Cambodian PM suggests setting up fund to advance CLV development triangle area

Cambodian Prime Minister Hun Sen Tuesday suggested to establish a Cambodia-Laos-Vietnam (CLV) Fund to mobilize financial resources to fund the projects of the Master Plan 2010-2020.

The premier made the suggestion at the 6th Cambodia-Laos- Vietnam (CLV) Summit on Development Triangle Area (DTA) held on Tuesday morning in Phnom Penh, which is aimed to further strengthen the cooperation among three CLV countries.

With the financial difficulties, Hun Sen initiated to establish a CLV Fund in order to increase capitals for development projects.

He said that "Japan has financed 20 million U.S. dollars for the development triangle area, but we have to work with Japan and seek other development partners to mobilize capital for the triangle area."

In order to fulfill the programs and projects of the Master Plan, Hun Sen also suggested "to primarily shortlisting a number of prioritized projects from our cooperation sectors," such as infrastructure, trade and investment, social development and cultural conservation, agro-industry, tourism, and environment.

"The CLV Summit is not only to strengthen cooperation among the three countries, but also to contribute to the development in the region," said Hun Sen at the opening of the 6th CLV summit.

The summit is to review the progress of the triangle development area. Hun Sen highly evaluated the achievements that have been attained, especially in the sectors of trades and investments through fairs and trade conferences.

Two agreements were signed during the summit, including the amended memorandum of understanding towards the formulation of special preferential policies for the CLV development triangle area and the Phnom Penh Declaration on the Deepening Cambodia-Laos-Vietnam Development Triangle Area.

Meanwhile, a bilateral meeting was held between Prime Ministers Hun Sen and Laos' Prime Minsiter Bouasone Bouphavanh, and an agreement on air services between the two countries was signed.

At the half-day summit, Cham Prasidh, Cambodian minister of commerce and chairman of the Joint Coordinating Committee, briefly reported on the progress made in the areas of security, foreign affairs, and socio-economic development in the past two years.

CLV Development Triangle Area (CLV DTA) is aiming at accelerating of economic growth, poverty reduction, social and cultural progress in the areas of triangle.

Geographical provinces of the triangle area are Cambodia's Steng Treng, Rattanakiri, Mondulkiri and Kratie, Laos' Salavan, Sekong, Attapeu and Champasak, and Vietnam's Gialai, Daclac, Dacnong, Kontum, and Binh Phuoc.

Source: Xinhua