The Sihanoukville Special Economic Zone (SSEZ) in Cambodia reported a remarkable 38.3% increase in trade during the first two months of 2024, reaching a total of $628 million. This significant growth underscores the SSEZ's pivotal role in Cambodia's economic landscape.
Operated as a joint venture between Chinese and Cambodian investors, the SSEZ stands as 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,\" stated the zone's operator in a recent news release.
Covering an 11-square-kilometer area, the SSEZ has welcomed eight new enterprises since the beginning of 2024, bringing the total number of businesses in the zone to 188. These enterprises have collectively created over 30,000 jobs, contributing significantly to local employment.
Neak Chandarith, director of the Cambodia 21st Century Maritime Silk Road Research Center, highlighted the strategic location of the SSEZ. Situated near the deep-water Sihanoukville Autonomous Port, the zone offers excellent connectivity for trade between Cambodia and the global market. \"This economic zone has contributed to boosting Cambodia's economic growth and creating a lot of jobs for local people,\" Chandarith explained.
The SSEZ is a cornerstone in Cambodia's ambitious plans to elevate its economic status, aiming to become an upper-middle-income country by 2030 and a high-income nation by 2050. Established in 2008, the zone is projected to host up to 300 enterprises in the coming years, with expectations of generating up to 100,000 jobs for Cambodian residents.
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BRI-backed economic zone in Cambodia reports 38.3% trade growth
cgtn.com
