China's Hainan promotes free trade port in Cambodia

PHNOM PENH, Feb. 22 (Xinhua) -- South China's Hainan Province on Wednesday held a forum here to promote the Hainan Free Trade Port to Cambodian officials, entrepreneurs and exporters.

The event was attended by some 170 Cambodian and Chinese officials and business people.

Speaking at the event, Hainan's Vice Governor Shen Danyang said Hainan and Cambodia enjoy geographical proximity, which is very convenient for economic and trade exchanges as well as people-to-people contact.

He highlighted favorable policies and investment potential in the Hainan Free Trade Port and also introduced Hainan's tropical high-efficiency agriculture and the development of its tourism and culture industries to the participants.

Sok Sopheak, secretary of state for Cambodia's Ministry of Commerce, said it was the first Cambodia-China business gathering after China had recently optimized its anti-COVID-19 strategy and resumed outbound group tours.

He hailed China's economic development, saying that China was still the engine of global growth.

"The Belt and Road Initiative (BRI) has not only boosted China's economic and trade growth, but also helped enhance connectivity and cooperation in economic infrastructure, investment and finance, and people-to-people exchanges among countries in the region and in the world," he said. "The BRI has provided mutual benefit and win-win results for all."

"For Cambodia, a lot of achievements such as roads, bridges, power plants, airports, ports, and industrial zones have existed in Cambodia under the BRI," he added.

Sopheak expressed his confidence that Cambodia-China trade and investment volumes would be bigger in coming years thanks to the Regional Comprehensive Economic Partnership trade pact and the Cambodia-China Free Trade Agreement, which both entered into force on Jan. 1, 2022.

At the event, two agreements were signed, covering the promotion of industrial cooperation and investment in pepper cultivation.