China's Xi'an signs MOU with Cambodia to enhance economic cooperation

September 27, 2010 Businessmen from China's Xi'an city are interested in investing in Cambodia's electronics, technology and packaging factories for agricultural products, an official from the city said Monday. Hao Mangxi, head of Xi'an Bureau of Trade and Commerce, is leading a delegation of seven large companies from Xi'an, the capital of China's Shaanxi province, to visit Cambodia. "Firstly, we are interested in technology or electronics--I will inform my people to learn more and invest in the sectors," Hao said on Monday, after the signing ceremony on Memorandum of Understand to further enhance the economic and trade cooperation between Xi'an and Cambodia. The MoU was signed by Hao Mangxi and the Director General of Cambodia Chamber of Commerce, Nguon Meng Tech. Hao said Xi'an has a lot of companies are specialized in modern technology and electronics such as IT, automobile spare parts and agricultural machinery products. "We are here to learn more about Cambodia's potentials and will bring the information to tell people and investors to come for business or investment here," he said. Nguon Meng Tech said that Cambodia's agricultural sector is very potential for foreign investments and Cambodia has a large number of young-educated labors with cheaper labor cost. "What we need is investors with expertise in technologies to develop agricultural products for exports," he said. Hao said that the two-way trade between Xi'an and Cambodia was only about 100,000 U.S. dollars per year which is still low compare to other provinces of China. Source: Xinhua