Originally published by Business Recorder, 19 December 2010

PHNOM PENH  (December 19, 2010) : Cambodia and China have pledged to double bilateral trade to $2.5 billion in five years, driven largely by agriculture, mining and hydro power, the Cambodian government said, underscoring their tightening ties. Cambodia’s Foreign Minister Hor Namhong made the comment on Friday after Prime Minister Hun Sen returned from a visit to China, noting bilateral trade was now $1.1 billion and China had agreed to import more Cambodian rice and other products.

He also said China had promised a $300 million loan for construction of two national roads and an irrigation project in Cambodia and that another 12 deals were signed during Hun Sen visit’s worth around $293 million, mostly infrastructure related. Chinese investors are increasingly active in Cambodia, pledging to invest $8 billion in 360 projects in the impoverished Southeast Asian country in the first seven months of this year, mostly in power and agriculture.

Cambodia signed a spate of business deals with China in December last year during a visit by Chinese Vice-President Xi Jinping, days after defying international pressure by sending back to China 20 ethnic minority Uighur asylum-seekers. Beijing is Cambodia’s largest source of foreign aid, providing about $600 million in 2007 and $260 million in 2008, helping to build roads, dams and other infrastructure. China also gives military aid.

http://www.brecorder.com/news/business-and-economy/world/1135376:news.html