PM invites Chinese investors to put​ money into infra sector

PM invites Chinese investors to put​ money into infra sector

Prime Minister Hun Manet has invited Chinese investors to invest in infrastructure projects in Cambodia as the

government sees this as key to the country’s socio-economic development.

The Prime Minister said this at the ground-breaking ceremony for the construction of the Bassac Bridge in Phnom Penh on Monday. Built by Chinese firm Shanghai Construction Group, the Bassac Bridge has roughly cost $60 million to construct.

“Chinese investors can place firm trust in the Cambodian government and invest in mega transportation projects in Cambodia,” said the Prime Minister. He said the country has been working towards mega infrastructure projects on its expressways, city light trains, metro, and canals.

Addressing the Chinese Ambassador to Cambodia Wang Wentian, the Prime Minister said he could help in promoting and showcasing existing investment opportunities in Cambodia to China.

Cambodia’s rising population, higher living standards and growing demand for transportation are among the factors for the government prioritising infrastructure projects, said the Prime Minister.

“The government is currently studying capacity building for public transportation, ring road projects and subways,” said Mr Hun Manet, adding that these areas had the potential to attract investors from China and France.

The Prime Minister mentioned that some Chinese companies have studied the possibility of expanding subways in Phnom Penh. He said, Cambodia’s growth in some parts can be attributed to the strong relationship between Cambodia and China, given that Chinese investors provide the country with sizeable foreign direct investment (FDI).

The Council for the Development of Cambodia (CDC) approved 268 investment projects in 2023, a year-on-year increase of 44 percent. Approved projects brought a total investment of $4.9 billion, a 22 percent increase over 2022.

The top three foreign investors in the kingdom last year were from China, Singapore and Malaysia, the CDC said, adding that investment from China accounted for 66 percent of total investment.

According to the Ministry of Public Works and Transport, 16 bridges in Cambodia had been built by Chinese companies; of which 14 were built by the Shanghai Construction Group.

China’s proposed Belt and Road Initiative (BRI) has contributed enormously to Cambodia’s economic growth, said Sun Chanthol, Deputy Prime Minister of Cambodia and the first chairman of the Council for the Development of Cambodia.

“China’s Belt and Road initiative has enormously helped the Cambodian people. It has helped reduce poverty and promote socio-economic development. We are on track to becoming a high-economic country by 2050,” said Chanthol.

Projects such as Siem Reap Angkor International Airport, the Phnom Penh-Sihanoukville Expressway, the under-construction new Phnom Penh International Airport and Phnom Penh-Bavet Expressway have been made possible by the BRI. khmertimeskh

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