Logo of Phnom Penh Post newspaper Phnom Penh Post - CDC gives the nod to four new projects worth $24M

CDC gives the nod to four new projects worth $24M

Content image - Phnom Penh Post
The Council for the Development of Cambodia (CDC) on Monday said it had greenlit four new projects with registered capital investment of nearly $24 million. CDC

CDC gives the nod to four new projects worth $24M

The Council for the Development of Cambodia (CDC) has approved final registration certificates for four investment projects worth nearly $24 million that are expected to create 2,376 new jobs.

A CDC press release issued on June 13 showed that three projects were located in Sihanoukville Special Economic Zone (SSEZ), including Mei An Leatherware (Cambodia) Co Ltd’s $10.5 million bag factory, which plans to deliver 1,000 jobs.

The other two SSEZ ventures were Kai Feng Wood Products (Cambodia) Co Ltd’s $6.6 million plywood and plank board factory and Amto Chemical Technology Co Ltd’s $1.7 million glue, paint and ink plant, respectively anticipated to create 300 and 150 jobs.

The remaining project is Golden Sun Fashion Apparel Co Ltd’s $5 million venture, which plans indicate will bring 926 jobs, and be located in Chaom Chao II commune in the capital’s Por Sen Chey district.

Cambodia Chamber of Commerce (CCC) vice-president Lim Heng told The Post that the rising number of new investment projects is covering an increasingly diverse range of sectors, in a departure from when textile-related sectors overwhelmingly dominated the scene.

The uptick in new project approvals reflects the improving political situation, peaceful environment, more favourable investment laws, an upswing in trade with more trading partners, benefits from bilateral and multilateral free trade agreements (FTA) and progress on new deals, as well as favourable tariffs provided by a slew of countries, he said.

“When the internal conditions of a country are conducive to investment, including the legal system, labour factors and geographical location, as well as [preferential access to] a large number of markets, of course, investors will come,” Heng said.

He also commented on the CCC’s contributions to this end, including efforts to promote Cambodia’s investment potential to foreign investors.

He said that the chamber’s first overseas representative office – opened late last month in Toronto, Canada – would go far in facilitating trade between Cambodia and the North American country, and lure more Canadian investors to the Kingdom.

Heng suggested that the second representative office would be opened in Sendai, Japan.

Hong Vanak, director of International Economics at the Royal Academy of Cambodia, said the increase in the number of new CDC approvals would improve the Kingdom’s international trade balance and reduce deficits as well.

He also remarked on the diversity of the new projects, which he noted increasingly cover medium industries. “When a country receives investment in all sectors, it will strengthen the economy by avoiding the issues of exporting the same old products and limited export markets,” he said.

Vanak noted that more local factories and manufacturing enterprises would reduce migration for work.

MOST VIEWED

  • Hong Kong firm done buying Coke Cambodia

    Swire Coca-Cola Ltd, a wholly-owned subsidiary of Hong Kong-listed Swire Pacific Ltd, on November 25 announced that it had completed the acquisition of The Coca-Cola Co’s bottling business in Cambodia, as part of its ambitions to expand into the Southeast Asian market. Swire Coca-Cola affirmed

  • Cambodia's Bokator now officially in World Heritage List

    UNESCO has officially inscribed Cambodia’s “Kun Lbokator”, commonly known as Bokator, on the World Heritage List, according to Minister of Culture and Fine Arts Phoeurng Sackona in her brief report to Prime Minister Hun Sen on the night of November 29. Her report, which was

  • NagaWorld union leader arrested at airport after Australia trip

    Chhim Sithar, head of the Labour Rights Supported Union of Khmer Employees at NagaWorld integrated casino resort, was arrested on November 26 at Phnom Penh International Airport and placed in pre-trial detention after returning from a 12-day trip to Australia. Phnom Penh Municipal Court Investigating Judge

  • Sub-Decree approves $30M for mine clearance

    The Cambodian government established the ‘Mine-Free Cambodia 2025 Foundation’, and released an initial budget of $30 million. Based on the progress of the foundation in 2023, 2024 and 2025, more funds will be added from the national budget and other sources. In a sub-decree signed by Prime Minister Hun Sen

  • Two senior GDP officials defect to CPP

    Two senior officials of the Grassroots Democratic Party (GDP) have asked to join the Cambodian People’s Party (CPP), after apparently failing to forge a political alliance in the run-up to the 2023 general election. Yang Saing Koma, chairman of the GDP board, and Lek Sothear,

  • Cambodia's poverty cut in half from 2009 to 2019: World Bank report

    A report published by the World Bank on November 28 states that Cambodia’s national poverty rate fell by almost half between 2009 and 2019, but the Covid-19 pandemic recently reversed some of the poverty reduction progress. Cambodia’s poverty rate dropped from 33.8 to 17.8 per cent over the 10