As Cambodia’s biggest foreign investor and trading partner in recent years, China is a sincere and true friend in Cambodia’s economic diversification and participation in the global value chain. A statement from the Council for the Development of Cambodia (CDC) shows that the Chinese-invested Sihanoukville Special Economic Zone (SSEZ) exported $372 million in 2018, a 68 percent increase year-on-year. By late 2017, Chinese investment in Cambodia had reached $5.45 billion, about 36 percent of the total investment in the country, according to Chinese Ministry of Commerce. Bilateral trade reached $5.79 billion in 2017, a rise of 21.7 percent year-on-year. Indeed, there remains great potential for Cambodia to export more qualified high-tech products to China including agriculture products. Both countries have aimed to increase the annual trade volume to $6 billion by 2020. China and Cambodia are “good brothers,” “good friends” and “good neighbors.” Intensive economic cooperation promotes intensive people-to-people exchanges. China is Cambodia’s biggest source of tourists with more than 1.6 million visiting in 2018, accounting for one third of Cambodia’s total foreign tourists and a more than 30 percent increase over the same period in 2017. The recently opened direct air link between Beijing and Phnom Penh reflects the increasing momentum. There are more flights between China and Cambodia each week than a few years ago. On the occasion of Prime Minister Hun Sen’s official visit, both sides announced that 2019 would be China-Cambodia culture and tourism year and signed relevant agreements. Phnom Penh set a clear goal to attract two million Chinese tourists by 2020 and five million by 2025. Sincerely, China and Cambodia are integrating China’s BRI and the “Rectangular Strategy” set forth by the Cambodian government, aiming at providing tremendous new opportunities for both sides and the region as a whole. Written By: Shen Shiwei Source: Global Times Published: 24 January 2019 The author is a research fellow of the Charhar Institute and former government relations and investment consultation for Chinese enterprises overseas business.
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