July 27, 2011

Cambodia, DPRK sign deal to speed up implementation of economic, trade cooperation


PHNOM PENH, July 27 -- Cambodia and Democratic People's Republic of Korea (DPRK) on Wednesday signed an agreement to boost the implementation of economic and trade cooperation.

The deal was inked between Ouch Borith, secretary of state for the Ministry of Foreign Affairs and International Cooperation, and Ri Myong San, visiting DPRK's vice-minister of foreign trade, after the first Cambodia-DPRK Joint Commission meeting on economic, trade, scientific and technical cooperation. After the signing ceremony, Ouch Borith told reporters Cambodia and DPRK have signed seven cooperation agreements since 1993.

They include the agreement on economic, trade, cultural and technical cooperation, trade exchange deal, investment protection deal, Memorandum of Understanding on cooperation between Cambodia and DPRK foreign ministries, IT joint committee establishment agreement, cultural exchange cooperation, and water way transportation agreement.

"Even though all these agreements have been in place for nearly 20 years, the implementation of the agreements has not been materialized," he said. "Therefore, the deal we signed today is to boost the implementation of these agreements for the interests of the two countries' peoples."

Ouch Borith said that Cambodia has also seen DPRK as a potential market for Cambodian rice, corn, cassava and bean; in exchange, Cambodia expects to import agricultural machinery from DPRK.

On the investment side, Cambodia wants to see DPRK investors in small hydroelectric dams, agriculture, industry and mineral resources, he added.

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