Royal Group Phnom Penh Special Economic Zone Achieves Record $1.88 Billion in Exports in 2024
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The Royal Group Phnom Penh Special Economic Zone (RGPPSEZ) announced a record-breaking export value of $1.88 billion in 2024, representing a 16% increase from the previous year. This achievement highlights the critical role of RGPPSEZ and other special economic zones (SEZs) in driving Cambodia’s industrial growth and attracting foreign investment.
Exports from RGPPSEZ’s more than 100 factories and enterprises have shown remarkable growth over the years, increasing from $316 million in 2016 to $683 million by 2021 and doubling within two years to $1.62 billion in 2023. The $1.88 billion milestone in 2024 accounts for approximately 7% of Cambodia’s total export value of $26.66 billion.
Key Contributions and Growth
RGPPSEZ, which now hosts 113 companies from 15 countries, has become a significant contributor to Cambodia’s economy. These companies, operating in sectors such as electronics, energy, vehicle assembly, and automotive parts manufacturing, have created 47,800 jobs for Cambodians and employed 700 foreign experts.
In 2024, the zone welcomed five new companies, enhancing the Kingdom’s supply chain and industrial capabilities. “These achievements inspire us to continue providing an exceptional environment for investors while contributing to Cambodia’s economic development,” stated RGPPSEZ.
National Strategy for SEZ Development
The Ministry of Commerce reported that by the end of 2024, Cambodia had approved 49 investment projects within SEZs, with 26 currently operational. These zones provide vital infrastructure such as roads, energy, and one-stop service offices, streamlining operations for manufacturing and exports.
Sam Soknoeun, chairman of SAM SN GROUP, stressed the importance of SEZs in attracting foreign investors and revealed plans for a Cambodia-Japan Special Economic Zone to strengthen economic ties between the two nations.
At the “Special Investment Promotion Program in Sihanoukville 2024,” Prime Minister Hun Manet shared the government’s vision for developing SEZs tailored to specific industries and countries. These zones aim to attract investments in green technology, digital sectors, and other innovative fields.
“Our future SEZs will be designed to accommodate diverse industries, supporting Cambodia’s transformation into a hub for sustainable and innovation-driven investments,” said the Prime Minister.
As Cambodia continues to refine its SEZ strategies, zones like RGPPSEZ are set to play an even greater role in attracting foreign direct investment and fostering industrial growth.
Source: Phnompenhpost
