BRI-backed economic zone in Cambodia reports 38.3% trade growth

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A factory in Sihanoukville Special Economic Zone, a joint venture between Chinese and Cambodian companies, in southwest Cambodia, September 25, 2023. /CFP

The value of imports and exports passing through the Sihanoukville Special Economic Zone (SSEZ) in Cambodia hit $628 million in the first two months of 2024, up 38.3 percent compared to the same period in 2023, the zone operator said in a news release.

A joint venture by Chinese and Cambodian investors, the SSEZ is a flagship project under China's Belt and Road Initiative (BRI).

"The growth indicates that the SSEZ is one of the key catalysts for Cambodia's development," the news release said.

Since the start of 2024, the 11-square-kilometer SSEZ has attracted eight new enterprises, bringing the total number of enterprises in the zone to 188 so far, with more than 30,000 jobs created, it added.

Neak Chandarith, director of the Cambodia 21st Century Maritime Silk Road Research Center, said on Wednesday that the SSEZ is situated near the deep-water Sihanoukville Autonomous Port, which is very convenient for trade between Cambodia and the rest of the world.

"This economic zone has contributed to boosting Cambodia's economic growth and creating a lot of jobs for local people," he said.

"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."

Founded in 2008, the SSEZ is expected to accommodate up to 300 enterprises, which is expected to generate up to 100,000 jobs for local people.

(With input from Xinhua)