Cambodian Prime Minister for strengthening bilateral trade ties with India

Visiting Cambodian Prime Minister Samdech Hun Sen today stressed on enhancing bilateral trade with India and invited businessmen to Cambodia to deliberate on business feasibility.

New Delhi, Dec 8 : Visiting Cambodian Prime Minister Samdech Hun Sen today stressed on enhancing bilateral trade with India and invited businessmen to Cambodia to deliberate on business feasibility.

Addressing a 'Business Meet', Sen observed that Foreign Direct Investment (FDI) has boosted and bolstered the economies of many nations in the past.

"Recognising the huge forces of the Indian economy, the successful development experience learnt from the other countries in the region where Foreign Direct Investment is playing an important and crucial role, Cambodia is strongly determined to attract as much as possible Foreign Direct Investment including Indian FDI to Cambodia," said Sen.

In order to enhance trade relations, Sen stressed on mobilising foreign funds for the economic development of Cambodia and also invited Indian business entrepreneurs to discuss and deliberate on feasible and workable business ventures.

"My message to all Indian businessmen is to come to Cambodia to carry out feasibility study," said Sen.

Later, India and Cambodia signed various agreements in the fields, ranging from defence cooperation and water resources to commerce, in the presence of Sen and Prime Minister Dr Manmohan Singh.

The Agreement on Transfer of Sentenced Persons, lays down the criteria and procedure for the transfer of sentenced persons who are incarcerated in the other country back to their own country to serve the remainder of their sentence.

The MoU on Cooperation in the Field of Water Resource Management covers collaboration and joint activities in the area of water resources development and management.

The MoU on Foreign Office Consultations signed today envisages regular consultations at the Vice Ministerial level to review all aspects of bilateral relations and exchange of views on international issues of mutual interest.

The consultations covering areas of political, economic, commercial, scientific, technical and cultural cooperation, will be held alternately in New Delhi and Phnom Penh.

The Work Plan under Memorandum of Understanding on Agricultural Cooperation for 2007-2008 was also signed today.

Under the Agreement on the Line of Credit for Cambodia, signed today India will extend a Line of Credit for 35.2 million dollars at a fixed rate of interest of 1.75 percent repayable over 20 years inclusive of a grace period of five years.

The Line of Credit will be utilised for financing three projects -- 15 million dollars for the Stung Tasal Development project, 5.2 million dollars for the purchase of water pumps; and 15 million dollars for the construction of an electric transmission line between Kratie and Stung Treng Province.

An MoU on Cooperation and Technical Assistance was also signed between the Cambodian National Petroleum Authority (CNPA) and the ONGC Videsh Limited (OVL).

Under this, the CNPA and the OVL will exchange ideas on possible cooperation related to exploration, development, production, gas utilisation, processing, sale, distribution of petroleum and their products as well as training and education in oil and gas operations.

Agreement on Defence Cooperation, aims to enhance defence cooperation through the exchange of experience between India and Cambodia.

ANI