In a remarkable surge, the Sihanoukville Special Economy Zone (SSEZ) in Cambodia witnessed a substantial increase in the value of imports an...
In a remarkable surge, the Sihanoukville Special Economy Zone (SSEZ) in Cambodia witnessed a substantial increase in the value of imports and exports, reaching $3.36 billion in 2023. This reflects a significant year-on-year escalation of 34.8%, as reported by the zone operator.
Jointly ventured by Chinese and Cambodian investors, the SSEZ stands as a flagship project under the Belt and Road Initiative (BRI). This collaboration underscores the strategic partnership aimed at fostering economic growth and connectivity.
The statement from the zone operator highlights that the trade volume passing through the SSEZ accounts for approximately 7.18% of Cambodia's total trade volume. Such a substantial contribution underscores the zone's pivotal role in Cambodia's trade ecosystem.
With a cumulative investment of $2.27 billion, the 11-square-km SSEZ has attracted 180 enterprises from various countries and regions, including China, Europe, the United States, and Southeast Asia. This influx of investment has resulted in the creation of approximately 30,000 jobs, significantly bolstering the local economy.
Sok Siphana, a senior minister and chairman emeritus of the Board of Directors of the Asian Vision Institute, emphasized the profound impact of SSEZ and other major BRI projects on Cambodia's economic landscape. He noted how these initiatives have spurred industrialization, job creation, and revenue generation, driving the nation's economic development forward.
Neak Chandarith, director of the Cambodia 21st Century Maritime Silk Road Research Center, highlighted the strategic location of SSEZ near the deep-water Sihanoukville Autonomous Port. This proximity facilitates seamless trade between Cambodia and the global market, further amplifying the zone's contribution to economic growth.
Chandarith underscored the critical role played by SSEZ and other BRI projects in Cambodia's journey towards achieving ambitious economic milestones. He emphasized how these initiatives align with the nation's vision of transitioning into an upper-middle-income country by 2030 and a high-income nation by 2050.
The remarkable growth and impact of the Sihanoukville Special Economy Zone serve as a beacon of economic progress for Cambodia. With its strategic partnerships, global investments, and commitment to fostering employment and industrialization, SSEZ continues to play a pivotal role in shaping Cambodia's economic future.
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