CDC endorses three garment factories

Content image - Phnom Penh Post
An employee works at a garment factory in Phnom Penh. Hong Menea

The Council for the Development of Cambodia (CDC) has approved three garment-related investment projects worth nearly $15 million and expected to generate more than 3,200 jobs, according to a press release.

The CDC said in a June 14 press release that it will issue final registration certificates for JAK Garment Co Ltd's $2.4 million factory in Sitbou commune's Kampong Pring of Kandal province's Takhmao town and Premier Tech Garment (Cambodia) Co Ltd's $4.3 million venture in Sophy commune's Trapaing Chhouk village of northern Takeo province's Bati district, which are anticipated to create 1,053 and 1,748 jobs, respectively.

 

Also receiving the go-ahead was Chanco Textiles (Cambodia) Co Ltd's $8.2 million garment, blanket, pillow and pillowcase plant in Tuol Sangke I commune's Chong Khsach village of Phnom Penh's Russey Keo district, which is predicted to bring 424 jobs.

Cambodia Chamber of Commerce vice-president Lim Heng previously told The Post that favourable geographical and political circumstances had led to a steady influx of investment in the Kingdom despite the global economic crisis stemming from the Covid-19 pandemic.

He attributed the surge of foreign interest in investing in Cambodia to a number of key factors such as the ongoing Sino-US trade dispute, favourable Cambodian investment laws, round-the-clock development of road infrastructure and windfall from the political situation in Myanmar.

“Each new investment will give Cambodia a stronger pace of economic growth,” Heng said.

The CDC approved 238 investment projects worth a total of $8.2 billion last year, down 12 per cent from 2019, it said in a press statement.

Overall, the decline is still at an acceptable level compared to the UN Conference on Trade and Development's (UNCTAD) forecasts for foreign direct investment flows in the world.