Chinese Will Invest in SHK Electronics Industry
Jiangsu, China (FN), Oct. 30 – Deputy Head of Foreign Affairs Office of Jiangsu province Huang Xiqiang said that Jiangsu authorities pledged to encourage Chinese firms in Jiangsu Province to invest more in Sihanoukville province of Cambodia, and to turn Sihanoukville garment industry into electronics industry as in Guangdong’s Shenzhen.
His statement was made in a meeting with Cambodian media delegations to Jiangsu province on 29 October 2018.
Sihanoukville and Jiangsu have become the sisterhood on 25 October 2018 to strengthen cooperation on investment, trade and other development activities, which were praised by Chinese President Xi Jinping.
According to Huang, China established a special economic zone in Sihanoukville province with 125 factories, 25,000 jobs, and investment worth of US$500 million.
The Chinese and Cambodian governments, through the Ministry of Labor, set up a vocational and technical training institute in Sihanoukville. Jiangsu also launched direct flights to Sihanoukville, making it convenient for investors and tourists.
Jiangsu Province is one of the most developed provinces in China with many overseas investments. Jiangsu investment to Cambodia last year amounted to $1.2 billion, an equivalent to one per cent of China’s total investment in Cambodia. In 2018, Jiangsu investment to Cambodia has increased by 30%.
In 2017, Jiangsu’s economy grew 7.2 percent to US$ 1.2 trillion compared to 2017, the country’s second-largest contributor to the GDP, behind the province of Guangdong.