CDC First Vice-Chairman Sun Chanthol (out of frame) visited a bicycle factory at a special economic zone in Svay Rieng province on October 31. SUN CHANTHOL VIA FB
Senior officials from the Council for the Development of Cambodia (CDC) have urged stakeholders in the Svay Rieng special economic zones (SEZs) to play a larger role in attracting more foreign investment to the nation.
The call to action coincides with the announcement by a prominent Chinese automotive tire manufacturer of its plans to launch a $200 million expansion in its third phase of financing in the country.
Sun Chanthol, deputy prime minister and first vice-president of the CDC, made the request while touring three SEZs and six companies in Svay Rieng on October 31.
He noted in a social media post after the visit that the zones – Sin Bavet, Svay Rieng Gigarris and Chiluchean Pouchai – represent a cumulative capital investment of $977 million across 65 investment projects. Currently, there are 44 ongoing projects that have already generated 23,143 jobs.
The investment profiles of the Svay Rieng SEZs span a diverse range of sectors including furniture manufacturing, leather processing and dyeing, production of electric decorative lamps, tire production and bicycle assembly.
He addressed the challenges of investment and development during his inspections of the locations and their factories, emphasising the importance of collaboration between private companies and the government to promote investment.
"If I went alone, I could convey the message, but the conviction would be far greater if private investors shared their successful experiences.
"Combined, our efforts can wholly convince and attract new investors to [the country], thereby creating more job opportunities," he said.
He also highlighted the outcomes of a recent visit to China, where a Chinese tire company pledged to bolster their operations in the country.
"Following discussions with Prime Minister Hun Manet and myself, the company's board has committed to an expansion of $208 million in the plant's third phase. This is excellent news for Cambodia," he said.
Lim Heng, vice-president of the Cambodia Chamber of Commerce (CCC), said on November 1 that all investment, whether within or outside of an SEZ, is crucial for the country’s socio-economic development.
He highlighted the benefits of establishing SEZs, noting their appeal to investors due to the concentration of resources and facilities, which simplifies the process for those looking to start factories or other processing industries.
"The government's promotion of investment in SEZs is justified, as these zones are strategically positioned, business-ready and offer convenient access to transport infrastructure," he added.
There are currently nine operating SEZs in the province: Sin Bavet, Svay Rieng Gigarris, Qi Lu Jian Pu Jay, Tai Seng Bavet, Manhattan (Svay Reing), Dragon King Bavet, Shandong Sunshell, Hi-Park, and Intervia Automobile Industry Complex.
The Svay Rieng Gigarris SEZ alone is home to 208 factories, enterprises, financial institutions and private companies. Among these, 141 investment firms have been authorised by the CDC and three provincial investment sub-committees, collectively offering employment to almost 100,000 individuals, as per the Svay Rieng provincial administration.
