|PHNOM PENH, June 15 (Xinhua) -- Cambodia's Senate President Samdech Say Chhum has reiterated that the country fully supports China-proposed Belt and Road initiative since it will benefit all participating countries.
The Belt and Road initiative, a reference to the Silk Road Economic Belt and the 21st Century Maritime Silk Road, was initiated by China in 2013.
"I highly value and fully support the Belt and Road initiative and the Asian Infrastructure Investment Bank (AIIB), " Say Chhum said in a recent interview with Xinhua.
The AIIB was also initiated by China and Cambodia is one of its founding members.
Say Chhum said that together with the AIIB, the Belt and Road initiative importantly contributes to enhancing relations and connectivity by land and sea among countries in the region and the world.
"The initiative will also contribute to maintaining peace and security in the world," said the senate president, who is also a vice president of the ruling Cambodian People's Party.
Many countries, which are members of the AIIB and are situated within the circumference of the Belt and Road, will receive myriad advantages from this initiative, he noted.
He said the initiative clearly demonstrates China's firm commitment to opening up and enhancing better connectivity.
Cambodia has high hopes that it too will benefit greatly from the Belt and Road initiative and the AIIB, he said, adding, "Cambodia is ready to closely cooperate with China and relevant parties."
According to the senate president, in the near future, Cambodia will sign a memorandum of understanding (MoU) with China on bilateral cooperation within the framework of the Belt and Road initiative.
"Under the draft MoU, Cambodia and China will enhance cooperation in key sectors, such as infrastructure, agriculture, capacity building, industries, cultural tourism and finance," he said.
He also said that although Cambodia's economy has achieved an annual growth of 7 percent in consecutive years, the economy is still facing many challenges, so financial support from China and the AIIB is crucial to further develop internal infrastructure, irrigation systems, hydroelectricity projects and human resources.