Logo of Phnom Penh Post newspaper Phnom Penh Post - Project approvals retain traction even as Covid constricts construction



Project approvals retain traction even as Covid constricts construction

Content image - Phnom Penh Post
Workers worked at a construction site in Phnom Penh's Chamkarmon district on January 25, 2021. Hong Menea

Project approvals retain traction even as Covid constricts construction

The government approved six more investment projects with capital of over $106 million, even as the Covid-19 pandemic ravages the Cambodian economy, leading to a slowdown in construction projects.

In a May 5 press release, the Council for the Development of Cambodia (CDC) said it had approved final registration certificates for Jin Bei Palace Co Ltd's $48.7 million 195-room five-star hotel in Commune IV's Village 4 in Sihanoukville, which the CDC estimates will create 380 new jobs.

It also gave the nod to Kuantech (Cambodia) International Co Ltd's $29.7 million assembly plant for electronic components, especially those used in electronic face masks and air purifiers. The project is set to be in Tram Kak district's Popel commune of Takeo province and provide 628 jobs.

Santelys Pharmaceutical Co Ltd's $12.5 million pharmaceutical factory in Khsach Kandal district's Sanlong commune of Kandal province, and Yiankang Biological Technology Co Ltd's $2.9 million food precessing plant in Stung Hav district's Tumnob Rolok commune of Preah Sihanouk province will bring in 215 and 210 jobs.

Lesso (Cambodia) Trading Co Ltd's $9.4 million PVC pipe and fittings factory in Ang Snuol's Chhak Chhoeu Neang commune of Kandal province, and Ocean Treasure Dyeing & Printing Co Ltd's $3.1 million project in Kong Pisei district's Preah Nipean commune of Kampong Speu province will generate 201 and 218 jobs.

Hong Vanak, director of International Economics at the Royal Academy of Cambodia, told The Post last month that each direct investment brings significant socio-economic benefits to the Kingdom.

He noted that April's CDC approvals were mainly focused in textile and travel products, which he pointed out are widely available on the EU, US and Canadian markets.

Endowed with a favourable geographical location, investment laws and diplomatic relations, boasting bilateral free trade agreements with a number of countries and regions, and retaining a regional charm, Cambodia will have the opportunity to bring in sizeable investments down the line, he said.

In 2020, the CDC approved 238 investment projects worth a total of $8.2 billion, down 12 per cent in value from 2019.

MOST VIEWED

  • Construction begins on $1.5B Kampot seaport

    The International Multi-Purpose Logistics and Port Centre, principally invested by Kampot Logistics and Port Co Ltd and projected to cost $1.5 billion, has officially broken ground in Bokor town, Kampot province. The multi-purpose logistics and port centre, located in Prek Tnaot commune, will be built on

  • Cambodia eyes key role in electronics, auto hubs in SEA

    Two roadmaps, part of the LDC’s economic diversification plan, were designed to see it through its migration process, but experts say the journey might be arduous, particularly in the presence of two established hubs in the region By 2028, Cambodia hopes to have exited the

  • Hun Neng, lawmaker and PM’s brother, passes away aged 72

    Hun Neng, chairman of the 4th Commission of the National Assembly, has passed away from heart disease at the age of 72 on the afternoon of May 5, according to the Ministry of Information. Hun Neng is the older brother of Prime Minister Hun Sen, and was

  • PM meets with US business giants

    Prime Minister Hun Sen has met with a number of major US companies who have expressed interest in investing in Cambodia, in a meeting convened by the US-ASEAN Business Council (US-ABC). A delegation of companies – including Amazon, Meta, Chevron, ConocoPhillips, ExxonMobil, Ford, Visa and Pernod

  • CCC team off on US business trip

    The Kingdom’s leading economists and private sector representatives have called on the US to renew its tax preferential status for Cambodian exports, as a Cambodia Chamber of Commerce (CCC) delegation departed for a weeklong business visit to the US, where they will meet with

  • Massive stingrays may live in Mekong’s deep pools

    US scientists have suggested that unexplored deep pools in the Mekong River in an area of Stung Treng could potentially be home to significant populations of giant freshwater stingrays, one of the world’s largest freshwater fish species. This comes as a fisherman hooked a 180