Cambodia has welcomed an initial application by the Bankof India to open in
Phnom Penh, local media reported on Tuesday.
The Cambodia Daily newspaper quoted Finance Ministry director of investment
Chan Sothy as saying the nationalised Indian bank, which has a presence in all
the major trade centres of the world, applied to open a branch in April.
The paper quoted Sothy as saying he and Finance Minister Keat Chhon met
outgoing Indian ambassador Aloke Sen Friday and "welcomed the Bank of India to
open a branch in Cambodia".
The officials discussed various ways of increasing Indian investments in
Cambodia, the report said. It quoted banking officials as saying the Bank of
India application was still being processed and therefore no concrete date
could be set.
The two nations have close historic ties and Cambodia has been keen to foster
closer economic ties with India as investment from other powerhouse Asian
economies such as China and South Korea continues to grow.
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