Trade Triangle Planned For Cambodia, Vietnam, Laos

August 26, 2008 at 4:20 am Leave a comment

PHNOM PENH, Aug 26 (Bernama) — Trade ministers from Cambodia, Laos and Vietnam are to meet next month to discuss funding plans for a huge development zone straddling the three countries, China’s Xinhua news agency said quoting a report in a local newspaper, the Phnom Penh Post, Tuesday.

“It’s a huge national development plan,” said Bou Lam, deputy governor of Cambodia’s Ratanakkiri province.

“We don’t have much substantial investment here to capitalize on our rich natural environment,” he was quoted as saying.

He said that the project would also generate much-needed jobs in the province.

“If all these projects are completed, I believe the northern provinces will become much less isolated from the rest of the country,” he said.

The Japan Asean Integration Fund granted US$20 million during a meeting last year in Phnom Penh to finance development projects in 10 provinces contained by the Cambodia- Laos-Vietnam Development Triangle (CLV) zone, the newspaper said, adding that the ministers are to be tasked with disbursing the money.

Cambodia and Laos are to each receive US$7.5 million, and Vietnam is to get US$3.5 million, it said.

An additional US$1.5 million will be used to study new road links within the CLV zone, it added.

— BERNAMA

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Entry filed under: Economy and Trade. Tags: , .

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