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CDC approves seven projects worth $174M

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The Council for the Development of Cambodia (CDC) on Wednesday approved seven investment projects worth $174.1 million and expected to generate 3,328 jobs. CDC

CDC approves seven projects worth $174M

The Council for the Development of Cambodia (CDC) on Wednesday approved seven investment projects worth $174.1 million and expected to generate 3,328 jobs, it said in a press release.

The CDC issued final registration certificates to the $5 million Precise Electric Manufacturing (Cambodia) Co Ltd located in Anlong Tnort commune’s Totoeng village in Pursat province’s Krakor district; the $6.1 million Ju Wang Footwear Co Ltd along National Road 6A in Khnor Dambang commune’s Rovieng village in Kampong Cham province’s Cheung Prey district; and the $7.9 million Imperial Star Solar (Cambodia) Co Ltd in Pich Mony commune’s Chas village in Kampong Speu province’s Kong Pisei district.

Other projects include the $11.6 million hair accessory manufacturer Viscot Products Co Ltd in Prey Nhat commune’s Samdech Ov village in Kampong Speu province’s Kong Pisei district; and $32.9 million car tyre and spare parts manufacturer Sundance Industries Co Ltd in Taing Krouch commune’s Tompeam village in Kampong Speu province’s Samrong Tong district.

The remaining projects are $8.6 million Topec Electric Co Ltd in Sna Ansa commune’s Saravoan village in Pursat province’s Krakor district; and the $102 million Kepstar Data Centre Management Co Ltd in Kantaok commune’s Kol village in Phnom Penh’s Kambol district.

Kampong Speu provincial governor Vei Samnang told The Post on Thursday that healthy political conditions, social security, favourable investment laws and large workforce make Cambodia attractive to investors from around the world

The province continues to welcome investors regularly despite the worldwide shock of the Covid-19 epidemic, he said. “As the provincial authority, I always meet with people who want to come and invest, and they often invite me to visit manufacturing plants abroad.”

The World Bank adjusted its projection of the Kingdom’s 2020 economic growth to 2.5 per cent from its earlier “slightly below seven per cent” prediction, it said, in a report released on Tuesday.

However, the bank expects growth to rebound to 5.9 per cent next year under the baseline scenario.

Ministry of Economy and Finance spokesman Sok Sensan told The Post on Wednesday that the government has neither refuted nor accepted the World Bank’s updated projection and will maintain its six per cent projection for now.

“The government has not yet completed its assessment of the [outbreak’s] impact on the economy. We are monitoring all aspects before we re-evaluate [our figures].

“We will continue to monitor the impact of the Covid-19 pandemic for the time being before we make adjustments,” he said.

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