Month: July 2022

A Chinese firm plans to invest over US$300 million to construct a largest tyre plant at Sihanoukville Special Economic Zone (SSEZ) in Preah Sihanouk province in 2023

The news was shared by Mr. Chen Jiangang, Chairman of the Board of Directors of SSEZ in a meeting with H.E. Ith Samheng, Minister of Labour and Vocational Training here in Phnom Penh on July 28.

Mr. Chen Jiangang continued that the firm will also import Cambodian agricultural products to China.

From January to June 2022, the export-import volume at SSEZ valuated at nearly US$1.4 billion.

SSEZ currently hosts 170 factories from the European Union, the United States of America, China, and the Southeast Asian region; and has generated some 30,000 jobs for the locals, he added.

H.E. Ith Samheng supported the firm’s planned investment, stressing that it will not only encourage Cambodian farmers to grow rubber, but also help increase jobs for the locals.

Rapid development of Preah Sihanouk province, especially in infrastructure including the nearly-finished expressway, stands as a core for its growth thanks to the contribution from China.

He also spoke highly of the leadership of SSEZ in securing investments even amidst the peak of COVID-19 pandemic.

Source: Agency Kampuchea Press

Cambodia will benefit significantly from the Phnom Penh-Sihanoukville expressway project such as faster and cost-efficient transport and logistics.

The outlook was shared recently by Dr. Ky Sereyvath, Director of the Institute of China Studies and an economist at the Royal Academy of Cambodia.

The expressway connects Phnom Penh to the deep-sea port in Sihanoukville making it more convenient and faster to transfer goods to other coastal provinces such as Kampot, Kep and Koh Kong provinces.

Provinces along the expressway will also benefit from it, particularly in terms of investment opportunities, he added.

The Phnom Penh-Sihanoukville expressway, with a total length of 187.05 km, started the construction on Mar. 22, 2019.

After about 48 months of the construction costing around US$2 billion, the first-ever expressway of Cambodia is expected to put in temporary use in October this year.

Source: Agency Kampuchea Press