Logo of Phnom Penh Post newspaper Phnom Penh Post - CDC gives nod to $3.5B in projects

CDC gives nod to $3.5B in projects

CDC gives nod to $3.5B in projects

THE Council for Development of Cambodia (CDC) approved projects worth a total $3.5 billion in the first half of this year – a 14 per cent increase compared to the same period last year, a statement released on Saturday said.

A total of 106 investment projects were approved by the CDC, 97 of which were new projects while the remaining nine were expansions of existing ones. The projects have the potential to create over 100,000 jobs it said.

Broken down by sector, the figures showed that investment in the agriculture industry was up 77 per cent, followed by the industry and manufacturing sector whose investment grew by 22 per cent.

Tan Monivann, vice president of Mong Reththy Group, one of the country’s leading agriculture companies, said Sunday that with the help of the government’s Industrial Development Policy 2015-2025, the sector was expanding.

“The policy aims to boost local and foreign investments by reducing import and export taxes and the price of electricity,” he said, adding that the growth in raw agriculture materials from the Kingdom will benefit Cambodia’s rice, rubber, pepper, corn and cassava exports.

Federation of Associations for Small and Medium Enterprises of Cambodia (Fasmec) operations manager Ly Visal said the Kingdom’s low labour costs and duty-free status in the EU are the main factors that are boosting investment.

He was also optimistic that global trade disputes, especially the one going on between the US and China, would be beneficial for Cambodia’s exports.

He also expressed confidence that the EU will renew the Kingdom’s status in the Everything But Arms (EBA) deal that gives Cambodian goods duty-free status.

MOST VIEWED

  • ‘Kingdom one of safest to visit in Covid-19 era’

    The Ministry of Tourism on January 12 proclaimed Cambodia as one of the safest countries to visit in light of the Kingdom having been ranked number one in the world by the Senegalese Economic Prospective Bureau for its success in handling the Covid-19 pandemic. In rankings

  • Kingdom accepts Chinese vaccine, PM first to get jab

    Prime Minister Hun Sen said China would offer Cambodia an immediate donation of one million doses of the Covid-19 vaccine produced by the Sinopharm company. In an audio message addressing the public on the night of January 15, he said Cambodia has accepted the offer and

  • Reeling in Cambodia’s real estate sector

    A new norm sets the scene but risks continue to play out in the background A cold wind sweeps through the streets of Boeung Trabek on an early January morning as buyers and traders engage in commerce under bright blue skies. From a distance, the

  • PM asks India for vaccine help

    Prime Minister Hun Sen is seeking assistance from India for the provision of Covid-19 vaccines as the country has produced its own vaccine which is scheduled to be rolled out to more than 300 million Indians this year. The request was made during his meeting with

  • Cambodia, India agree to start direct flights, tourism exchanges

    Cambodia and India have agreed to start direct flight connections and promote closer tourism exchanges and cooperation in all areas after the Covid-19 saga comes to a close. The agreement was reached during a meeting between Cambodian Minister of Tourism Thong Khon and newly-minted Indian

  • Plastic-to-rice initiative transforms waste into bricks

    Volunteers in Kampong Khlaing commune of Siem Reap province’s Sotr Nikum district have been collecting plastic waste to use as a raw material for the production of bricks and clemence tiles. The volunteers are hoping that, in addition to helping clean up the environment,