Beijing: According to a joint statement from the Chinese foreign ministry on Friday ( Apr 18 ), they have come to an agreement to strengthen cooperation in transportation infrastructure and secure secure supply chains.
Cambodia hopes a big canal’s construction will change its economic fortunes, even though the funding and scope of the project have reportedly been slashed.
The partnerships came at the conclusion of Xi Jinping’s three-nation visit of Southeast Asia, which included stops in Malaysia and Vietnam.
In response to China’s tax conflict with the United States, Beijing made the trip as part of its effort to strengthen economic and trade relations with nearby neighbors.
According to the joint speech,” China supports Cambodia in building the Funan Techo Integrated Water Conservancy Project in accordance with the principles of practicality and sustainability.”
The Thai authorities announced in a separate speech on Friday that the river project, which was recently estimated to cost US$ 1.7 billion and spanned 180 kilometers, is now valued at US$ 1.16 billion, or roughly 4 % of the country’s monthly gross domestic product.
According to the statement, it will be funded through a public-private partnership, with Chinese investors holding 49 % and Cambodian investors holding 51 %.