'Investment agreement between ASEAN and China to benefit both sides'

via Khmer NZ News Media

July 01, 2010

PHNOM PENH (Xinhua) - The investment agreement between ASEAN and China will benefit both sides, Cheam Yeap, chairman of Cambodian National Assembly's Commission on economy, finance, banking and audit, said on Wednesday.

Cheam Yeap made the remarks before the National Assembly will, on Thursday, give ratification to the two investment agreements of ASEAN-China and ASEAN-South Korea.

He said that the investment agreements are the legal framework to expand investments among ASEAN-China and ASEAN-South Korea." Investors from all sides--ASEAN, China and South Korea would benefit from the agreements,"he added.

He said the agreements would ensure the protection of investors from discriminative measures by local governments and guarantee their fair and equitable investment.

"For Cambodia, the agreement is in the interest of the nation because China has the population of more than 1 billion, so through the agreement, it could attract more investors to Cambodia to manufacture for exports,"said Cheam Yeap.

ASEAN signed the investment agreements in the comprehensive economic cooperation with South Korea and China in June and August last year respectively.

ASEAN makes up of ten countries including Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.