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CDC endorses 12 projects worth over $79M as of August 23

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The Council for the Development of Cambodia (CDC) has approved 12 projects with capital investment of over $79 million this month as of Monday. Heng Chivoan

CDC endorses 12 projects worth over $79M as of August 23

The Council for the Development of Cambodia (CDC) has approved final registration certificates for 12 projects with capital investment of over $79 million this month as of August 23, which could generate a reported 4,048 new jobs.

According to the CDC’s Facebook page it approved seven investment projects on August 23 alone with a total capital investment of over $63 million and forecast to deliver 867 new jobs.

These include Ethan Metal Manufacture Co Ltd’s $3 million aluminium, iron and copper processing plant in Kandal province’s Ang Snuol district and Soma Energy Co Ltd’s $4.7 million 5MW solar farm in Stoung district, Kampong Thom province, set to create 75 and 54 jobs, respectively.

Schneitec Alternative Co Ltd’s $8.5 million 23MW fuel oil power station in Sihanoukville’s Commune III in Preah Sihanouk province; and Xin Chenhui (Cambodia) Chemical Industry Co Ltd’s $9.1 million biochemical plant in Oral district, Kampong Speu province are due to deliver 46 and 72 jobs.

Soma Farm (Cambodia) Co Ltd’s $11.1 million livestock farm project in Bati district, Takeo province; and Cambodian Xing Can Shi Pin Co Ltd’s $11.2 million mango, pineapple, longan, jackfruit and cashew nut processing plant in Oral, Kampong Speu are projected to bring 92 and 154 new jobs.

And seventh on the list, Cambodian A1 Steel Industry Co Ltd’s $15.9 million metal processing plant in Oudong district, Kampong Speu is to generate 374 jobs.

On August 20, the CDC approved Auspicious Bag and Shoes Accessories Co Ltd’s $2.4 million project in Prey Khla village, Kraing Mkak commune, Ang Snuol, Kandal, which could reportedly create 380 jobs.

On August 13, the council greenlit two projects – Collaboration Packaging Material Products Co Ltd’s $2.2 million bag and footwear accessories factory in Thloeuk village, Poeuk commune, Ang Snuol, Kandal; and Chasefire Outdoors (Cambodia) Co Ltd’s $3.3 million plant to manufacture garments, safety wear, bags and camping equipment in Pech Changva village, Boeung Tranh Khang Choeung commune, Samrong district, Takeo – forecast to add 206 and 1,021 new jobs.

On August 2, the CDC gave the nod to two ventures – Sen Wang Ying New Material Co Ltd’s $4.1 million footwear accessories factory in Chambak Pha’em village, Ralaing Kroeul commune, Samrong Tong district, Kampong Speu; and Gianni Vince Bags (Cambodia) Co Ltd’s $4.4 million bag and bag accessories plant in Pong Teuk village, Damnak Ampil commune, Ang Snuol, Kandal. These could bring 403 and 1,171 new jobs.

Chhieng Yanara, secretary-general of the CDC’s Cambodian Rehabilitation and Development Board (CRDB) told a meeting with the National Assembly’s Third Committee last week that the Law on Investment would improve the Kingdom’s positioning as an attractive investment destination.

“Once the new investment law comes into force, it will indubitably help draw more investment into Cambodia,” he said.

The Kingdom exported $4.7214 billion worth of garments, footwear, travel products and other finished textile goods in the first half of 2021, up $40.1 million or 0.9 per cent year-on-year from $4.681 billion, according to General Department of Customs and Excise of Cambodia data.

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