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China invests $9.17 bn in Cambodia
February 6, 2013, 8:33 am

A Chinese official meets with Hun Sen, the Cambodian prime minister  in Phnom Penh, Cambodia. [Getty Images]

A Chinese official meets with Hun Sen, the Cambodian prime minister in Phnom Penh, Cambodia. [Getty Images]

China has become Cambodia’s largest lender with a total of $9.17 billion dollars of investment in the last 18 years, according to a government report.

The report highlights that China’s investment in Cambodia was concentrated in the areas of energy, mineral resources, garment industry, banking and finance, real estate, tourism and agriculture.

During the period (1994-2012), South Korea and Malaysia were the second and third largest investors in Cambodia with investments of $4.33 billion and $2.62 billion, said the report of the council for the development of Cambodia.

The United Kingdom ranked fourth with the promised investment of $2.41 billion in the country, while the US placed fifth with capital injection of $1.29 billion.

Earlier in February, Le Luong Minh, the ASEAN chief stressed China and ASEAN should further strengthen dialogue and cooperation and bring the bilateral relationship to a higher level.

The US administration had earlier announced a “pivot to Asia” strategy in October 2011, which drew widespread suspicion and criticism in China, amidst fears of US militarization of the region.

America’s military pivot towards Asia, moving away from middle-east engagements and towards ensuring China does not dominate the Asian region has been a issue in Sino-US relations.

Source: Agencies

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