Bavet town in the eastern province of Svay Rieng will soon become the home of an electric bicycle assembly plant invested by Wan Da Wei Ye International Co Ltd, after the project got the nod from the Council for the Development of Cambodia (CDC) on April 29.
The CDC on April 29 said it approved a final registration certificate to the company for the $1.7 million project in Tay Seng Special Economic Zone, which will churn out electric bikes with battery-powered motors and all manner of components, and is expected to create 350 jobs.
Provincial deputy governor Ros Pharith told The Post that Bavet has received significant investment projects in recent years, which create thousands of jobs for the people and substantially contribute to the development of the province.
"We welcome and would like to support the government in reforming the new investment law, which will make Svay Rieng province more attractive and one of the potential homes for investment," he said.
Stressing the area's potential for trade and investment, Pharith said the provincial administration, as well as the government, always encourages foreign investors to come into the market of Svay Rieng, located on the border with Vietnam.
"As authorities, we will be involved in facilitating the smooth delivery of public services," he said.
Hong Vanak, director of International Economics at the Royal Academy of Cambodia, last month noted that the Kingdom is endowed with a favourable geographical location, investment laws and diplomatic relations, boasts bilateral free trade agreements with a number of countries and regions, and retains a regional charm.
With all of these advantages combined, Cambodia expects to bring in a fair share of sizeable investments down the line, he said.
Remarking on another project previously approved by the CDC, Vanak said: "With the spread of Covid-19 putting a damper on things, not many are willing to invest, so this is more or less good news for Cambodia's economic hustle and bustle, especially [amid optimism that] the Covid-19 pandemic will be completely controlled soon."
In 2020, the CDC approved 238 investment projects worth a total of $8.2 billion last year, down 12 per cent from 2019.