One Belt One Road Initiative Helps Cambodia Prevent Slow Economic Growth Due to Covid 19 Crisis
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The One Belt One Road Initiative is gradually bringing prosperity to Cambodia through better relations between the Cambodian and Chinese governments, which provide ample opportunities for the Cambodian economy. According to China’s official Xinhua news agency, although the Covid19 crisis continues to spread across the country, the construction sector of major projects such as the Phnom Penh-Sihanoukville Expressway and the 700-megawatt power plant. In Sihanoukville, the journey continues. But the completion of these projects will play an important role in post-Covid 19 economic growth. Phay Siphan, a spokesman for the Cambodian government, said that BRI projects such as the Phnom Penh-Sihanoukville Expressway, Siem Reap International Airport, the new stadium and the Sihanoukville Special Economic Zone provided enormous importance for Cambodia’s economic development during the crisis. The Covid 19.
In particular, special economic zones play an important role in supporting exports and power plants that maintain electricity stability, which ensures daily life and businesses. Phay Siphan told Xihua News Agency that since its inception in 2013, the BRI project has become a new engine for global economic growth. The project provides regional and global cooperation through infrastructure, both software and hardware, economy and trade, investment opportunities, and cultural exchanges. At the same time, Mr. Nak Chandararith, Director General of the 21st Century Silk Road Research Center, said that the BRI project played a role in stabilizing Cambodia’s economic development during the Covid 19 crisis.
He added that according to the report, the operation of the Sihanoukville Economic Zone increased by 44%, with the value of exports and imports reaching 1,185 million US dollars in the first seven months of 2021. In addition, the Phnom Penh-Sihanoukville Expressway project is expected to be completed on time, creating thousands of jobs for Cambodians.
Through the BRI project, it will provide significant benefits for Cambodia’s economic development after the Covid 19 crisis, as well as Cambodia’s economic integration with the world economy.