Logo of Phnom Penh Post newspaper Phnom Penh Post - CDC okays three textile-linked projects worth $19M

CDC okays three textile-linked projects worth $19M

Content image - Phnom Penh Post
Data from the Garment Manufacturers Association in Cambodia (GMAC) reveal that exports of textile-related products amounted to $11.3896 billion in 2021, a $1.505 billion or 15.2 per cent jump from 2020. Hong Menea

CDC okays three textile-linked projects worth $19M

The Council for the Development of Cambodia (CDC) on April 29 announced that it had greenlit final registration certificates for three projects in textile-linked sectors with total capital investment of nearly $19 million that are expected to create 2,005 jobs.

Two of these were garment factories in the capital. Orient Hongye (Cambodia) Knitting Co Ltd’s $3 million plant on Northbridge Road in Damnak Thom village, Stung Meanchey III commune, Meanchey district; and Kylin (Cambodia) Sports Co Ltd’s $5.3 million project on National Road 2, in Kandal village, Roluos commune, Dangkor district are to bring 514 and 714 new jobs, respectively, the CDC said in a notice.

Spearhead Commodities (Cambodia) Co Ltd’s $10.5 million bag factory in Rong Ko village, Samrong Tong commune, Samrong Tong district, Kampong Speu province is set to deliver 777 jobs, the notice added.

The Ministry of Commerce’s business registry lists an address in China’s Jiangsu province for Orient Hongye chairman Zhang Baolan. As of May 1, the other two firms were not listed in the registry.

Cambodia Chamber of Commerce (CCC) vice-president Lim Heng said the numbers of project applications and approvals have been steadily increasing following a Covid-19-induced lull.

He said interest among local and foreign investors in Cambodia was growing, most likely due to a combination of factors including a “convenient and attractive” new Law on Investment, improvements in public health and general disease prevention, a relatively cheap and abundant labour force, and significant market access to many major countries.

Heng added that the investment growth has had many positive effects on the Kingdom’s economic growth. “Cambodia is becoming a popular investment destination, since investing here will yield in plenty of benefits when it comes to production chains as well as exports, because the Kingdom has established free trade agreements [FTA] with many countries,” he said.

CDC secretary-general Sok Chenda Sophea previously said that Cambodia offers ample opportunity for investors, created not only by the “attractive” investment law, but also by a recently-introduced range of corresponding perks.

“By launching these effective and timely measures, Cambodia can fully reopen, leading to the rollout of ‘The Strategic Framework and Programmes for Economic Recovery in the Context of Living with Covid-19 in a New Normal 2021-2023’,” he said.

MOST VIEWED

  • ‘Education’ a priority traffic-law penalty

    A top National Police official on June 21 neither rejected nor confirmed the authenticity of a leaked audio message, which has gone viral on social media, on a waiver of fines for a number of road traffic-related offences. General Him Yan, deputy National Police chief in

  • Pursat Ford assembly plant opens

    The Kingdom’s first Ford assembly plant was inaugurated on June 16 in Pursat province amid rising demand for brand-new vehicles among Cambodians. The facility is seen as a game changer for the domestic automobile industry, which could bring a wave of investors seeking to cash

  • Volunteer scheme to foster ‘virtuous’ humanitarian spirit

    A senior education official said volunteer work contributes to solidarity and promotes a virtuous humanitarian spirit among the youth and communities. Serei Chumneas, undersecretary of state at the Ministry of Education, Youth and Sport, made the comment during the opening of a training programme called “

  • Siem Reap’s $18M zoo said to educate public, help wildlife

    Angkor Wildlife and Aquarium Co Ltd has invested $18 million in a zoo in Siem Reap province, which will be opened in October to educate and promote animal conservation as well as attract national and international tourists. Currently, the Angkor Wildlife and Aquarium is building the

  • Angkor photo rules clarified

    The Apsara National Authority (ANA) denied that it had banned the use of camera tripods in the Angkor Archaeological Park, explaining that the confusion stemmed from a long-standing rule which required commercial photographers and videographers to apply for permission to film. The explanation followed a

  • $50B infrastructure plan en route

    The government’s upcoming $50 billion,10-year infrastructure master plan will provide tremendous investment opportunities for domestic and foreign entities, transport experts and economists say. Minister of Public Works and Transport Sun Chanthol revealed the plan to Japanese ambassador to Cambodia Masahiro Mikami on June 15. At