Jun 27, 2006
Deutsche Presse-Agentur
Siem Reap, Cambodia - The discovery of Cambodian oil reserves represented a tremendous opportunity for the nation's economy, as long as the resource was properly managed, a senior International Monetary Fund (IMF) advisor said Tuesday.
Jeremy Carter, an IMF advisor for the Asia-Pacific region, said the discovery of large offshore oil reservoirs had the potential to not only significantly expand the economy but provide spin-off benefits which would boost the living standards of all Cambodians.
Oil was discovered in 2004 off the country's coast. Exploratory drilling is expected to begin by the end of this year or early next.
'Cambodian oil presents a tremendous opportunity ... it is a tremendous resource,' Carter said at a conference to discuss ways to accelerate the economies of the Mekong nations of Laos, Vietnam and Cambodia.
'At the same time it must be appropriately managed and work out how you use this resource in order to expand the economy and create jobs. Oil can generate income, but this is not going to happen next week or next month.'
He said the IMF was not in the business of discovering oil, but was looking forward to continued cooperation with the Cambodian government to provide advice and management strategies.
'What the IMF does, and I think does very well, is provide background to issues,' he said.
The two-day conference, scheduled to end Tuesday afternoon, is being attended by delegates from the Association of South East Asian Nations (ASEAN), the Asian Development Bank, economists, ministers and deputy ministers from the three Mekong nations. Vietnam is already a major oil producer in the region.
It is being hosted by the Cambodian government, the IMF and the ASEAN secretariat and is aimed at discussing ways to help the three nations boost their economies to catch up with richer nations in the region such as Singapore, Brunei, Thailand and Malaysia.
Jeremy Carter, an IMF advisor for the Asia-Pacific region, said the discovery of large offshore oil reservoirs had the potential to not only significantly expand the economy but provide spin-off benefits which would boost the living standards of all Cambodians.
Oil was discovered in 2004 off the country's coast. Exploratory drilling is expected to begin by the end of this year or early next.
'Cambodian oil presents a tremendous opportunity ... it is a tremendous resource,' Carter said at a conference to discuss ways to accelerate the economies of the Mekong nations of Laos, Vietnam and Cambodia.
'At the same time it must be appropriately managed and work out how you use this resource in order to expand the economy and create jobs. Oil can generate income, but this is not going to happen next week or next month.'
He said the IMF was not in the business of discovering oil, but was looking forward to continued cooperation with the Cambodian government to provide advice and management strategies.
'What the IMF does, and I think does very well, is provide background to issues,' he said.
The two-day conference, scheduled to end Tuesday afternoon, is being attended by delegates from the Association of South East Asian Nations (ASEAN), the Asian Development Bank, economists, ministers and deputy ministers from the three Mekong nations. Vietnam is already a major oil producer in the region.
It is being hosted by the Cambodian government, the IMF and the ASEAN secretariat and is aimed at discussing ways to help the three nations boost their economies to catch up with richer nations in the region such as Singapore, Brunei, Thailand and Malaysia.
5 comments:
Ask the Viet out of Cambodia's business then things will get better!
To take the viet out of Cambodia's business is to reforme Cambodia Royal police!
Am I right Hok Lundy???
Cambodia will become another Nigeria! The black gold will curse Cambodian people with misery until Cambodian people have a true leader who can't be corrupted, have a vision for the future to mordernize Cambodia, and take full responsibility for one action!
Otherwise there will be civil war!
I am sure while the ex POL POT YUON SEN stays in power, oil resources will make him more powerful and Cambodian people more misery.
I am waiting for Sam Rainsy to win the 2008 election. Could he realize our dream?
Rainsy never win or if he won he will get house arest, IF the Vietnam still control Cambodia police Force!
How we can help him?
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