China, Cambodia continue to deepen economic and trade cooperation

Phnom Penh, the capital city of Cambodia. /CFP

Chinese Foreign Minister Wang Yi met with Cambodian Deputy Prime Minister Hor Namhong and Deputy Prime Minister-designate Sun Chanthol on Saturday. 

China will continue to help improve Cambodia's infrastructure and industries, and is willing to further expand cooperation with the Cambodian side, said Wang Yi. 

Wang also thanked Sun Chanthol for his efforts in actively promoting the Belt and Road Initiative (BRI), and said China will always be a reliable partner on Cambodia's path of development.

Phnom Penh, the capital city of Cambodia. /CFP

China has been Cambodia's largest trading partner for 11 consecutive years. In the first seven months of 2023, China-Cambodia bilateral trade reached $7.1 billion, up about 1.8 percent year-on-year, with Cambodian exports to China increasing by 16.2 percent, according to data released by the General Department of Customs and Excise of Cambodia. 

Meanwhile, with the Regional Comprehensive Economic Partnership Agreement (RCEP) and the China-Cambodia Free Trade Agreement entering into force in 2022, the bilateral trade volume jumped by 17.5 percent year-on-year, totaling $16.02 billion. 

PPSHV Expressway, invested by China Road and Bridge Corporation(CRBC) under the Belt and Road Initiative. /Xinhua

China is also the largest source of foreign investment in Cambodia, with approximately $700 million investment achieved in the first half of 2023, accounting for nearly 65 percent of all Cambodia's foreign direct investment, according to The Council for the Development of Cambodia. 

"Nearly 4,000 kilometers of roads and 10 bridges have been built with China's assistance, boosting Cambodia's development," Cambodian officials said.