In the first seven months of the year, Cambodia’s Council for the Development of Cambodia (CDC) has approved the construction of five new special economic zones (SEZs), representing a total investment of nearly $400 million. These new developments are expected to create 1,881 jobs for the local population, according to a recent report by the China News Service in Phnom Penh.
The five newly approved SEZ projects are situated in various provinces across the country, including Banteay Meanchey, Svay Rieng, Kampong Cham, Preah Sihanouk, and Koh Kong. The establishment of these zones is part of Cambodia’s strategy to attract foreign investment and foster economic growth, particularly in high-value-added industries.
The CDC emphasized the significance of SEZs in generating employment opportunities for Cambodians, with thousands of jobs created since the inception of the initiative. Key sectors such as furniture manufacturing, automotive production, electronics, and tire manufacturing have established a presence in these zones. Over the years, exports from Cambodian SEZs to international markets have shown a consistent growth trend.
Located in areas conducive to business development and relative prosperity, Cambodia’s SEZs have been instrumental in attracting foreign investors. As of June 2024, the country is home to 46 SEZs, with 26 currently operational. Cumulatively, these zones have attracted 745 investment projects, amounting to an overall investment of $8.9 billion.
The expansion of the SEZ network is in line with Cambodia’s broader economic development strategy, which aims to diversify its economy beyond the traditional sectors like garments and tourism. By offering tax incentives, streamlined administrative procedures, and access to infrastructure, these zones have become magnets for foreign direct investment (FDI), particularly from countries in Asia and Europe.
The Cambodian government has been working to improve the business environment in the country, implementing reforms to attract more investors and enhance the competitiveness of its industries. These efforts have contributed to Cambodia’s steady economic growth over the past decade, with the World Bank reporting a stable GDP growth rate in recent years.
The establishment of new SEZs also aligns with Cambodia’s commitment to regional integration, particularly under the framework of the Association of Southeast Asian Nations (ASEAN) and the Belt and Road Initiative (BRI) promoted by China. These economic corridors are expected to further enhance connectivity, trade, and investment flows between Cambodia and its regional partners.
In conclusion, the approval of five new SEZs in Cambodia signals the country’s ongoing commitment to attracting foreign investment and fostering economic development. With the potential to create jobs and boost local economies, these zones are expected to play a crucial role in Cambodia’s quest for sustainable growth and poverty reduction. As the nation continues to refine its policies and infrastructure, it is poised to attract more investors and solidify its position in the global market.
【source】http://www.chinanews.com/gj/2024/08-28/10276024.shtml
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