The Council for the Development of Cambodia (CDC) has approved final registration certificates for six companies – worth $152.6 million – according to a May 5 statement.
The six companies are involved in the production of tiles, solar panel assemblies, a trade centre project, electronic panel assemblies, decorative lights and artificial plants, and colourful lighting systems.
The projects are located in Phnom Penh, Kandal, Preah Sihanouk, Takeo, and Kampong Speu.
Royal Academy of Cambodia economic researcher Ky Sereyvath said that the newly approved investment projects are notable, as they are not a part of the garment sector. This is due to the fact that Cambodia is diversifying its industry.
“Industry diversification means that we are no longer solely focused on garment and footwear manufacture. Changing focus to other sectors means we are opting for high value products and is a driver for economic growth,” he said.
In the first four months of this year, a total of 52 investment projects worth more than $2.46 billion have been approved by the CDC. They are expected to create 47,710 jobs. Most of the investments remain in the garment and textile sectors, however.