Long Heng: Cambodia-Singapore strengthen economic and investment ties

Cambodia-Singapore strengthen economic and investment ties


Cambodia’s Samdech Prime Minister Hun Sen on July 25 departed here to pay a three day (July 25-27) visit to Singapore to strengthen the economic and investment bilateral cooperation between the two countries according the invitation from his Singaporean counterpart, Prime Minister Lee Hsien Loong.
Samdech Prime Minister Hun Sen’s visit to foreign countries always brought back with the benefit for people and the country and also this time is very crucial for expanding and strengthening further bilateral cooperation for the two countries as members of ASEAN,” Deputy Prime Minister Hun Sen told reporters in a press conference at the Phnom Penh International Airport on July 26 upon the arrival of Cambodian delegation from Singapore.
Foreign minister Hor Nam Hong added that the bilateral trade increased to over one billion in for the sixth months of this year and it increased about 62 per cent if comparing with last year and it will continue to growth further after this visit.
Addressing Singapore businessmen at the luncheon, Samdech Prime Minister Hun Sen was eager to welcome investors from Singapore and Cambodian government has always encouraged foreign investment,” Hor Nam Hong said, adding that Samdech encouraged Singaporean investors to invest on fields of agro-industry, building rice mills for drying rice products for exporting to foreign markets, as you all knew that this year we remained about three tons surplus of un-milled rice products that could export to foreign markets. Currently, our rice product sold about 70 per cent to Vietnam, and 30 per cent to Thailand.
Samdech also urged Singaporean investors to make business on tourism sector that is very important one for economic growth’s pillar of the country but agriculture is potential one for economic growth for us, the minister added.
In Singapore, Samdech Prime Minster also exchanged views with Prime Minister Lee on developments in the regional and global issues and security as the members of ASEAN,” the minister noted, adding that the leaders also reaffirmed the closer cooperation and other international forums.
Singapore’s investment in Cambodia last year was worth 278 million US dollars, and eight fold increase from the year before. Trade and industry minister Lim Hng Kiang was quoted as saying by the Singaporean media that bilateral trade is pushing to 1.3 billion US dollars for the first six months of this year and Cambodian side highlighted the banking sector has been strengthened with the Cambodian stock exchange due to being operation in the middle of next year.
Singapore has invested in Cambodia about 507 million US dollars from 1994-2010, H.E. Sry Thamarong, minister attached to prime Minister Hun Sen told reporters before departure of Cambodian delegation to Singapore. Singapore has known that it has invested different fields from education training to technology system in Cambodia. H.E Sry added for five months of this year, 16, 144 Singaporean tourists arrived Cambodia and last year about 41,273 Singaporean tourists visited here.
In Singapore, Samdehc Prime Minister Hun called on Singaporean president SR Nathan and Mrs Nathan and visited the Marina Barrage and attended a dinner hosted in his honor by PM Lee and His wife Ho Ching. Samdech also hosted to a golf game and lunch by Singapore senior minister Goh Chok Tong.

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