UK To Provide Financing to Support Some Main Projects in Cambodia

The United Kingdom has expressed its intention to provide financing to carry out some main development projects in Cambodia in the fields of infrastructure, human resource training, public welfare and technology.

The intention was revealed by Mr. Chris Pook, Regional Director for UK Trade and Investment and the FCO Property Network in South-East Asia at Foreign & Commonwealth Office (FCO), during his recent meeting here in Phnom Penh with Minister of Commerce H.E. Pan Sorasak.

Beside the above-said prioritised fields, he added, the UK wishes to take part in the development of Smart City in Cambodia, as well as in other ASEAN member countries.

Many British investors are eyeing business and investment expansion opportunity in Cambodia and ASEAN region, but they need supporting infrastructure and human resources, Mr. Chris Pook said.

In reply, H.E. Pan Sorasak welcomed the UK's intention and briefed his guest about Royal Government of Cambodia's vision and policies to boost industrial development and attract more investors.

H.E. Minister requested the UK to consider taking part in China's Belt & Road project, and to sign free trade agreement (FTA) with Cambodia to ensure in-depth economic and trade cooperation between both nations, as well as appealed to British investors to invest in physical infrastructure, human resources, processing industry, science, agriculture and trade facilitation as they are prioritised factors to support Cambodia's economic growth.

According of figures of Ministry of Commerce, Cambodia exported some US$1,014 million worth of products to the UK last year, up from only US$752 million in 2014. The UK's Foreign Direct Investment (FDI) in Cambodia was valued at about US$55 million in 2017, making the UK among the top ten investors in Cambodia.

Source: Agency Kampuchea Press