The Cambodian government has showed its political will to properly manage the development of the kingdom's extractive industries, said United States Ambassador Joseph Mussomeli on Friday.

Leaders of the countries should have the political will to demand that the revenues from these extractive industries be used solely for the improvement of the country, said the ambassador at an international conference, in regard of recent reports that 700 million barrels of crude oil are estimated to lie off the coast of Cambodia.

"In his open and eloquent speech yesterday (Thursday), Prime Minister Hun Sen showed his intent to demonstrate just such political will," said Mussomeli at the 2007 Cambodia Economic Outlook Conference: Opportunities for Growth, Development and Shared Prosperity.

At the same conference on Thursday, Hun Sen said that the revenue from the recently confirmed discovery of oil reserves "will be directed to productive investment and poverty reduction."

Mussomeli also said that many officials within the government also "recognize and have been working to responsibly manage Cambodia's extractive industries."

Meanwhile, he reminded the Cambodia government to avoid the situation that "a small corrupt elite siphons off revenue that should go to improving the welfare of all the people."

In addition, the ambassador stated eight recommendations for the kingdom to properly manage the development of its extractive industries.

"First, we applaud the Cambodian government for considering the Extractive Industries Transparency Initiative (EITI) and we hope that Cambodia will soon become an EITI Implementing Country," he said.

The ambassador noted that the extractive industries, namely oil, gas and various types of mining, in the next three years could more than triple the annual revenue received by the Cambodian government, according to a press release from the U.S. Embassy.

Future oil revenues alone could provide over three times the kingdom's official development assistance received in 2005, said a U.N. Development Program study.

Source: Xinhua