The Cambodian province of Kampong Speu is aiming for a significant business boom, with the local administration announcing plans to establish 25 new factories and enterprises in 2021. These new businesses are expected to generate over 23,000 job opportunities for the local workforce.
Kampong Speu governor Vei Samnang, who visited China’s Guangzhou province in August, discussed possible collaborations with various factories and industries. During his tour, Samnang visited the Sitoy Group in Hong Kong, a well-known manufacturer of high-end handbags and leather goods. The company has committed to opening two new branches in Kampong Speu, planning to recruit around 3,000 workers.
In addition to Sitoy Group, six garment manufacturers in the Hongyi Industrial Park in Suzhou, China, have expressed interest in opening bases in Kampong Speu. This move could create an estimated 6,000 job opportunities. The Suzhou Industrial Park features a range of factories specializing in electronic products, footwear, and other items. Seventeen of these companies are also looking to establish roots in Kampong Speu, creating about 14,000 job opportunities.
The local administration anticipates a total of 25 new factories and enterprises to set up in Kampong Speu. They estimate 23,000 people will be needed for the first phase, but this could potentially increase to 50,000 by the end of the year.
However, concerns have been raised about working conditions in the new factories. Ath Thorn, the president of the Cambodian Labour Confederation (CLC), has pointed out the recent trend of companies closing without paying their employees. Nonetheless, he is optimistic about the job opportunities that this business boom could bring to Kampong Speu.
Overall, this initiative represents a major economic opportunity for the province of Kampong Speu and could significantly improve the lives of many local residents through new job opportunities and partnerships with foreign investors.