BRI-backed Sihanoukville Special Economic Zone in Cambodia Reports 38.3% Trade Growth
The Sihanoukville Special Economic Zone (SSEZ) in Cambodia, a flagship project under China’s Belt and Road Initiative (BRI), has announced a significant surge in trade activities. In the first two months of 2024, the total value of imports and exports passing through the SSEZ reached $628 million, marking a 38.3 percent increase compared to the same period in 2023, according to a news release from the zone operator.
This remarkable growth underscores the SSEZ’s role as a key catalyst for Cambodia’s economic development. Since the beginning of 2024, the 11-square-kilometer economic zone has attracted eight new enterprises, bringing the total number of companies operating within the zone to 188. These enterprises have collectively created over 30,000 jobs for local residents, contributing significantly to employment opportunities in the region.
Neak Chandarith, director of the Cambodia 21st Century Maritime Silk Road Research Center, highlighted the strategic importance of the SSEZ’s location. “Situated near the deep-water Sihanoukville Autonomous Port, the SSEZ offers unparalleled convenience for trade between Cambodia and the rest of the world,” he said on Wednesday. “This economic zone has contributed to boosting Cambodia’s economic growth and creating a lot of jobs for local people.”
Chandarith also emphasized the role of the SSEZ and other BRI projects in Cambodia’s long-term economic goals. “The SSEZ, together with other flagship BRI projects, has been playing a crucial role in helping Cambodia achieve its ambitious targets of becoming an upper-middle-income country by 2030 and a high-income nation by 2050.”
Established in 2008 as a joint venture between Chinese and Cambodian investors, the SSEZ is expected to accommodate up to 300 enterprises in the future, potentially generating up to 100,000 jobs for local communities. The continued growth and development of the SSEZ reflect the strengthening economic ties between Cambodia and China under the BRI framework.
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BRI-backed economic zone in Cambodia reports 38.3% trade growth
cgtn.com
