Cambodia is set for a 30 per cent increase in garment exports this year, according to Garment Manufacturers Association in Cambodia (GMAC) president Van Sou Ieng.
The sector was heavily dependent on foreign buyers, which were increasing their orders as the global economy recovered, he said.
“We see a very strong investment situation in the sector, and many international buyers are interested in the quality and stable pricing of Cambodian garments,” Van Sou Ieng said.
Cambodia’s garment exports totalled US$2.99 billion in 2010, a 26 per cent increase on the $2.38 billion for 2009, according to previous figures from the Garment Manufacturers Association of Cambodia.
A new garment factory was opening in the Kingdom every 10 days, Van Sou Ieng said.
“They see good security [for their investments] and benefit from the tariff exemptions granted by European countries,” he said.
The Kingdom has about 500 garment factories, as well as 36 shoe factories.
University of Cambodia business and economics lecturer Chheng Kimlong said signs pointed to continued recovery in the sector.
“I believe the garment industry will continue to improve on increased demand from the European Union and the US this year,” Chheng Kimlong said.