Trade through BRI-backed economic zone in Cambodia hits record high in 2024
Trade through BRI-backed economic zone in Cambodia hits record high in 2024
The value of imports and exports passing through the Sihanoukville Special Economy Zone (SSEZ) in Cambodia hit a record high in 2024, said Cambodia’s customs data released on Monday.
The total trade volume of the enterprises in the SSEZ reached 4.07 billion U.S. dollars last year, a year-on-year increase of 21.3 percent, the data showed.
Jointly ventured by Chinese and Cambodian investors, the SSEZ is a flagship project under China’s Belt and Road Initiative (BRI).
The SSEZ operator said in a news release that in 2024, the zone featured high-quality development and promoted the integration of industry and city.
The news release said the construction of the SSEZ 2.0 upgraded version has taken a big step to a new level.
The 11-square-km SSEZ had attracted 28 new enterprises in 2024, bringing the total number of enterprises in the zone to 202, with approximately 32,000 jobs created, the news release said.
Those enterprises came from China, European countries, the United States, and Southeast Asian countries, among other countries and regions.
“The SSEZ has injected new momentum into enriching the China-Cambodia Diamond Hexagon cooperation framework and building Cambodia’s Industrial Development Corridor,”the news release said.
Neak Chandarith, director of the Cambodia 21st Century Maritime Silk Road Research Center, said the SSEZ is situated near the deep-water Sihanoukville Autonomous Port, which is very convenient for trade exchanges between Cambodia and the rest of the world.
“This economic zone has contributed to boosting Cambodia’s economic growth and generating a lot of jobs for locals,” he told Xinhua.
“The SSEZ, together with other flagship BRI projects, has been playing a crucial role in helping Cambodia achieve its ambitious goals of becoming an upper-middle income country by 2030 and a high-income nation by 2050.”
Seun Sam, a policy analyst at the Royal Academy of Cambodia, said the SSEZ is one of the key catalysts for Cambodia’s economic growth and trade development.
“The SSEZ is one of the most impressive outcomes of the BRI projects in Cambodia,” he told Xinhua. “This special economic zone has attracted a lot of foreign direct investment and boosted Cambodia’s manufacturing sector, leading to employment creation and increased exports.”
