Ten investment projects worth $83.7 million were approved by the Council for the Development of Cambodia (CDC) this week, it said in a press release said on Tuesday.
The projects are anticipated to create some 4,744 jobs.
The CDC approved the establishment of the Kaining Metal Product (Cambodia) Co Ltd, with capital investment of $8.8 million and Hong Yao Cable & Wire (Cambodia) Co Ltd, with capital investment of $5.7 million.
Both are located in Svay Rieng province’s Giga Resources Special Economic Zone.
Run Yang & Run Jie (Cambodia) Logistic Safety Equipment Manufacturing Co Ltd, with capital investment of $9.1 million and Cambodian Saiban Wood Co Ltd, with capital investment of $1.9 million will be built in special economic zones (SEZs) in Preah Sihanouk province.
Ultraspower Technology Battery Co Ltd, with capital investment of $21.5 million and Zhong Yongxin (Cambodia) Co Ltd, with capital investment of $25.1 million are set for Kampong Speu province’s Ultraspower SEZ.
Xin Lian Xin Elastic & String (Cambodia) Co Ltd will be built in Phnom Penh’s Tmat Pong village in Kambol district with capital investment of $2 million.
Huakuan (Cambodia) Garments Co Ltd will be built in the capital’s Trapaing Thloeng village in Por Sen Chey district with capital investment of $2.3 million.
JD Leather Goods (Cambodia) Co Ltd will be built in Takeo province’s Tuol Khlong village in Tram Kak district with capital investment of $3.8 million and Given Clothing Garment (Cambodia) Co Ltd in Kampong Speu province’s Trapaing Preah village in Chbar Mon town with capital investment of $3.5 million.
Speaking at an annual meeting on Monday, Minister of Industry and Handicraft Cham Prasidh said Cambodia is becoming a more attractive investment destination for manufacturing.
“New factories are opening in our country, with high investments and using advanced technology,” he said.
Present at the meeting, Garment Manufacturers Association in Cambodia chairman Van Sou Ieng said: “Continued peace, political stability and social order, together with constant reforms and innovation on business and investment environment, will ensure we are on the right development path towards becoming an upper middle income country by 2030 and high income country by 2050.”
There are now a total of 1,730 factories operating in the Kingdom, a ministry report said.
During the first eight months of last year, CDC approved 222 projects worth more than $6 billion, an increase of 81 projects worth $1.88 billion in the same period in 2018.