The Council for the Development of Cambodia (CDC) on Monday approved six projects worth more than $677.9 million, it said in a press release.
This is a sign that the global coronavirus outbreak and the EU’s move to partially withdraw its Everything But Arms (EBA) scheme from the Kingdom have not impacted investor confidence, it said.
It approved Royal Cambodian Hospital Co Ltd’s international facility comprising 1,500 beds with capital investment of $478 million which is set to create 1,500 jobs. The project will be located along Hun Sen Boulevard in Choeung Ek commune’s Srok Chek and Prek Thloeng villages in Phnom Penh’s Dangkor district
Chip Mong Retail Co Ltd’s mall construction project located along Yothapol Khemarak Phoumin Street (Street 271) in Chak Angre Leu commune’s Prek Tanou village in the capital’s Meanchey district was also approved with capital investment of $113.9 million. It will create 829 jobs.
Plans to set up Angkor Wildlife & Aquarium Co Ltd’s mixed service resort in Khchas commune’s Kbon village in Siem Reap province’s Sotr Nikum district with capital investment of $71.7 million creating some 151 jobs was approved, along with Camina Industrial Technology Co Ltd’s manufacturing facility project and equipment installation in Skuh commune’s Snor village in Kampong Speu province’s Samrong Tong district with capital investment of $2.8 million, creating 162 jobs.
V & JK Development Co Ltd was approved for a water treatment plant project located along National Road 2 in Prek Kampoes commune’s Prek Thloeng village in Phnom Penh’s Dangkor district with capital investment of $8.8 million, creating 370 jobs.
A footwear factory called Han Wei (Cambodia) Co Ltd in Veal commune’s Trav village in Kampong Speu province’s Kong Pisei district was also approved with capital investment of $2.7 million, creating 276 jobs.
Though it has been criticised for its weakness, Royal Cambodian Hospital Co Ltd is expected to be a crucial part in helping develop the Kingdom’s health sector.
The Post could not reach Royal Cambodian Hospital for comment, but Ministry of Commerce records show it registered with it on July 9, last year with Han Koeurk as first director and Han Liahe as second director.
Cambodia Chamber of Commerce vice-president Lim Heng on Tuesday said despite the EU’s decision to withdraw one-fifth of EBA starting in August, many investors will continue to invest in Cambodia.
“Even though Cambodia has lost EBA and the world is suffering from the outbreak of Covid-19, I think a number of investors will continue to invest in Cambodia due to our very favourable investment law and the government’s pro-business policy,” he said.
He noted that the loss of EBA will be offset by a free trade agreement (FTA) with China, which is expected to be completed by the end of this year.
Hong Vanak, a researcher at Royal Academy of Cambodia, said reform in all sectors has made Cambodia more attractive to foreign and domestic investors.
“The number of projects that the CDC approves will not decline in the future,” he said.
However, he noted that Cambodia should also develop better infrastructure to support investment.
CDC has approved a total of 22 projects this year.
