The Council for the Development of Cambodia (CDC) on October 22 announced that it has approved final registration certificates for seven new projects with capital investment of around $95 million, which could generate a reported 5,311 jobs.
These include three garment factories: Trend Apparel Co Ltd’s in Kraing Thnong commune’s Trapaing Mean village of western Phnom Penh’s Sen Sok district; Blingtex (Cambodia) Co Ltd’s in Chong Rok commune’s Kan Tamra village of southeastern Kampong Speu province’s Kong Pisei district; and Smart Shine Garment (Cambodia) Co Ltd’s in Srang commune’s Srang village of western Kong Pisei.
These projects are valued at $2 million, $2.3 million and $3.2 million, respectively, and set to create 368, 359 and 2,219 jobs.
Epic International Co Ltd’s $3.1 million footwear factory project in Chaom Chao III commune of the capital’s Por Sen Chey district is expected to provide 735 new jobs.
Projects five-through-seven on the list are located in special economic zones (SEZ).
Jayee Furniture (Cambodia) Co Ltd’s venture in Sihanoukville SEZ will churn out leather and wooden sofas, and cardboard boxes. The other two are Starray Lighting (Cambodia) Enterprise Co Ltd’s decorative lighting factory in Svay Rieng Giga Resource SEZ; and RMKH Glove (Cambodia) Co Ltd’s glove factory in the Manhattan (Svay Rieng) SEZ.
These industrial park-based ventures have capital investment of $1.8 million, $2.5 million and $80 million, respectively, and are anticipated to bring 150, 700 and 780 new jobs.
Cambodia Chamber of Commerce vice-president Lim Heng told The Post on October 25 that the rate of applications to the CDC for new investment projects has retained its strength, despite the global Covid-19 not showing any meaningful improvements.
He noted that the proposals recently green-lit by the CDC correspond to a contrasting spectrum of projects, which he said substantiates the diversification of production in Cambodia.
Heng believes that investment in the Kingdom will be further propelled by the new investment law and free trade agreement with China. “The ongoing CDC approvals confirm that investors have confidence in Cambodia.”
“The rise in investment applications is expected to maintain its trajectory, and the decisions to resume flight routes and reduce the required length of quarantine will make it easier for investors to come study and explore investment opportunities in Cambodia,” he said.
The government’s “recent achievements” in road infrastructure and port expansions are also contributing to creating an attractive investment environment in the Kingdom, he added.
The CDC signed off on 70 projects with a total capital investment of more than $2.42 billion in the first half of this year, according to The Post’s calculations based on the council’s Facebook statements during the period.