Sihanoukville Special Economic Zone’s (SSEZ) exports were worth $1.3 billion during the first half of 2022, marking a year-on-year increase of almost 40 percent, according to the Ministry of Labor and Vocational Training.
The figure was revealed during a meeting on Thursday between Ith Sam Heng, Minister of Labour and Vocational Training and SSEZ officials.
The value of exports by enterprises in the SSEZ totalled $1.374 million, a YOY increase of 38.23 percent, the ministry said in a statement.
SSEZ has a total of 170 enterprises from Asia, Europe, the United States and China, and has created nearly 30,000 jobs, it added.
Sam Heng said in the meeting that this reflects the strength of the SSEZ’s development, indicating solid relations between Cambodia and China. The SSEZ is also part of China’s Belt and Road Initiative, which has provided Cambodia with economic growth.
The Cambodian government is studying two major development projects in Preah Sihanouk province in the industrial and services sectors, the minister was quoted as saying in the statement.
In Q1 2023, a $300 million tire factory will also be constructed in SSEZ, and China will import some Cambodian crops, the statement said.
Due to the China Cambodia Free Trade Agreement, it is easier to export and import many products between the two countries, the minister said. He added there is also an increased need for labour needs a lot more labour, suggesting quality training in collaboration with Chinese universities.