In an encouraging development for local citizens, the Council for the Development of Cambodia (CDC) has given its approval to nine new investment projects, which are expected to create 13,849 job opportunities across the country.
The projects, mounting to an impressive $54.8 million, are anticipated to stimulate the economy and enhance the prospects for the employees in Kampong Speu, Takeo, Svay Rieng and Kandal provinces, as well as Phnom Penh capital.
A Diverse Range of Factories
The new projects poised to uplift Cambodia’s industrial sector constitute a multitude of factories manufacturing a wide range of products, from basic household items to specialized goods. The factories will be responsible for:
- Kitchen utensils, to cater to the everyday needs of the people
- Light bulbs, representing a vital resource for homes and offices alike
- Bags and shoes, essential for personal, work, and travel use
- Clothing, catering to the vast apparel market
- Moulding and packaging paper and cardboard, crucial in many sectors, including food, textiles, and electronics
This diverse range of manufacturing units not only signifies the promising potential for economic growth but also ensures a wide array of productive job opportunities for locals.
Advances in Special Economic Zones
Further creating a positive impact on the economy, Special Economic Zones (SEZs) in Svay Rieng province are drawing in more attention, with the addition of a bicycle and an e-bike factory project, and an electrical appliance manufacturing project. The factories in SEZs often promote local employment, facilitate technology transfer, and generate foreign exchange via exports.
“These new projects are clear testament to how courageously and persistently the Royal Government of Cambodia is trailblazing the nation’s path towards uplifting economic growth and creating abundant job opportunities. It is a striking affirmation of the government’s commitment to intensely working on augmenting the country’s development and fortifying its potential in this age of global opportunities.”
Green Light to Six More Projects
Giving a further nod to the progressing growth, the SEZ Board of the CDC last week approved six more investment projects, with an impressive total capital of $163.5 million, in Phnom Penh and the provinces of Kratie, Svay Rieng, and Preah Sihanouk.
The projects are set to generate an impressive 3,000 plus new jobs and cover an extensive spectrum of manufacture:
- Car tires, signalling expansion in auto industry
- Metal and plastic jewelry, fostering the creative and artisan sectors
- Fashion accessories, enhancing the dynamics of the fashion industry
- Light bulb manufacturing, again demonstrating continued growth in the electrical industry
- Glue, paints, and inks production, catering to both industrial and consumer demands
A Positive Economic Springboard
The approval of these nine new investment projects is a positive economic springboard, indicative of a robust economy. They will support job creation, attract foreign investment, and stimulate economic growth, all contributing greatly to the socio-economic development of Cambodia. As Cambodia moves forward with these nine projects, it is yet another step to continue thriving in this era of global opportunities, creating a brighter future for its people and setting a positive precedent for other nations.
Source: Khmer Times