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Cambodian PM urges Chinese to invest in agricultural processing plants

By   /   October 28, 2013  /   No Comments

politicsinnPHNOM PENH, Oct. 28 (Xinhua) — Cambodian Prime

Minister Hun Sen on Monday urged

Chinese companies to focus their investments in

processing plants for agricultural

products in order to help increase the country’s

productivity for exports.

The premier made the suggestion during a meeting with a

visiting Chinese delegation

led by Wang Junmin, deputy secretary of Shandong provincial

Communist Party

committee, at the Peace Palace, according to Eang Sophallet,

personal spokesman for Hun Sen.

“The market is indefinite in Cambodia because there are

few buyers and processing plants,” Eang Sophallet

quoted the premier as saying to Wang.

“The premier asked the Chinese delegation to explore

investment possibilities in processing plants in

Cambodia in order to process agricultural products for

exports to China since China has offered

customs duty-free up to 95 percent of the tax line for

Cambodia- made products,” he told

reporters after the meeting.

According to the Cambodian Ministry of Commerce,

China has provided tax exemption

for 418 items of Cambodian products; however, the

country has not yet taken the maximum

advantage of the offer due to the lack of resources

and processing plants.

For his part, Wang said it was his first visit to Cambodia

to further enhance China-Cambodia

relations and cooperation, particularly in economic and

trade sectors.

He said that, on Sunday, he signed a Memorandum of

Understanding with the governor of

southern Kampot province Khoy Khun Hour in order to

bridge cooperation between Shandong and Kampot.

Kampot is famous for aromatic pepper and delicious

durian. Under the deal, Shandong would

encourage investors to grow these types of crops in

the province, he said.

His delegation also visited cultural Siem Reap province

to eye potential for tourism investment.

According to Wang, currently, 68 Chinese companies

from Shandong province have been

doing businesses in various fields in Cambodia.

China is the largest investor in Cambodia. According

to the Cambodian government’s figures,

from 1994 to 2012, total Chinese investment in

Cambodia has reached 9.17 billion U.S. dollars.

On the trade side, the two-way trade was valued

at 2.9 billion U. S. dollars last year and is

expected to reach 5 billion U.S. dollars by 2017.

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