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CDC approves three projects worth $11M

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The Council for the Development of Cambodia (CDC). Facebook

CDC approves three projects worth $11M

Three investment projects worth more than $11 million were approved by the Council for the Development of Cambodia (CDC) this week, a CDC press release said on Wednesday.

CDC approved the establishment of the SWJ (Cambodia) Garment Co, Ltd, in Kampong Speu province’s Chbar Mon town, with capital investment of $4.4 million; Leading Star (Cambodia) Garment Co in Dangkor district on the outskirts of Phnom Penh, with capital investment of $5 million; and Star Packaging Technology Co, Ltd in Kratie province, with some $2.4 million invested.

The projects are anticipated to create some 3,715 jobs.

Kampong Speu provincial governor Vei Samnang told The Post from Singapore on Wednesday that the Kingdom’s political stability and geographical location were the main drivers in attracting more foreign investors to Cambodia, particularly Kampong Speu province, located between Phnom Penh and the Sihanoukville Autonomous Port (PAS).

“At this time, the increase in investment is down to the encouraging factors and government cooperation,” Samnang said.

The rise was also due to improvements in the transport system and logistics, he added

Ministry of Commerce spokesman Long Kem Vichet could not be reached for comment, but he previously told The Post that Cambodia was an attractive place for investment because of its favourable tax system and investment laws.

In an interview with The Post earlier this month, Vichet said that the Kingdom was working to diversify its exports to mitigate risks posed by the potential withdrawal of the EU’s Everything But Arms scheme.

Cambodia approved a total of 831 investment projects worth more than $22.56 billion between January 2016 and August 2019, according to CBC data released in October.

The government approved 171 projects worth $3.6 billion in 2016, 183 projects worth $6.3 billion in 2017 and 255 projects worth $6.4 billion last year, the data shows.

During the first eight months of this year, CDC approved 222 projects worth more than $6 billion, an increase of 81 projects worth $1.88 billion on the same period last year.

Local investors accounted for 44.7 per cent of the investments, followed by Chinese with 35.31 per cent, Japanese with 7.87 per cent, Vietnamese with 2.99 per cent, Singaporeans with 1.85 per cent, South Koreans with 1.79 per cent, Malaysians with 1.48 per cent and Thais with 1.36 per cent.

Investments from other countries accounted for 2.46 per cent.

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