Exports through SEZs reach $5.4 billion in 11 months
Exports through SEZs reach $5.4 billion in 11 months
Cambodia’s exports through Special Economic Zones (SEZs) reached $5.4 billion in the first 11 months of this year, a report from the Ministry of Commerce showed yesterday.
Chinese-owned Sihanoukville SEZ, located in Preah Sihanouk province, took the lead with a total export of $1.49 billion during the January-November 2024 period, followed by the Royal Group Phnom Penh SEZ with $1.08 billion.
These figures underscored the growing importance of SEZs in Cambodia’s economy and their contribution to the nation’s export-driven growth.
SEZs have attracted investments in various industries, including manufacturing, technology and logistics, said Chea Vuthy, Secretary General of the Cambodian Investment Board of the Council for the Development of Cambodia (CDC) and the Chairman of the Administration of Special Economic Zones.
“SEZs have played an important role in diversifying Cambodia’s economy and they have attracted good investment capital from other countries,” Vuthy said.
SEZs have been established throughout the country to provide investors with a ‘one-stop’ service for imports and exports and they greatly facilitated trade. These hubs have also been instrumental in national economic development and are increasingly being linked with key transport routes.
In all, 26 SEZs out of a total of 49 are in active operation with 431 factories, creating 183,703 jobs, according to the report.
SEZs are focusing mainly on sectors such as garment, footwear and travel products, auto parts, electronics, car tyre manufacturing and automotive and bicycle assembly
As Cambodia continues to develop its infrastructure and improve its business environment, SEZs are expected to play an even more vital role in driving economic growth in the coming years.
The government’s focus on attracting foreign investment and promoting innovation within SEZs will be crucial for realising the full potential of these economic zones, Prime Minister Hun Manet recently said.
He also spoke of the government’s plans for establishing a new model of SEZs for green industries and high-end technology investments, making them different from the existing industrial parks.
“Cambodia now has Special Economic Zones accommodating all industries and nationals of different countries, and the new model will complement the existing ones, not replacing or competing with them,” the Prime Minister said.
