PHNOM PENH (AFP) – A Chinese company plans to pump three billion dollars into Cambodian energy, property, and aluminium processing projects, an official said Thursday.
The proposed investment by China's Inner Mongolia Erdos (Houng Jun Investment Co) -- a massive sum in one of the world's poorest countries -- emerged after a meeting Wednesday between the firm and Cambodia's leader in Phnom Penh.
According to Prime Minister Hun Sen's assistant Eang Sophalleth, the firm discussed plans to build a 700-megawatt coal power plant in the popular seaside resort of Sihanoukville and invest in other sectors including property.
He said the firm's president, Lin Xiang Wang, said the business wanted to gradually invest the money in Cambodia and Hun Sen "fully supported" the proposals.
Written off as a failed state after the devastating 1975-79 Khmer Rouge regime and several decades of civil war, Cambodia used garment exports and tourism to help improve its economy.
But despite several years of double-digit economic growth before the global financial crisis, Cambodia remains desperately poor, with more than 30 percent of the country's 14 million people living on less than 50 US cents a day.
China, a former patron of the Khmer Rouge regime, now eclipses many of the impoverished country's other donors with hundreds of millions of dollars in largely unconditional aid and donated military equipment.
The proposed investment by China's Inner Mongolia Erdos (Houng Jun Investment Co) -- a massive sum in one of the world's poorest countries -- emerged after a meeting Wednesday between the firm and Cambodia's leader in Phnom Penh.
According to Prime Minister Hun Sen's assistant Eang Sophalleth, the firm discussed plans to build a 700-megawatt coal power plant in the popular seaside resort of Sihanoukville and invest in other sectors including property.
He said the firm's president, Lin Xiang Wang, said the business wanted to gradually invest the money in Cambodia and Hun Sen "fully supported" the proposals.
Written off as a failed state after the devastating 1975-79 Khmer Rouge regime and several decades of civil war, Cambodia used garment exports and tourism to help improve its economy.
But despite several years of double-digit economic growth before the global financial crisis, Cambodia remains desperately poor, with more than 30 percent of the country's 14 million people living on less than 50 US cents a day.
China, a former patron of the Khmer Rouge regime, now eclipses many of the impoverished country's other donors with hundreds of millions of dollars in largely unconditional aid and donated military equipment.
2 comments:
there goes more land to foreigner. That show CCP can run business in the country.
when you use name a political group, you are showing political bias, which is unpopular in cambodia. so, smarten up and change your way as you are not perfect yourself, ok! for once, stop naming poltical group, or you will continue to be ignored forever as people are sick and tired of some political group bickering nonstop, etc! wake up and be enlightened, ok! think about it really hard! there are more to cambodia than you and i, really, no kidding, ok! and life does go on in cambodia with or without you, for your information, ok!
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