By Ky Soklim
Cambodge Soir Hebdo
Translated from French by Luc Sâr
Click here to read the article in French
In front of representatives from 49 underdeveloped countries that were invited to Siem Reap to attend an international conference, Hun Sen gave an opening speech which was laced with pessimism.
“Underdeveloped countries are hit by the worldwide financial crisis,” Hun Sen said in the morning of Wednesday 19 November in his opening speech for the international conference set up for 49 underdeveloped countries. According to Hun Sen, the crisis penalizes the world economic growth, including those in developed countries.
In front of representatives from the 49 countries that were invited, and under the presence of the WTO General Director, Hun Sen expressed his worries about the reduction of foreign investment, as well as cooperation aid for underdeveloped countries.
“Short of funding in their countries, foreign investors have a hard time funding projects in poorer countries,” a concerned Hun Sen said. He also indicated that the worldwide crisis would also slow down exports out of less advanced countries. In Cambodia, the crisis could have a direct hit on the tourist, textile and real estate sectors.
Recently, David G. Cowen, IMF Asia deputy division chief, issued a warning during a press conference in Phnom Penh, that foreign direct investment (FDI) would drop in Cambodia. “The FDI will see a drop of between 25% and 30%,” he estimated after reminding that, in 2008, the FDI climbed all the way to $750 million.
“Underdeveloped countries are hit by the worldwide financial crisis,” Hun Sen said in the morning of Wednesday 19 November in his opening speech for the international conference set up for 49 underdeveloped countries. According to Hun Sen, the crisis penalizes the world economic growth, including those in developed countries.
In front of representatives from the 49 countries that were invited, and under the presence of the WTO General Director, Hun Sen expressed his worries about the reduction of foreign investment, as well as cooperation aid for underdeveloped countries.
“Short of funding in their countries, foreign investors have a hard time funding projects in poorer countries,” a concerned Hun Sen said. He also indicated that the worldwide crisis would also slow down exports out of less advanced countries. In Cambodia, the crisis could have a direct hit on the tourist, textile and real estate sectors.
Recently, David G. Cowen, IMF Asia deputy division chief, issued a warning during a press conference in Phnom Penh, that foreign direct investment (FDI) would drop in Cambodia. “The FDI will see a drop of between 25% and 30%,” he estimated after reminding that, in 2008, the FDI climbed all the way to $750 million.
4 comments:
Now, Ah Kwack fucker is worried! Way to go, you fucked-prosthetic one-eyed fucker.
Ah Savage Murderer (Scam Rainxy) must be brought to justice for sabotaging with the Khmer's economy for his own political gain.
If Ph.D Hun Sen needs the NGO money or the development aids, he should implemented human rights(i.e. land grabbing)
hamona hamoot
This means less corruption money to demand for from foreign investors
Less money from donors will mean less satisfaction from the poor
Economic slowdown means factory shutdowns, less tourists, mass unemployment
real estate bubble burst , no profits for everyone
the people will ask for change of government. Hun Sen needs to demonstrate good governance if he wants to survive.
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