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.


  • Ream base allegations must end, urges official

    A senior government official urges an end to the allegations and suspicions surrounding the development of Cambodia’s Ream Naval Base, now that Prime Minister Hun Manet has addressed the issue on the floor of the 78th UN General Assembly (UNGA 78). Jean-Francois Tain, a geopolitical

  • Ministry taking steps over Thai ‘replica’ of Angkor Wat

    The Ministry of Culture and Fine Arts has dispatched experts to inspect the ongoing construction of a temple in Wat Phu Man Fah, located in Thailand’s Buriram province. This temple appears to be a replica of Cambodia’s renowned Angkor Wat. The ministry said

  • CP denied registration documents by ministry

    The Ministry of Interior will not reissue registration documents to the Candlelight Party (CP). Following a September 21 meeting between ministry secretary of state Bun Honn and CP representatives, the ministry cited the fact that there is no relevant law which would authorise it to do

  • PM to open new Siem Reap int’l airport December 1

    Prime Minister Hun Manet and Chinese leaders would jointly participate in the official opening of the new Chinese-invested Siem Reap-Angkor International Airport on December 1. The airport symbolises a new page in the history of Cambodian aviation, which will be able to welcome long-distance flights to

  • Minimum wage set at $204, after Sep 28 vote

    The minimum wage for factory workers in the garment, footwear and travel goods industries for 2024 has been decided at $204 per month, with the government contributing $2. Following several negotiation sessions, the tripartite talks reached an agreement during a September 28 vote, with 46 of 51 votes supporting the $202 figure.

  • Cambodian diaspora laud Manet’s UN Assembly visit

    Members of the Cambodian diaspora are rallying in support of Prime Minister Hun Manet’s forthcoming visit to the 78th UN General Assembly (UNGA 78) in the US’ New York City this week. Their move is an apparent response to a recent call by self-exiled former