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Cambodia: Sihanoukville SEZ trade value surges to $1.3B
Following the global epidemic of Covid-19, the Sihanoukville Special Economic Zone has strived to secure production lines and to date it has attracted a total of 170 enterprises from Europe, the United States, China and Southeast Asia, and created nearly 30,000 jobs.
On the occasion of the investment process at Ministry of Labor and Vocational Training, Chhin Chien Kang, Chairman of the Board of Directors of Sihanoukville Special Economic Zone said that from January to June 2022, the value of exports and imports in the Sihanoukville Special Economic Zone reached $ 1.3 billion, an increase of 38 percent compared to the previous year.
Ith Sam Heng, Minister of Labor and Vocational Training praised the leadership of Sihanoukville Special Economic Zone for its efforts to maintain investment and expand its business despite the difficult situation of the covid-19 epidemic.
“Maintaining the robust development of the Sihanoukville Special Economic Zone is a testament to the friendly relations between Cambodia and China. It is also part of the Belt and Road Initiative, which has provided significant economic growth to Cambodia.
Meanwhile, the government is studying two major development projects in Sihanoukville – industry and services. The expressway project also boasts of development with the contribution of the Chinese government to facilitate faster travel,” he pointed out.
The Minister also recalled his visit to a company in China and asked its founders to continue to invest in Cambodia to diversify and create conditions for more new jobs for Cambodians.
Kang said that with good policies and investment attractiveness for the first half of 2023, the company will establish another large tire factory in Sihanoukville Economic Zone (SEZ) with investment capital of more than $300 million.
In June 2022, the company organised a trade fair for Silk Road, in which China will accept some of Cambodia’s agricultural products to China, with the company cooperating with the Ministry of Health and the Department of Labor and Vocational Training.
Heng believes that the establishment of a large tire factory will provide many benefits for Cambodian farmers to grow rubber to provide the company with strength. Meanwhile, more workers are needed to supply the company’s additional production chain.
He added that with the Cambodia-China Free Trade Agreement, it will be easier to export and import more products between the two countries and the rapid expansion of the company
will definitely require more workers.
The Minister also requested the company to continue to cooperate with the Ministry of Labor and Vocational Training to provide quality training in collaboration with Chinese universities to meet the needs of the company.
The SEZ also provides health care services, especially for pregnant workers, as well as the construction of housing for workers working in this area.
Source: https://www.khmertimeskh.com/501122950/sihanoukville-sez-trade-value-surges-to-1-3b/