The Council for the Development of Cambodia (CDC) has approved 13 investment projects in special economic zones (SEZs) with a total investment of more than $160 million, expected to generate thousands of jobs across Svay Rieng, Preah Sihanouk and other provinces.
The CDC announced on November 30 that it approved a SchneiTec Vibrant Co Ltd initiative worth $65.5 million to develop a 60-megawatt solar power plant with a power storage system in Svay Rieng province.
Other ventures in the province include Vacation Industry Co Ltd with a $7.3 million investment; Star United Christmas Decoration Co Ltd with $6 million; CH Lighting Tree Co Ltd with $5.8 million; and Glorious Building Material (Cambodia) Co Ltd with $1.2 million.
Projects in Preah Sihanouk include Justmarvelous Co Ltd with an allocation of $8.2 million in capital; Kamelun Wood Co Ltd with $3 million; and Angel Wood (Cambodia) Co Ltd with $1.4 million.
Other investments were garment factory related projects in various provinces.
Lim Heng, vice-president of the Cambodia Chamber of Commerce (CCC), stated on November 30 that introducing fresh strategies to attract investors, revising investment laws, enhancing human resources and building transport infrastructure are vital for aiding Cambodia in securing new investments and expanding its production chain.
He said that alongside these internal measures, both the government and private sector are actively seeking new markets with favourable conditions for exporting goods.
“Despite the lack of improvement in the current global economic situation, leading to reduced investment disbursement, Cambodia continues to attract a series of new investment projects. Notably, these new investments in Cambodia are increasingly diverse, encompassing both labour-intensive sectors like textiles and industries employing new technologies,” he stated.
He added that the CCC has been actively promoting the country’s investment potential and laws. The group has established representative offices in Canada, Japan and Australia to attract foreign investors for direct investment and to order goods from Cambodia.
Keo Mom, CEO of Ly Ly Food Industry Co Ltd, one of the country’s largest food processing factories, highlighted the impact of electricity costs on attracting national and international investors.
She stated that if the country’s electricity costs could be competitive with those of its neighbours, it would significantly enhance its attractiveness to investors.
“Reduced electricity costs lead to lower production costs, enhancing the global competitiveness of goods. Before foreign investors consider investing in any country, their primary questions are about the electricity supply: Is there enough electricity, and are the costs high or low?” she said.
Addressing the Cambodian Business Forum on August 11, deputy secretary-general of the CDC Chea Vuthy, remarked that despite ongoing challenges such as the Covid-19 pandemic, geopolitical tensions and trade disputes between the US and China, the inflow of foreign investment in the country has remained relatively stable.
“In fact, the figures show that we receive nearly $4 billion in foreign investment inflows each year,” she added.