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Garment investment approvals on the rise

Garment investment approvals on the rise

ALL four investments approved by the Council for Development of Cambodia (CDC) in May are within the garment industry, signalling the return of investor confidence in the sector, according to the Garment Manufacturers Association of Cambodia (GMAC).

The value of CDC-approved investment projects in the Kingdom totalled US$18.67 million last month, a 61.3 percent increase on 2009’s May total of $11.57 million, according statistics released to the Post on Monday.

Duy Thov, deputy secretary general of the CDC, said May’s approved projects all involved the construction of new garment factories and were funded by firms from Taiwan, South Korea, China and Thailand.

GMAC senior officer Cheat Khemara welcomed the data on Monday, stating that the health of the garment sector had improved in comparison to last year.

He said that more factories are now in operation, and that more clothes are being produced. He said he expects investment in the industry to continue to rise. “I believe that Cambodia will receive more investment in the garment sector in the future,” he said.

According the data, the largest scheme approved by CDC came from Taiwan which put forward a projected investment of $11.9 million.

“We hope that Cambodia will receive more investment projects in the future because the world’s economy, which had fallen into crisis, is now back to better shape,” Duy Thov added.

According CDC statistics, $45.63 million worth of investment has been approved for the garment sector over the first five months of 2010.

However, inflows are varied: $2 million in January, $4.35 million in February, $11.09 million in March, $9.52 million in April, and $18.67 million in May.

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