A Change of Guard

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Tuesday, 27 December 2011

Cambodian PM hails China for encouraging investors to Cambodia

PHNOM PENH, Dec. 26 (Xinhua) -- Cambodian Prime Minister Hun Sen (pictured) on Monday hailed the government of China for encouraging her potential investors to Cambodia, saying the Chinese investment here was hugely contributing to the country's development.

"The government of China has always supported the development of Cambodia's economy through encouraging more Chinese investors to this country," he said during a visit to the constructing site of Atay river hydropower dam in O'Som commune, Veal Veng district, Pursat province, some 340 kilometers west of Cambodia.

"Moreover, China has also encouraged her Chinese banks to lend money to those investors who come to invest here," he added.

The premier said that every Chinese mega project in Cambodia has never been fallen through, instead, some projects have been achieved earlier than the schedule.

According to the reports of the Council for the Development of Cambodia, from 1994 to October, 2011, there have been nearly 400 Chinese investment projects in Cambodia with the accumulative investment of nearly 9 billion U.S. dollars, making China the largest investor here.

Chinese projects here are in hydropower dams, property development, banking and finance, mineral business and processing factory, motorcycle assembly, gold mining, rice mills and clothing manufacturing.

During the visit to the Atay river hydropower dam, the premier also appreciated Chinese investors for investing in hydropower dams which are the key need for the development of Cambodia's economy.

According to the company's report, the construction of the 120 megawatt Atay river hydropower dam has been started in May, 2008. Up to now, 46 percent has been completed and is expected to entirely complete in May, 2013.

The project is invested by the China Datang Corporation in the investment value of 255 million U.S. dollars.

It is a concessional contract of a 34-year build-operate- transfer (BOT) with the Cambodian government, of the period, 4 years for construction and 30 years for operations. Enditem

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