Cambodia needs more Chinese investors: PM

Cambodian Prime Minister Hun Sen (R) meets with Yin Yicui, chairwoman of the Standing Committee of Shanghai Municipal People's Congress, at the Peace Palace in Phnom Penh, Cambodia, Oct. 15, 2013. Cambodian Prime Minister Hun Sen said Tuesday that the country wanted more Chinese investors to help boost local economy and deepen Sino-Cambodian ties. (Xinhua/Sovannara)

Cambodian Prime Minister Hun Sen said Tuesday that the country wanted more Chinese investors to help boost local economy and deepen Sino-Cambodian ties.

The premier made the remarks during a meeting with Yin Yicui, chairwoman of the Standing Committee of Shanghai Municipal People' s Congress, at the Peace Palace in Phnom Penh.

He asked Yin to encourage more investors from Shanghai to do businesses in Cambodia, particularly in tourism and agriculture.

Yin congratulated Hun Sen on being re-elected as the Prime Minister of Cambodia.

Yin said her visit to Cambodia was aimed to renew a five-year cooperation plan between Shanghai and Phnom Penh.

She talked with Governor of Phnom Penh Municipality Pa Socheatvong on this plan.

Phnom Penh and Shanghai became sister cities in October 2008.

Hun Sen said he fully supported the cooperation between the two cities.

China is one of the top providers of development assistance to Cambodia. Loans and grants from China since 1992 have amounted to 2.85 billion U.S. dollars, according to Cambodia's Finance Ministry.

The country is also the largest investor in Cambodia. According to the figures of the Council for Development of Cambodia, from 1994 to 2012, total Chinese investment in Cambodia reached 9.17 billion U.S. dollars.

The two-way trade stood at 2.9 billion U. S. dollars last year and is expected to reach 5 billion U.S. dollars by 2017.