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.
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