Chinese initiative will benefit all participants

Cambodian minister hails Beijing's leading role in regional integration

PHNOM PENH, Cambodia - China's Belt and Road Initiative not only benefits all participating countries and regions, but also strengthens relations among them, Cambodian Minister of Economy and Finance Aun Pornmoniroth has said.

The proposal refers to the Silk Road Economic Belt and the 21st Century Maritime Silk Road, aiming at building a network connecting Asia with Europe and Africa along the ancient trade routes of Silk Road.

"It is a promising initiative, which not only benefits all members' economic performance, but also strengthens ties," Aun Pornmoniroth said ahead of the Belt and Road Forum for International Cooperation to be held from May 14 to 15 in Beijing.

The initiative will help develop some of the economically least integrated parts of the world through greater connectivity, including the construction of infrastructure, the minister said.

"As the dynamics of international relations are changing rapidly, we look to China to play an even larger role on the global stage," he said.

He said China is well-positioned to play a leading role in deepening regional economic integration through strengthening connectivity and economic development.

In regional connectivity, he said that the initiative benefits all participants in Asia, Europe, Africa and Oceania, lowering transportation cost, increasing trade volume and value, and extending trade accessibility.

For economic development, he said that the initiative fosters collaboration within the regions with a flow of people, goods, trade, capital and ideas, thus enhancing economic performance in each country and region through better connectivity by road, rail and air which will support stronger links in trade, investment, banking and finance.

Under the initiative, he said, Cambodia and China agreed to focus on core areas such as infrastructure and agriculture.

In infrastructure, he said the cooperation focuses on transportation such as railway, highway, aviation, communication, network, aerospace and nuclear energy.

On the agriculture, it focuses on specialized crops, aquatic and animal products, as well as food processing, agricultural inspection and quarantine, he said.

Cambodia will benefit from this initiative through increasing trade and investment with China and other countries, he said. "China will be a key market for Cambodia's export diversification and investment programs."

The minister also said that China has put great emphasis on people-to-people relationship to enhance friendship with Cambodia.

"We are looking to China not only for financing and investment flows, but also to bring in management skills, technical knowledge and skills knowledge and new technologies, particularly in the area of infrastructure development," he said. "In other words, we believe China should be a knowledge provider."