PHNOM PENH, Jan. 12 (Xinhua) -- Wanli Tire Co. Ltd., a subsidy of China's Guangzhou Industrial Investment Holdings Group (GIIHG), on Sunday began to construct a car tire factory in southeast Cambodia's Svay Rieng province, said a news release from the Council for the Development of Cambodia (CDC).
Cambodian Deputy Prime Minister and CDC first vice-president Sun Chanthol attended a ground-breaking ceremony for the plant on a 32-hectare parcel in the Sin Bavet Special Economic Zone in Bavet town on the border with Vietnam, the news release said, adding that the plant will create 1,000 jobs when it is put into operation.
Speaking at the event, Chanthol said this new investment project was the fruit of close cooperation between Cambodia and China, particularly under the Belt and Road Initiative (BRI) framework.
"This truly reflects the confidence of investors in Cambodia's peace, political stability, and sound macroeconomic stability under the leadership of Prime Minister Hun Manet," he said.
According to the news release, currently, six car tire manufacturing projects are being carried out in special economic zones across Cambodia.
It added that the Southeast Asian country has 28 special economic zones accommodating 835 investment projects with a total investment of some 11.7 billion U.S. dollars, generating approximately 195,000 jobs.
Cambodia exported car tires worth 772.5 million dollars during the January-November period of 2024, an increase of 135 percent from 328.2 million dollars over the same period in 2023.
Ministry of Commerce's Secretary of State and Spokesperson Penn Sovicheat attributed the significant growth in the exports of car tires to the kingdom's successful efforts in promoting exports.
"The Regional Comprehensive Economic Partnership (RCEP) agreement and Cambodia's bilateral free trade agreements with China, South Korea, and the United Arab Emirates have provided us with greater market access for made-in-Cambodia products," he told Xinhua recently.
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