China, Cambodia Ink 29 Agreements for Economic and Trade Ties

The relations between People’s Republic of China and Cambodia have become closer in the way of culture, in which China is the most important strategic development partner in improving Cambodia’s economic growth through both financial and technical grant aids,” Mr. Eang Sophalet, assistant to Samdech Prime Minister Hun Sen said after a meeting between H.E. Zhou Kang, a member of standing committee of Chinese Communist Party and Samdech Hun Sen at a Peace Building on 20 August, 2011… At the same time, Cambodia and China also inked 29 documents of agreements for strengthening counterpart ties in all fields, namely economic and technical cooperation, agriculture, building construction, industry, water resource, irrigation system and road restoration… The report from commerce ministry said: Bilateral trade between Cambodia and China increased by 82 percent in the first half of this year, compared to the same period with last year. The two countries’ total trade volume has increased to $912.76 million for the first semester of this year as it increased for 82 percent from $501 million in the same period last year, it said, adding that Cambodia’s exports to China worth $66.31 million dollars, increased 275 percent from $17.68 million dollars, and Cambodia’s imports from China reached 846.45 million U.S. dollars with an increase of 75 percent from $483.37 million. The two countries’ trade value was worth $1.4 billion in 2010, and both governments is trying to boost the bilateral trade to $2.5 billion in 2012. Cambodian government said: since 2004, China has provided loans amounded to around $800 million to restore and construct roads and bridges, with the total road length of 15,00 km long and the three long bridges with the length of 3,140 meter namely, Sekong, Prek Kdam and Prek Tamak bridges”. China is the biggest loan providers for Cambodia.