Thursday, 19 June 2008

Thaksin set to invest big time in Cambodia

The Bangkok Post
Thursday June 19, 2008

Khmer minister: Koh Kong just his first stepWASSANA NANUAM

Thaksin Shinawatra is planning large-scale investments in Cambodia with Koh Kong province serving only as his first step in his business ventures in the country, Cambodian Defence Minister Gen Teah Banh said yesterday.

Lauding Mr Thaksin as ''a capable person with a sharp vision'', the general said Mr Thaksin would not only lead foreign businessmen to invest in Koh Kong, but they would also take part in tourism and energy ventures both inland and in maritime areas.

''We welcome all investors who will help develop Cambodia,'' Gen Teah Banh said.

Koh Kong, which is opposite Trat, has been eyed by Mr Thaksin as a prime location for his casino and entertainment complex development.

According to former deputy army chief Gen Vichit Yathip, Mr Thaksin would co-invest in the project with businessmen from the Middle East. A prospective investor would be Harrods owner Mohamed al-Fayed, he said.

Both Gen Vichit and Gen Teah Banh denied any link between Koh Kong and other development projects initiated by Mr Thaksin and Phnom Penh's move to nominate the Preah Vihear temple as a new World Heritage site.

Besides the Koh Kong project, according to Gen Teah Banh, Mr Thaksin plans to develop new tourist attractions in Phnom Penh and other major cities. He also wants to work with Cambodia to make use of natural gas deposits in the overlapping maritime area between Thailand and Cambodia.

The general admitted Mr Thaksin wanted to invest in joint natural gas development, but said that the project required further talks.

''I insist we've never talked about a trade-off between Preah Vihear and natural gas with Mr Thaksin,'' Gen Teah Banh said. ''How could we make such an agreement?''

Gen Teah Banh, also deputy prime minister, said the Preah Vihear issue has been used as a political tool to attack both the Thai and Cambodian governments. In Phnom Penh, he said, his government is also under heavy criticism by the opposition ahead of the general election on July 27.

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