Garment sector still attracting investors
THE Council for the Development of Cambodia (CDC) has approved three projects worth a combined $7 million this week. They are expected to create some 1,820 jobs.
All three projects are based in the garment sector and highlight its continued attractiveness for investors into the Kingdom.
Among the green-lighted ventures approved by the CDC is MIL United Manufacturing Co Ltd with a capital investment of $2.3 million in Kandal’s province Kandal Stung district.
The rest are Jin Ming Li Jian One Co Ltd with capital investment $2.3 million in Kampong Spue’s province Kong Pisey district and the Suzen (Cambodia) Industrial Co Ltd with $2.4 million. It will build a factory in Tbong Khum province’s Suong Town municipality.
The vice-president of the Cambodia Chamber of Commerce Lim Heng said: “The Kingdom’s law has encouraged more foreign investors.”
There are now a total of 1,730 factories operating in the Kingdom, a ministry report said.
During the first eight months of last year, the CDC approved 222 projects worth more than $6 billion, an increase of 81 projects worth $1.88 billion in the same period in 2018.
CDC secretary-general Sok Chenda Sophea last month said they continue to receive applications for new projects despite recent challenges to the local economy, such as the EU’s partial cancellation of Cambodia’s Everything But Arms (EBA) scheme and the global outbreak of the novel coronavirus.
“Despite the thunderstorm of bad news, in January and February, investment into the countr y did not decline,” Chenda Sophea said.
“Some projects have been put on hold or cancelled, but new investors have come in,” he said.