Logo of Phnom Penh Post newspaper Phnom Penh Post - Economic stars align, bringing fruits of progress into Kampong Speu

Economic stars align, bringing fruits of progress into Kampong Speu

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Kampong Speu provincial governor Vei Samnang (left) said there were 161 large factories across the province as of the beginning of this month. Photo supplied

Economic stars align, bringing fruits of progress into Kampong Speu

A favourable geographical location has prompted a steady rise in investors and enterprises setting up base in Kampong Speu province, its governor Vei Samnang said on Monday.

He was speaking at a press conference on the progress and continuing work direction of the Kampong Speu Provincial Administration held at the Council of Ministers.

He noted that the province, with a name that means “Port of Star Fruits”, is located between two of the Kingdom’s major economic poles – Phnom Penh and Sihanoukville in the southwestern coastal province of Preah Sihanouk.

This in conjunction with the all-round implementation of the government’s national policy and strategies has led to the modest rise in investment in the province, he said.

As of the beginning of this month, there are 161 large factories across the province which employ a total of 120,734 people, he said. Of these, 143 are in operation, while 18 are under construction.

There are currently 1,508 small and medium-sized enterprises (SMEs) and handicraft workshops employing 13,395 people, he added.

“The number of factory operators coming to invest in Kampong Speu has increased little by little. In fact, in recent days, I have signed documents enabling two more factories to open.

“Even at this stage of Covid-19, no one has yet to give up on coming here to set up shop,” Samnang said.

He said international investors have also expressed a keen interest on developing satellite cities in the province.

“Hong Kong investors are interested in the project and are making preparations, but I will refrain from disclosing the information for fear of raising land prices in the area out of the company’s investment budget,” Samnang said, refusing to elaborate.

Cambodia Chamber of Commerce vice-president Lim Heng recently told The Post that the province will see further investment growth with National Road 4, which features prominently in the Cambodia Industrial Development Policy 2015-2025.

From east to west, National Road 4 crosses the province’s Samrong Tong district, Chbar Mon town and Phnom Sruoch district. It connects to Kandal province’s Ang Snuol district in the east and Preah Sihanouk province’s Kampong Seila district in the west.

“I believe that Kampong Speu province will draw in more investors when Cambodia enters into a free trade agreement with China soon,” he said.

Samnang added that the provincial administration collected 94.654 billion riel ($23.67 million) in revenue, or 510 per cent of the annual target, while its expenditures were 75.043 billion riel, or 99 per cent of the annual target.

Kampong Speu is divided into seven districts and Chbar Mon town which comprise 87 communes further composed of 1358 villages.

The provincial capital Chbar Mon encompasses Chbar Mon, Kandorl Dom, Rokar Thom, Sopoa Tep, Svay Kravan communes which constitute 56 villages.

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