Belt And Road Initiative Projects Brought Tremendous Benefits to Cambodia's Economic Development Despite Pandemic

Compass Cambodia report, September 6 - The construction of the Phnom Penh-Sihanoukville expressway, the new Siem Reap international airport, the national stadium, and the Sihanoukville Special Economic Zone (SSEZ), among other BRI projects, have provided numerous benefits to Cambodia's economic development during the pandemic, according to Cambodian government spokesman Phay Siphan.

The Silk Road Economic Belt and the 21st Century Maritime Silk Road (BRI), proposed in 2013, aims to connect Asia with Europe and Africa through trade and infrastructural networks that run along and beyond the ancient Silk Road routes.

Despite the impact of COVID-19, construction of mega projects such as the Phnom Penh-Sihanoukville expressway and the Sihanoukville 700-megawatt power plant has progressed steadily, promoting Cambodia's economic development, he said, adding that when completed, those projects will play a critical role in boosting Cambodia's economy in the post-pandemic era.

"The SSEZ has importantly contributed to supporting the country's exports, and all hydropower plants have supplied stable electricity, which is crucial to ensure the normalcy of people's daily lives and businesses," he told Xinhua.

The BRI has become the new engine of global economic growth since its inception in 2013, according to Siphan, who added that it has significantly boosted regional and global cooperation in terms of hard and soft infrastructures, economy, trade, investment opportunities, cultural exchange, and people-to-people connectivity.

According to the government's newest prediction, Cambodia's economic growth will return by 2.5 percent in 2021 after contracting by minus 1.9 percent last year.

The BRI projects have played a stabilizing role in anchoring economic development in Cambodia during the pandemic, according to Neak Chandarith, head of the Cambodia 21st Century Maritime Silk Road Research Center. According to an operator's report, the value of imports and exports at the SSEZ increased 44.51 percent year over year to $1.185 billion in the first seven months of 2021.

Thousands of employment have been created in Cambodia as a result of the construction of the Phnom Penh-Sihanoukville expressway, which is likely to be completed on time despite the pandemic. "The expressway will reduce travel time and cost, and improve the logistics connectivity between Phnom Penh and Sihanoukville to the world, thus fueling faster economic growth and alleviation of poverty in the country," he added.

Source: Compass Cambodia comprehensive arrangement

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