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Council approves four investment projects worth $17.2 million

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The Council for the Development of Cambodia (CDC) on Monday announced the approval of four investment projects worth some $17.2 million. Facebook

Council approves four investment projects worth $17.2 million

The Council for the Development of Cambodia (CDC) on Monday announced the approval of four investment projects worth some $17.2 million. These are set to create 1,490 jobs.

Sun Awesome Garment Co Ltd is to establish a garment and laundry facility in Kampong Cham’s Prey Chhor district, with a capital investment of $6.9 million. The CDC said it will employ 610 people.

A Famous Leatherware (Cambodia) Co Ltd handbag manufacturing factory will be established in Phnom Penh’s Meanchey district through $5.3 million in capital investment, resulting in 314 jobs.

Xin Hak Muy Make Clothes Assist Material Co Ltd is to set up a facility employing 232 workers for the production of thread, yarn and elastic bands, with $2.5 million in capital investment in Phnom Penh’s Dangkor district.

Kimbao Bag Industry Co Ltd (Kimbao) plans to build a plastic bag factory in Kandal province’s Ang Snoul district, with $2.5 million of capital investment. It will create 334 jobs.

Ministry of Commerce spokesman Pen Sovicheat said the ministry was constantly striving to attract domestic and international investment.

He said his office had seen an increase in requests to establish new companies in Cambodia, while foreign investment was growing gradually.

“Cambodia is a free market economy, so investors from other countries will come to invest here,” Sovicheat said.

Royal Academy of Cambodia researcher Hong Vanak credited the Kingdom’s strategic geographic location, as well as the availability of a young and inexpensive labour force, for attracting foreign investors – particularly from China – in recent years.

However, he said he feared that foreign investment in Cambodia could drop off.

“I don’t think the CDC will approve as many projects this year due a stage of saturation being reached,” Vanak said.

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