Cambodia welcomes more Chinese banks in financial sector: Deputy PM

PHNOM PENH, March 16, 2012 (Xinhua) -- Cambodia's Deputy Prime Minister and Financial Minister Keat Chhon (pictured) on Friday welcomed Chinese banks to open branches in Cambodia and actively participate in his country's economic sectors.

"Bank of China opened a branch in Cambodia was a right decision amid the kingdom's economy is on a path of fast booming," said Keat when meeting with Li Jun, the chairman of the board supervisors of Bank of China (BOC).

He adds that Cambodia has seen two Chinese banks launch offices in Phnom Penh and served the Southeast Asian nation's economy.

Keat said Cambodia's stock market will officially debut in April, which is seen as the country's historical landmark in its financial sector. Three state-run companies will be first listed. He believes the Chinese banks' participation will certainly help the country's newly-born stock market bloom in the foreseeable future, both in terms of the market scale and significance.

He also called for Chinese banks to pour money into the country' s agricultural fields, especially in the grain and rice production, as well as the rubber plantation.

The visiting BOC senior official congratulated the upcoming launch of Cambodian stock market and briefly introduced the performance of BOC's Phnom Penh branch since its launch on May 7th last year.

"The launch of BOC's Phnom Penh office is a reflection of Cambodia's robust economic growth, which attracts a gaining number of international financial institutions to actively compete in the country's economic sectors," said Li.

He said BOC is planning to launch other several offices in Cambodia and will actively cooperate with Cambodian counterparts in future to help contribute in the kingdom's financial sector.

To date, two Chinese banks had opened offices respectively in Cambodia, namely Bank of China and Industrial and Commercial Bank of China.