China and Cambodia inked a memorandum of understanding on Friday to boost both countries' trade and investment relationship.

The deal was signed by the President of Cambodia Chamber of Commerce Kith Meng and the visiting Chairman of the China Council for the Promotion of Internationa Trade Jiang Zengwei in Cambodia's capital Phnom Penh.

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According to The Standard, the agreement covered different areas of cooperation such as trade promotion, capacity building, and exchange of information and visits. Meng added it also covers boosting the overall Sino-Cambodian economic ties.

"The MoU will contribute further to enhancing trade and investment relations between the two countries," Meng said, according to China Daily.

The deal was closed after Jiang led a group of 47 Chinese business executives to Cambodia. He is positive that the deal will pave the way for greater investments.

"Enterprises play a very important role in promoting trade and investment relations between the two countries," Jiang said. "The CCPIT is ready to encourage more Chinese enterprises to invest in Cambodia and to assist Cambodia companies wishing to do businesses in China."

While addressing the Chinese delegation, Cambodian Prime Minister Hun Sen urged more Chinese businesses to invest in the country, calling for particular focus on the fields of energy, human resources, transport, and water, Minister Kao Kim Hourn said, according to The Diplomat.

The value of the trade between China and Cambodia reached $2.34 billion in the first half of this year, up by more than 10 percent year-on-year. Beijing has invested $14 billion in Cambodia between 1994 and March 2016.

Tagschina, Cambodia, economic ties, Cambodia Chamber of Commerce, China Council for the Promotion of Internationa Trade