China and Cambodia have decided to increase bilateral trade by $10 Billion dollars
In January, Chinese President Xi Jinping met with Cambodian Prime Minister Hun Sen for the 2019 China-Cambodia Trade and Investment Promotion Forum in Beijing. On the three-day visit, Hun Sen met with Jinping to commence bilateral talks in which he requested additional aid from China, who is Cambodia’s largest donor and investor. During the visit, Jinping stated that China is willing to work with Cambodia to create a future shared among the community while still holding strategic significance. They are thus resulting in Jinping calling on both countries to maintain their high-level exchanges. A statement taken from Cambodia’s Foreign Minister stated that Jinping told Hun Sen that China wants to strengthen political, economic, and security cooperation with Cambodia. Despite both countries witnessing progress in cooperation under multilateral frameworks, Chinese Vice Premier Hu Chunhua expressed hopes for more promotion of the bilateral economic and trade relations. Therefore by assisting Cambodia, China would be strengthening the alignment with Cambodia of the respective development strategies by jointly promoting the Belt and Road Initiative (BRI).
China believes that they are supporting Cambodia in its efforts in maintaining stability, developing the economy, and improving the population's livelihood. Cambodia’s prime minister, Hun Sen also stated that both countries signed smaller deals that Cambodia will be receiving, such as getting a highway from Sihanoukville to Phnom Penh, a clean water initiative and a bodyguard compound as well as the restoration of temples, all of which will be provided by China. However, despite China pledging to provide Cambodia with 4 billion Yuan (the U.S. $587.6million) over the next three years in aid, a statement taken from China’s foreign ministry made no mention of financial aid.
Due to infrastructure being a top priority for Cambodia as well as China has rich experience in developing infrastructures based on the Belt and Road Initiative, the capital city, Phnom Penh’s third ring road broke ground. Thus reflecting the ties between Cambodia and China. These ties were supported by Hun Sen when he stated that the capital used for the infrastructure came from the People’s Republic of China. As currently most of the roads and bridges situated in Cambodia are funded by China. Having already invested billions of dollars into assisting Cambodia with development and loans through the BRI, China still expresses that it is ready to deepen cooperation and friendship between Cambodia in hopes to bring more benefits to the people of both countries.