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

  • Angkor lifetime pass, special Siem Reap travel offers planned

    The Ministry of Tourism plans to introduce a convenient, single lifetime pass for foreign travellers to visit Angkor Archaeological Park and potentially other areas. The move is designed to stimulate tourism to the culturally rich province of Siem Reap as the start of the “Visit

  • Ice cream, noodles flagged over carcinogen

    The General Department of Customs and Excise of Cambodia (GDCE) has identified three types of instant noodles and ice cream trademarks originating from Thailand, Vietnam and France that are suspected to contain ethylene oxide, which poses a cancer risk to consumers. The general department has

  • Exclusive interview with Josep Borrell Fontelles, High Representative of the EU

    CAMBODIA is hosting the 55th ASEAN Foreign Ministers’ Meeting (AMM) and Related Meetings this week with top officials from the US, China, and Russia and other countries in the region slated to attend and to meet with face-to-face with their counterparts on the sidelines. In

  • Rise in Thai air routes to Siem Reap fuels travel hopes

    Local tourism industry players are eager for regional airline Bangkok Airways Pcl’s resumption of direct flight services between the Thai capital and Siem Reap town on August 1 – home of Cambodia’s awe-inspiring Angkor Archaeological Park – which is expected to boost the growth rate of

  • ASEAN Foreign Ministers’ meet commences, Taiwan issue possibly on table

    The 55th ASEAN Foreign Ministers’ Meeting (AMM) and related meetings hosted by Cambodia kicks off in Phnom Penh on August 3, with progress, challenges, and the way forward for the ASEAN Community-building on the table. Issues on Taiwan, sparked by the visit of US House Speaker

  • Recap of this year’s ASEAN FM meet and look ahead

    This year’s edition of the ASEAN Foreign Ministers’ Meeting (AMM) hosted by Cambodia comes against the backdrop of heightened global tensions and increasing rivalry between major powers that have been compared to the animosity of the Cold War era. The following is The Post’