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

  • Time to avert disastrous Covid situation: officials

    The Covid-19 situation in Cambodia is heading towards further large-scale community transmission as the total number of confirmed cases is nearing 61,000 and the death toll passed 900 on July 10, senior health officials warned. Ministry of Health spokeswoman Or Vandine expressed concern that the country was going

  • Visa A holders get to quarantine at Himawari Hotel

    The Ministry of Health has permitted foreign diplomats, UN and International NGO officials to undergo quarantine at Himawari Hotel in the capital in case they do not have a separate place suitable for this purpose, but the government would not be responsible for the expenses.

  • Baby saved as mother is lost to Covid

    Newborn baby Neth David has had a rough start in the world. His mother, Vong Daneth, was seven months pregnant when she contracted a severe case of Covid-19. When it became clear to her doctors that she would not survive, they performed a cesarean section

  • Jabs for kids bring hope for school reopenings

    Cambodia is tentatively planning to reopen schools – at least at the secondary level – when the vaccination of children aged 12-17 is completed, even though daily transmissions and deaths in other age groups remain high. Schools across the country have been suspended since March 20, one month

  • Two luxury hotels latest quarantine options for inbound travellers

    The Inter-Ministerial Committee to Combat Covid-19 has designated two luxury hotels as alternative quarantine options for travellers who wish to enter Cambodia through Phnom Penh International Airport – Sokha Phnom Penh Hotel & Residence and the Courtyard by Marriott Phnom Penh. In a notice detailing guidelines issued

  • Hun Sen: Get 12-17 age group ready for Covid jabs

    Prime Minister Hun Sen has told parents of children aged 12-17 in Phnom Penh and the provinces of Kandal and Preah Sihanouk to get them ready for vaccinations soon. “There is a need to vaccinate children and youths aged 12 to 17. According to the statistics provided