Minister praises US contribution to Kingdom’s economic development

The Ministry of Economy and Finance last week said cooperation between Cambodia and the United States has been fruitful, explaining that the US government has contributed significantly to the development of the Kingdom by providing millions of dollars in grant aid.

Speaking with US Ambassador Patrick Murphy on Thursday, Aun Pornmoniroth, the Minister of Economy and Finance, said that from 1992 to 2019 the US government provided about $1,500 million in development assistance. This aid has been instrumental in the development of several local economic sectors, particularly education, health, agriculture, and environmental protection, the minister said.

“In the meantime, more and more US companies are coming here to invest and trade between the two countries continues to rise every year,” he said, adding that this trade and investment plays a key role in the Kingdom’s economic development.

According to data from the US government, two-way trade between Cambodia and the United States reached $4.3 billion in the first nine months of 2019, an increase of 37 percent compared with the same period last year.

Cambodian shipments to the United States, according to the data, rose by 38 percent to $3.9 billion, while imports from the US were valued at $400 million, a 24 percent increase.

Cambodia mostly exports textiles, footwear, travel goods, and agricultural products to the US, while this one ships mostly vehicles, animal feed, and machinery to the Kingdom.

Mr Murphy said the US government will continue its mission to aid the Kingdom’s development through financial assistance, particularly in public health, agriculture, education, mine clearance, and human resources development.

“The aim is to contribute to Cambodia’s development,” he was quoted as saying in a statement from the Cambodian government. The same statement said the US will continue to support the private sector here through a governance promotion programme and to enhance cooperation in investment and trade between the countries.(This news came from Khmertimes.com)