Cambodian company partners with Chinese firm to develop public infrastructure
PHNOM PENH, Aug. 2 (Xinhua) -- Worldbridgeland (Cambodia) and Sino Great Wall International Engineering Co. Ltd. signed an agreement on Wednesday to form a joint venture company called the "Company," which will focus on the development of public infrastructure projects in Cambodia.
The Memorandum of Understanding (MoU) was inked in Phnom Penh between Sear Rithy, chairman of Worldbridgeland (Cambodia), and Liang Rong, vice chairman of Sino Great Wall International Engineering Co., Ltd.
Under the deal, the new firm would join its bid for the construction of public infrastructure projects and public buildings in Cambodia, especially the Cambodian government's projects.
Rithy said the Chinese firm owned 60 percent of the new company's stakes, and his company held the remaining 40 percent.
"The MoU paves the way for our two companies to jointly invest in constructing public infrastructure such as bridges, roads and other buildings in Cambodia," he said.
Listed on the Shenzhen Stock Exchange, Sino Great Wall International Engineering Co., Ltd definitely had enough expertise and resources to take on large infrastructure development projects in Cambodia, Liang said.
"We sincerely hope that we can work together to bring China's sophisticated technologies to Cambodia in order to contribute to the development of public infrastructure here," he said.
Infrastructure development is one of the top priorities for Cambodia to boost economic growth and to enhance its competitiveness. It is estimated that the Southeast Asian country needs around 600 million U.S. dollars a year for infrastructure development.
- Last Article：Chinese firm contracted to build massive hydropower plant in Angola
- Next Article：CGN starts building British wind farm
The landmark signing of a bilateral memorandum of understanding on the Belt and Road (B&R) initiat...
Power interconnection, with the UHV (ultra-high-voltage) power grid as the backbone network, consi...
- Sandan Development plans Omani industrial park 380
- Major facelift as construction of roads in Lagos metropolis in Nigeria begins 210
- Government Issues Shiraz Metro Tender 202
- Philippine’s DOTC begins bidding for $3.77bn North-South railway project 177
- CCCC to build industrial park in Jalisco State 152
- Xinjiang Medical University builds new campus in Karamay 147
- Norwegian firm Scatec begins plans to construct solar plants in Egypt 117
- Kenya to Construct $170 Million Power Lines Connecting Turkana Wind Farm to National Grid 113
- Newly constructed Dangote Petrochemicals refinery in Nigeria to start operation 112