Synopsis: Both sides discussed several key topics including strengthening cooperation in production and supply chains, the impact of implementing measures related to the origin of goods and challenges faced by Chinese investors.
Cambodia and China Wednesday reiterated their commitment to further boost the bilateral economic, trade, and investment cooperation, with a particular focus on the continued development of the Sihanoukville Special Economic Zone (SSEZ) in Preah Sihanouk.
The discussions combined the 4th meeting of the Sihanoukville Special Economic Zone Coordination Committee and the 1st meeting of the Cambodia-China Investment and Economic Cooperation Working Group.
The meetings were co-chaired by Chea Vuthy, Secretary General of the Cambodian Investment Board of the Council for the Development of Cambodia (CDC), and Ling Ji, Vice Minister of Commerce of the People’s Republic of China.
Wang Wenbin, Chinese Ambassador to Cambodia, Governor of the Preah Sihanouk province, representatives of the Jiangsu Provincial Administration, and representatives of relevant ministries and institutions of the two countries attended the meeting.
The meeting discussed several key topics including, strengthening cooperation in production and supply chains, the impact of implementing measures related to the origin of goods, some challenges faced by Chinese investors, the initiative to establish a special economic zone specialising in Cambodian agricultural processing, and strengthening domestic supply chains and industrial clusters with a focus on promoting the processing industry.
According to a CDC statement, both sides also emphasised the importance of the SSEZ in attracting foreign direct investment, fostering industrial development, and creating employment opportunities, as well as promoting the robust growth of the Sihanoukville Special Economic Zone, a key industrial and economic hub in Cambodia.
“The results of the two meetings will have a positive impact on the process of building an all-weather China-Cambodia community with a shared future in a new era,” the CDC said in the statement.
China has been Cambodia’s largest source of foreign investment, accounting for almost 50 percent of the total investment amount. The investment projects span various sectors, including manufacturing, real estate, tourism, and infrastructure development.
Figures from the CDC showed that the total foreign direct investment from China amounting to $34.25 billion or 49.83 percent of the total registered $6.9 investment capital.
The Cambodia-China Free Trade Agreement and the Regional Comprehensive Economic Partnership continue to provide more momentum to bilateral trade between Cambodia and China, attracting new investment.
