Logo of Phnom Penh Post newspaper Phnom Penh Post - 4 projects worth $32M greenlit

4 projects worth $32M greenlit

Content image - Phnom Penh Post
The Council for the Development of Cambodia (CDC) has approved four new non-garment projects with a total $32 million registered capital investment that are expected to create 2,470 jobs. Hong Menea

4 projects worth $32M greenlit

The Council for the Development of Cambodia (CDC) has approved final registration certificates to four non-garment projects with a combined total of nearly $32 million invested in them, that it says is set to create 2,470 jobs.

The CDC said on April 11 that its Cambodia Special Economic Zone (SEZ) Board has decided to issue the certificates to four companies, including Covered Bridge Cabinetry Manufacturing Co Ltd for its $8.8 million furniture factory in Preah Sihanouk province’s Cambodian Zhejiang Guoji SEZ and SDJC Steel and Wire (Cambodia) Products Co Ltd for its $1 million electrical equipment and plastics factory in Svay Rieng province’s Tay Seng SEZ. The two projects are expected to create 700 and 270 jobs respectively.

The other two projects are Solteam Electronics (Cambodia) Co Ltd’s $14.7 million electrical and electronic components factory in the capital’s recently-renamed Royal Group Phnom Penh SEZ, which is set to create 900 jobs, and Wendua Packaging (Cambodia) Co Ltd $7.3 million packaging and printing factory in Svay Rieng province’s Shandong Sunshell SEZ, which will be expected to create 600 jobs.

Hong Vanak, director of International Economics at the Royal Academy of Cambodia, said that although the Covid-19 crisis is not yet over, the number of companies investing in the Kingdom has grown steadily.

He noted that these new projects have distinguished themselves by being diversified from the textile sector, which Cambodia’s economy has been historically reliant on.

Vanak added that the CDC’s approval of such multi-sectoral investment projects creates new job opportunities, while also increasing the skill and efficiency of the Cambodian workforce, leading them to be able to secure well-paid jobs.

Welcoming such projects “will not only help strengthen Cambodia’s economy, but will also expand Cambodia’s product [offerings], making them more diverse, as well as expand its export markets”, he said.

Vanak urged the projects’ parent companies to ensure that the products produced comply with labour laws, standards, quality and environmental regulations.

Cambodia Chamber of Commerce (CCC) vice-president Lim Heng said that more investors are investing in the Kingdom due to several socio-political factors including the attainment of political stability, the attractive new Law on Investment introduced last year, the Kingdom’s free trade agreement (FTA) with China and the Regional Comprehensive Economic Partnership (RCEP).

He also highlighted the upcoming Cambodia-Korea Free Trade Agreement (CKFTA) as being particularly enticing for foreign entities.

As Cambodia increases its number of export markets, it will also ramp up its production of new products so as to meet the increased orders placed, Heng said.

“We really want more, and diversified, investment in all sectors to be able to avoid putting all our eggs in just a couple of baskets,” he said.

According to Heng, in addition to the garment sector, Cambodia has been receiving investment in a number of priority sectors including agriculture, agro-industry, mining, energy, electronic components, electricity and services.

In the first 11 months of 2021, the CDC agreed to issue final registration certificates for 107 new private investment projects that are located outside of SEZs, a drop of 34 projects or 24.11 per cent year-on-year, the Ministry of Economy and Finance reported.

These projects involve registered capital investment of $1.716 billion, down by 72.8 per cent year-on-year from $6.3 billion, and could create about 89,000 new jobs, or 20.3 per cent fewer versus the same period in 2020, ministry figures indicated.


  • Hong Kong firm done buying Coke Cambodia

    Swire Coca-Cola Ltd, a wholly-owned subsidiary of Hong Kong-listed Swire Pacific Ltd, on November 25 announced that it had completed the acquisition of The Coca-Cola Co’s bottling business in Cambodia, as part of its ambitions to expand into the Southeast Asian market. Swire Coca-Cola affirmed

  • Cambodia's Bokator now officially in World Heritage List

    UNESCO has officially inscribed Cambodia’s “Kun Lbokator”, commonly known as Bokator, on the World Heritage List, according to Minister of Culture and Fine Arts Phoeurng Sackona in her brief report to Prime Minister Hun Sen on the night of November 29. Her report, which was

  • NagaWorld union leader arrested at airport after Australia trip

    Chhim Sithar, head of the Labour Rights Supported Union of Khmer Employees at NagaWorld integrated casino resort, was arrested on November 26 at Phnom Penh International Airport and placed in pre-trial detention after returning from a 12-day trip to Australia. Phnom Penh Municipal Court Investigating Judge

  • Sub-Decree approves $30M for mine clearance

    The Cambodian government established the ‘Mine-Free Cambodia 2025 Foundation’, and released an initial budget of $30 million. Based on the progress of the foundation in 2023, 2024 and 2025, more funds will be added from the national budget and other sources. In a sub-decree signed by Prime Minister Hun Sen

  • Two senior GDP officials defect to CPP

    Two senior officials of the Grassroots Democratic Party (GDP) have asked to join the Cambodian People’s Party (CPP), after apparently failing to forge a political alliance in the run-up to the 2023 general election. Yang Saing Koma, chairman of the GDP board, and Lek Sothear,

  • Cambodia's poverty cut in half from 2009 to 2019: World Bank report

    A report published by the World Bank on November 28 states that Cambodia’s national poverty rate fell by almost half between 2009 and 2019, but the Covid-19 pandemic recently reversed some of the poverty reduction progress. Cambodia’s poverty rate dropped from 33.8 to 17.8 per cent over the 10