BRI Projects Help Stabilise Cambodia’s Economy From COVID-19, say Senior Officials

• Sommana Yan
• 3 September 2021
• Uncategorized
• 3656 Views

China’s Belt and Road Initiative (BRI) projects have played a stabilising role in anchoring economic development in Cambodia during the pandemic, while there are disruptions elsewhere, according to the director of the Cambodia 21st Century Maritime Silk Road Research Center Neak Chandarith.

Quoted in Xinhua Net on 1 September, Mr Chandarith added that BRI projects will also be significant contributors to Cambodia’s economic development in the post-COVID-19 recovery, as well as to the integration of the Cambodian economy with other economies of the world.

Since the beginning of the cooperation, Cambodia has been benefiting a lot from the BRI which mainly contributed to developing infrastructure such as roads, bridges, ports, among others.

The remarks were made by HE Pan Sorasak, Minister of Commerce at the 6th Belt and Road Summit 2021 held virtually on Wednesday 1 September.

“These developments will promote trade cooperation and competitiveness of Cambodia which lead to development, economic growth, and poverty reduction,” HE Pan Sorasak said.

According to the Ministry of Public Works and Transport, China is the leading country in providing concessional loans to Cambodia on physical infrastructure development with a total of loan is nearly US$3 billion to date.

The government’s chief spokesman HE Phay Siphan also said that investment projects and grant aids of China provided tremendous benefits to Cambodia’s economic development during the pandemic.

BRI projects here like 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 others, he said.

“Despite the impact of COVID-19, construction of mega projects like the Phnom Penh-Sihanoukville expressway and the 700-megawatt power plant in Sihanoukville has made headway steadily, promoting Cambodia’s economic development,” China’s Xinhua quoted HE Phay Siphan as saying.

Once completed, those projects will play a very important role in helping boost Cambodia’s economy in the post-pandemic era, he said.

• Road and Infrastructure