China-proposed Belt and Road Initiative (BRI) aligns well with the Cambodian government's Rectangular Strategy Phase IV, a Cambodian commerce official has said.
BRI, a reference to the Silk Road Economic Belt and the 21st Century Maritime Silk Road, was initiated by China in 2013 with the aim of building a trade, investment, and infrastructure network connecting Asia with Europe and Africa along the ancient trade routes.
Speaking at a Cambodian and Chinese (Sichuan) entrepreneurs meeting here Thursday, Cambodian Commerce Ministry Under Secretary of State Bun Chanthy said the BRI is based on five cooperation priorities, namely policy coordination, facilities connectivity, unimpeded trade, financial integration, and relationship of culture and people.
While Cambodia's Rectangular Strategy Phase IV has given priorities to human resource development, economic diversifications, private sector and job market development, and sustainable and inclusive development.
For the economic diversifications, Chanthy said Cambodia has concentrated on improving the logistics system and enhancing transport, energy and digital connectivity, and promoting development of banking and financial sector.
"With this comparison, we see that the BRI and the Rectangular Strategy Phase IV have aligned well with each other," he said, adding that linking between the BRI and the Rectangular Strategy would further boost development in the two countries.
