Investment from China vital for Cambodia's economy

PHNOM PENH -- Investments from China and other foreign countries are very important to spur Cambodia's economic development, Heng Samrin, President of Cambodia's National Assembly, said Monday.

His remarks were made during a meeting with Cheng Zhaohong, general manager of Shandong Shantui Construction Machinery Import- Export Company, on the occasion that the firm opened a branch in Cambodia.

Heng Samrin said that the presence of Shantui Company in Cambodia reflected Chinese investors' trust on Cambodia's political stability and favorable business environment.

"The firm's presence will help further enhance trade and investment ties between Cambodia and China," he said, pledging to provide support to the company to operate here successfully.

Cheng Zhaohong said that Shantui Company is one of the largest manufacturers of construction machinery and the largest producer of bulldozers.

He said the firm's decision to expand to Cambodia because it saw that the country has much room to grow in construction and agriculture.

Bilateral trade volume between Cambodia and China was $2.5 billion in 2011. The two countries have vowed to double the volume within the next 5 years.

On the investment side, China is the largest investor here. According to a report of the Council for the Development of Cambodia, from 1994 to 2011, the country had received investments worth $8.91 billion from China.