5 May, 2012
Xinhua
PHNOM PENH - The Export-Import Bank of China has planned to invest
in two mega-projects in Cambodia, the bank's vice president Zhu
Xinqiang said on Friday.
Speaking in a meeting with Cambodian Prime Minister Hun Sen at the
Peace Palace, Zhu said that the bank would partner with a local TV
station in order to modernize its TV system to a digital one with
internet and telephone system, Eang Sophallet, spokesman for Prime
Minister Hun Sen, told reporters after the meeting.
Zhu said the project is estimated to cost about $235 million.
The other project is to build a steel plant by importing raw
materials from overseas to manufacture in Cambodia and supply the
finished products to local and regional markets, he said without giving
the details of investment cost.
Zhu asked the premier to support the projects.
It is unknown when the two projects will be started. During the
meeting, Zhu also hailed Cambodia for rapid social and economic
development in recent years, saying that the country has lots of
potential for investors.
Hun Sen welcomed the investment plan, especially cooperation between
the bank and a local partner to modernize the TV system as the country
needs the latest technologies.
For the steel factory, the prime minister advised the bank to
contact relevant institutions in Cambodia, especially the Council for
the Development of Cambodia (CDC) for investment procedures.
China is the largest investor here with a total investment of $8. 91 billion from 1994 to 2011, according to the CDC's data.
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