Logo of Phnom Penh Post newspaper Phnom Penh Post - China’s Belt and Road initiative a big help: official

China’s Belt and Road initiative a big help: official

Content image - Phnom Penh Post
China is the third largest export market for Cambodia, accounting for eight per cent of the Kingdom’s total export in 2021. Heng Chivoan

China’s Belt and Road initiative a big help: official

Beijing's Belt and Road Initiative (BRI) has boosted Cambodia’s inbound trade, tourism and investment from China in the nearly nine years since its unveiling, according to the Chinese embassy in Phnom Penh.

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.

Ministry of Commerce undersecretary of state and spokesman Penn Sovicheat remarked that Chinese President Xi Jinping’s BRI was a restoration of the ancient commercial network later known as the Silk Road, and would be of “great benefit” to Cambodia.

As an example, he told The Post that new infrastructure created under the BRI umbrella has enabled Cambodia to improve its economic links to Europe.

“A concrete upside we can clearly see is the Sihanoukville Special Economic Zone, a perfect example of win-win cooperation under the initiative. The progress of infrastructure of Cambodia’s major ports has been achieved in line with the ‘Belt and Road’ concept,” Sovicheat said.

Cambodia Chamber of Commerce (CCC) vice-president Lim Heng agreed, saying that the Kingdom’s participation in the BRI has accelerated development, especially on the transport infrastructure front, and led to a steady expansion in 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 neighbours in Southeast Asia, especially Cambodia to Vietnam, Vietnam to China, and others in this strategic grouping,” he said.

At end-2021, the Council for the Development and both commerce ministries set up a working group on Sino-Cambodian investment and economic cooperation geared towards supporting the BRI and bilateral relations in trade and related areas.

Trade between the two countries topped $4.990 billion in January-May, representing a more than 26 per cent increase year-on-year, according to General Department of Customs and Excise of Cambodia.

MOST VIEWED

  • Wing Bank opens new branch in front of Orkide The Royal along Street 2004

    Wing Bank celebrates first anniversary as commercial bank with launch of brand-new branch. One year since officially launching with a commercial banking licence, Wing Bank on March 14 launched a new branch in front of Orkide The Royal along Street 2004. The launch was presided over by

  • Girl from Stung Meanchey dump now college grad living in Australia

    After finishing her foundational studies at Trinity College and earning a Bachelor’s degree from the University of Melbourne in 2022, Ron Sophy, a girl who once lived at the Stung Meanchey garbage dump and scavenged for things to sell, is now working at a private

  • Ministry orders all schools, public and private, to close for SEA Games

    From April 20 to May 18, all public and private educational institutions will be closed to maintain order and support Cambodia's hosting of the 32nd SEA Games and 12th ASEAN Para Games, said a directive from the Ministry of Education, Youth and Sport. Cambodia will host the

  • Wat Phnom hornbills attract tourists, locals

    Thanks to the arrival of a friendly flock of great hornbills, Hour Rithy, a former aviculturist – or raiser of birds – in Kratie province turned Phnom Penh tuk tuk driver, has seen a partial return to his former profession. He has become something of a guide

  • Almost 9K tourists see equinox sunrise at Angkor Wat

    Nearly 9,000 visitors – including 2,226 international tourists – gathered at Angkor Wat on March 21 to view the spring equinox sunrise, according to a senior official of the Siem Reap provinical tourism department. Ngov Seng Kak, director of the department, said a total of 8,726 people visited Angkor Wat to

  • Angkor Beer strengthens national pride with golden new look and fresher taste

    Angkor Beer – the "Gold of Angkor" – has a new look, one that is more stylish and carries a premium appeal, as well as a fresher taste and smoother flavour, making it the perfect choice for any gathering. Angkor Beer recently launched its new design, one