A $300 million tyre factory in Sihanoukville’s Special Economic Zone (SSEZ) was officially inaugurated on Monday.

Speaking at the inauguration of General Tyre Technology (Cambodia), Prime Minister Hun Sen said it is a good choice to select Cambodia as the place to produce tyres, as the country is a rubber production hub.

Hun Sen said that Cambodia wants the industry to process Cambodia's existing raw materials in rubber, cashews, rice, and other products that the country has as raw materials. This will increase the value of the national economy and income of the people as the first goals, he added.

The other objective is that the nation wants to invest in new modern technology, which is in line with the Cambodia Industrial development policy, he added.

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The investment comes amid the 10th anniversary of the Belt and Road Initiative and the SSEZ, which is part of the initiative, and has been a center of growth of Sihanoukville.

Also speaking at the ceremony, Chinese ambassador Wang Wentian said that the SSEZ has been “the golden rice plates for people to work to become rich”.

According to Hun Sen, the factory will use natural rubber raw materials, nearly 5,000 tons per year, which can help improve the industrial level of the SSEZ, especially to promote the Cambodian rubber market and address the employment of workers who plant rubber.

The plant can produce nearly 1.3 million tyres a year, generating jobs for 1,150 workers. This factory was invested in by General Tyre Technology (Cambodia) Co.,Ltd, which is the largest investment project in the Sihanoukville Special Economic Zone and the first project with an investment of more than $100 million from Jiangsu province in China.

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chhorn.raksmey@kiripost.com