According to the Chinese Embassy in Phnom Penh, Beijing’s Belt and Road Initiative (BRI) has boosted Cambodia’s inbound trade, tourism and investment from China over the nearly nine years since followed its inauguration.
The embassy said in a June 14 statement that the BRI has fostered transformation and development in three key areas, namely bilateral trade, the tourism sector and Cambodian infrastructure.
Under Secretary of State and Department of Commerce Spokesman Penn Sovicheat noted that Chinese President Xi Jinping’s BRI was a restoration of the ancient trade network later known as the Silk Road. , and would be of “great benefit” to Cambodia.
As an example, he told The Post that the new infrastructure created under the BRI umbrella has enabled Cambodia to improve its economic ties with Europe.
“One concrete benefit that we can clearly see is the Sihanoukville Special Economic Zone, a perfect example of win-win cooperation under the initiative. “the belt and the road,” Sovicheat said.
Cambodian Chamber of Commerce (CCC) Vice President Lim Heng said the Kingdom’s participation in the BRI has accelerated development, especially on the transport infrastructure front, and led to a steady expansion of the bilateral trade.
“The [initiative’s] implementation will benefit and accelerate the growth of the Cambodian economy, the “Belt and Road” strategy will connect Cambodia with our neighbors in Southeast Asia, especially Cambodia with Vietnam, Vietnam with China and other countries. others in this strategic grouping,” he said.
At the end of 2021, the Development Council and the two ministries of commerce set up a Sino-Cambodian economic cooperation and investment working group aimed at supporting the BRI and bilateral relations in trade and related fields.
Trade between the two countries exceeded $4.990 billion in January-May, representing a year-on-year increase of more than 26 percent, according to Cambodia’s General Department of Customs and Excise.