Cambodia ratifies ASEAN-China economic cooperation framework agreement

16:17, July 01, 2010      

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The Cambodian National Assembly on Thursday approved the framework agreement on the comprehensive economic cooperation between ASEAN-China, a move aiming to attract more investments from China.

The overwhelming majority of the Cambodian lawmakers voted in favor of ratifying the agreement signed in 2009 between the ten member countries of ASEAN and China.

Kong Vibol, deputy minister for finance and economy, told the floor that "we need more investments from China for the development of our country through which more jobs will be created as well as to boost our exports to overseas market."

Ai Khon, chairman of the commission on planning, investment, agriculture, rural development and water resources of the national assembly, also said "The agreement aims at promoting investment flows and to create liberal, facilitative, transparent and competitive investment regimes on both sides."

Moreover, he said that the agreement will benefit both ASEAN and Chinese investors, ensuring non-discriminatory treatment, guaranteeing fair and equitable protection, granting compensation to investors in case of expropriation and providing for investors- State dispute settlement.

Kong Vibol said China, which is the Cambodia's leading investor, has mainly invested in the sectors of agro-industry, tourism, infrastructure, and hydro-power as well as garment industry, and creating a great number of jobs in Cambodia.

Beijing has provided Cambodia with the duty free access of 418 items for exporting the products to Chinese market.

The National Assembly also ratified the investment agreement between the governments of ASEAN and South Korea.

Cambodia hopes Chinese and the South Korean investors will invest more in the sectors of agro-industry, tourism, infrastructures, hydro-power plant, and garment.

Source: Xinhua


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