Two memoranda of understanding were signed between Chinese companies and Cambodian government departments to enhance rice infrastructure for Cambodia.
The deals were inked in Cambodia Ministry of Economy and Finance (CMEF) in Phnom Penh on November 13 after three years of consultation. They are among the efforts to improve Cambodia’s rice production and export.
The intergovernmental memoranda of understanding on public warehousing system was signed between Wang Jiong, Vice Chairman and President of CITIC Group Corporation, Liu Liange, President of China Eximbank, Aun Porn Moniroth, Cambodia’s Minister of Economy and Finance and Economic Adviser to the Prime Minister, and Pan Sorasak, Cambodia’s Minister of Commerce .
The memorandum of understanding between enterprises was inked by Chairman of CITIC Construction Chen Xiaojia, chairman of Henan Yuguang International Economic & Technical Cooperation Bi Guangmin, and Cambodia’s Secretaries of State at Ministry of Economy and Finance as well as Ministry of Commerce. The ceremony was witnessed by leaders including Aun Porn Moniroth, Wang Jiong, Liu Liange, Chinese Ambassador to Cambodia Xiong Bo, and Commercial Counselor Li An.
Before the signing ceremony, Aun Porn Moniroth met with Wang Jiong, Liu Liange and their delegation, and extended welcome to the Chinese delegates.
China is Cambodia’s largest source of foreign investment, therefore the two deals are of extraordinary importance in improving Cambodia’s agricultural sector, the minister said, expressing gratitude to CITIC Group Corporation and Eximbank for their supports to the project.
Aun Porn Moniroth believes that with the help from CITIC Group Corporation, China’s largest state-owned comprehensive group, the project will progress more smoothly.
Wang Jiong said he was deeply impressed by Cambodia on his first visit to the country, adding that CITIC Group Corporation will strongly support CITIC Construction to help improve agricultural infrastructure for Cambodia.
He added that in the future, CITIC Group Corporation will grasp more opportunities to propel industry development in sectors such as infrastructure construction, and establish a wider range of cooperation on multi-level and in diversified sectors.
While expressing his admiration for Cambodia’s economic development in recent years,
Liu Liange said he is very satisfied with the cooperation with the Cambodian side.
The Eximbank has developed good cooperation with countries and regions in Asia, East Europe, Africa and Latin America, Liu Liange said, believing the cooperation with Cambodia will become a success as well.
CMEF said the program is so far the most important agricultural infrastructure project for Cambodia, and it is highly watched by the government.
Under the project, the Ministry of Commerce will build 15 storehouses and drying facilities in main paddy rice production area across the country, with a designed storage capacity reaching one million tons in a single season.
The project will improve Cambodia’s rice warehouse and storage infrastructure and guarantee fair rice price for the benefit of rice farmers. It is also expected to be conducive to Cambodia’s general election next year.