development such as the infrastructure connectivity development, human resources development and the development of the potential industry in the triangle area.

Based on the signed agreement, Vietnam offered to host the 14th JCC meeting, senior officials meeting, sub-committee meeting in 2026.

The 12th Meeting of the Economic Sub-Committee on CLV-DTA held on February 28 discussed challenges that hindered the cooperation between member countries in the past years and mapped out a more effective direction for future cooperation between the three nations to translate a strategic plan into tangible action which will bring concrete benefits and improve the living standard of people in the CLV-DTA.

The meeting last week saw the participation of Meas Kim Heng, Secretary of State of the Ministry of Foreign Affairs and International Cooperation (MFAIC) and Say Sam Ath, Deputy Governor of the National Bank of Cambodia (NBC).

Speaking on the progress and achievements of MoC, Sovicheat explained that despite the wars that broke out in Europe and Israel’s war in Gaza, MoC has been able to maintain its international market share and further reach out to establish many Free Trade Agreements with Middle East countries while keeping the existing projects in the nation on track. He added the ministry’s priority is to maintain the stability of the gas and fuel prices as they are the source of power to function many institutions and businesses.

In the last six months under the leadership of Nimul, Cambodia remained the top exporter of bicycles, solar panels, spare parts and other accessories among the Regional Comprehensive Economic Partners. Besides, the ministry has issued halal certification to some restaurants, shops and industries attached with the qualification from the food research centre. khmertimeskh

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