Four new $24 million projects have been approved by Cambodia’s Council for Development (CDC).
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The Cambodian Development Council (CDC) has accepted final registration certificates for four investment projects totaling approximately $24 million, which would create 2,376 new employment.
According to a CDC press statement, three projects in the Sihanoukville Special Economic Zone (SSEZ) were identified, including Mei An Leatherware (Cambodia) Co Ltd’s $10.5 million bag factory, which is expected to create 1,000 employment.
Kai Feng Wood Products (Cambodia) Co Ltd’s $6.6 million plywood and plank board factory and Amto Chemical Technology Co Ltd’s $1.7 million glue, paint, and ink plant, both of which are expected to produce 300 and 150 jobs, respectively, are the other two SSEZ initiatives.
The final project is a $5 million investment by Golden Sun Fashion Apparel Co Ltd in Chaom Chao II commune of Phnompenh’s Por Sen Chey district, which is expected to create 926 employments.
Lim Heng, vice-president of the Cambodia Chamber of Commerce (CCC), said that the rising number of new investment projects is covering a more diverse range of sectors, in contrast to when textile-related sectors dominated the picture.
According to him, the increase in new project approvals reflects an improving political situation, a more peaceful environment, more favourable investment laws, an increase in trade with more trading partners, benefits from bilateral and multilateral free trade agreements (FTA) and progress on new deals, as well as favourable tariffs provided by a number of countries.
He also mentioned the CCC’s contributions, such as efforts to promote Cambodia’s investment potential to overseas investors.
He claimed that the chamber’s first overseas representative office, which opened in Toronto, Canada, late last month, will help coordinate trade between Cambodia and the North American country and attract more Canadian investors to Cambodia.
Heng proposed establishing a second representative office in Sendai, Japan.
Source: The Phnom Penh Post
