By Ek Tha
PHNOM PENH, 8
Feb. 2013 (PRU) – His Excellency Deputy Prime Minister Dr. Sok An shared the
view with the US Ambassador to Cambodia on Friday that Cambodia has a friendly
environment for investment and that more should be invested. Both sides also
voiced concern over the budget shortfall for the national side of the
Extraordinary Chamber in the Courts of Cambodia (ECCC).
Dr. Sok An said
Cambodia’s political and macro-economic stability are the key factors, followed
by good legal aspect including the regulatory framework for investment and an
improving judicial system.
INVESTMENT ENVIRONMENT
Cambodia joined
the World Trade Organisation in 2004 and is looking to establish a commercial
court in compliance with WTO rules.
H.E. Ambassador
William E. Todd said he himself has been lobbying foreign investors in China,
Hong Kong, Bangkok and Singapore to invest in the Kingdom of Wonder, where
there is potential for investment in tourism, agriculture, garments and other
sectors.
“We need to
create more jobs for young people. I will do everything I can to bring more
investment to Cambodia. My goal is to help Cambodia. We must keep trade and
investment moving forward”, he told the Deputy Prime Minister.
The Ambassador
said that foreign investors who are interested in investing in energy and
insurance look for long-term investment in Cambodia, which was welcomed by Dr.
Sok An.
The value of
two-way trade was more than $ 2.2 billion in 2011, while for the first six
months of last year it was more than $1 billion.
Dr. Sok An said
that as of last March, Cambodia had approved 71 US investments in Cambodia
amounting to $1.3 billion.
Cambodia is
working closely on a production permit with the US giant Chevron, which found
oil and gas in Block A of Cambodia’s seabed.
“Chevron is
committed to this country”, the Ambassador assured Dr. Sok An. “It is quite
important for Cambodia to get its first oil.”
BUDGET SHORTFALL
The Cambodian
side of the ECCC is short about $7 million for this year and is hoping that new
donors and friends of the court will come up with new contribution to meet the
shortfall.
Both sides were
concerned over the shortage of funds for the ECCC. Dr. Sok An said Cambodia’s
commitment remains unchanged to facilitate and support the court in providing
justice to the victims, preventing the recurrence of atrocities and
contributing to the strengthening of Cambodia’s rule of law.
The Royal
Government has made its maximum effort with the latest contribution of $1.8
million for 2013, more than three times the initial commitment of $0.5 million
in 2006.
The Government’s
contribution for the ECCC already exceeds the national budget for the Country’s
Supreme Court by 300 percent and the Appeals Court by 257 percent. In kind and
cash, Cambodia contributed $16.9 million from 2006 to 2012.
The Ambassador,
who again offered condolences for the late King Norodom Sihanouk, who passed
way in October, said, “The funeral ceremony is very colourful and very moving
for Westerners”.
Cambodia and
U.S. also hailed their already good bilateral relations.
The Deputy Prime
Minister sent congratulations to the newly appointed Secretary of State, John
Kerry, who had good relations with Phnom Penh while serving the U.S. Senate
Foreign Relations Committee.
CULTURAL ASPECT
Dr. Sok An
thanked the US for having supported Cambodia in international fora, for
instance by voting in favour of inscribing the Temple of Preah Vihear as a
World Heritage site.
Dr. Sok An
highlighted Cambodia’s image in the international arena, including the most
recent prime example of Dr. Sok An being Chairperson of the World Heritage
Committee (WHC).
Cambodia will
host the 37th session of WHC in June 2013 in Phnom Penh and Siem Reap, the home
of Angkor.
Dr. Sok An also
recalled the order of 18 July 2011 of the International Court of Justice that
Thailand should not obstruct Cambodia’s free access to the Temple of Preah
Vihear. END.