Logo of Phnom Penh Post newspaper Phnom Penh Post - CDC approves projects worth $8.8M

CDC approves projects worth $8.8M

Content image - Phnom Penh Post
The Council for the Development of Cambodia (headquarters pictured) has approved three investment projects in the bags and garment sector. Facebook

CDC approves projects worth $8.8M

The Council for the Development of Cambodia (CDC) approved three investment projects in the bags and garment sector with a total capital investment of $8.8 million, it said on Monday.

The projects approved are bag factory Quan Ming Handbag (Cambodia) Industrial Co Ltd, the bag and belt factory Gd New Sky Leather Products Co Ltd, and the garment factory Tao And Kiven Garment Co Ltd.

The CDC said the factories will generate 3,448 jobs. They will be located in Phnom Penh, and Kandal and Kampong Speu provinces.

Ministry of Commerce spokesman Long Kemvichet said Cambodia has the best investment environment due to the many trade preferences provided by the US and the EU, as well as “favourable” investment laws. More international investors, he said, are expressing interest in investing in the Kingdom.

“The arrival of new companies is a positive sign. It may attract other investors to Cambodia,” Kemvichet said.

Noting that the Kingdom may be at risk of losing duty-free export opportunities to the EU if the Everything But Arms (EBA) agreement is withdrawn, he said: “Cambodia is diversifying its export portfolio to reduce any potential impact”.

Kemvichet said the Kingdom is striving to reinforce its productivity and competitiveness in the export sector so that its products can compete with those of other countries, whether they are tax-tolerant or not.

Cambodia exported more than $7.97 billion worth of garment, textile and footwear (GTF) products in the first nine months of this year – up 13.18 per cent year-on-year from $7.044 billion – a report from the Ministry of Economy and Finance’s General Department of Customs and Excise said.

The US accounted for $2.5 billion of exports and the EU $2.4 billion – with $670 million going to the UK, Japan $711 million, Asean member states $121 million and other countries $1.5 billion, the report said.

The National Bank of Cambodia’s 2018 report said the Kingdom’s garment and footwear exports were valued at $10 billion – up 24 per cent from $8 billion in 2017.

MOST VIEWED

  • 12th Cambodia int’l film festival to see return of Hollywood star

    Phnom Penh is set to come alive with the magic of cinema as the highly anticipated 12th Cambodia International Film Festival (CIFF) takes centre stage. Boasting an impressive line-up of 188 films from 23 countries, including captivating shorts, feature films, documentaries and animation, the festival promises an

  • Brawl marrs football final as Indonesian take gold in seven goal thriller

    The Indonesian men's U22 men national football team were crowned champions of the 32nd SEA Games in Cambodia, defeating Thailand 5-2 in extra time on May 16 at Olympic National Stadium in Phnom Penh. The match was marred by an ugly incident that occured in the 91

  • Bareknuckle champion wants Kun Khmer fighter

    Dave Leduc, who is the current openweight Lethwei boxing champion in Myanmar, has announced that he will travel to Cambodia this year to challenge SEA Games gold medallist Prum Samnang any time that is convenient, after their planned match later this month in Slovakia was

  • Candlelight Party disqualified from July general election

    The National Election Committee (NEC) has disqualified the Candlelight Party (CP) from contesting the upcoming general election, citing a lack of valid documentation. NEC spokesman Khorn Keomono said the CP failed to fulfil one of the three main requirements: including original documentation proving their registration

  • 1.4 billion dollar Phnom Penh-Bavet expressway due in four years

    The Government, through the Ministry of Public Works and Transport, has officially signed a public-private partnership agreement with a private company for the construction of a Phnom Penh-Bavet Expressway project that will connect the capital to Svay Rieng province. The budget for the project is

  • New Law on Taxation comes into effect

    Cambodia has enacted the eagerly-awaited new Law on Taxation, which aims to improve the national tax regime’s compliance with present and future international standards and economic conditions; encourage accountability, effectiveness and transparency in the collection process; and promote investment in the Kingdom. King Norodom