According to TAFTAC data, Cambodia has 1,077 factories, including 802 garment, 140 footwear and 134 travel goods manufacturers, collectively employing 764,358 workers. Heng Chivoan
The Textile, Apparel, Footwear and Travel Goods Association in Cambodia (TAFTAC) and the China Overseas Development Association (CODA) have collaborated to promote investment from China and enhance the Kingdom’s exports to the global market.
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Ly Tek Heng, executive manager of TAFTAC, told The Post on December 18 that he had met with a delegation from CODA the previous week. They discussed and agreed on cooperation between the two organisations to foster a favourable business and investment climate and to attract more investment from China.
“It is a new collaboration between the [two associations]. We share the same missions of providing quality services, legal support and representing our members in investment and trade facilitation,” he stated.
He emphasised that CODA, an international body of the Chinese government, plays an important role in working with Chinese financiers globally, offering support in investment information, regulations and addressing any challenges they face.
“With this [partnership], we expect to see an increased flow of investment from China, as the garment and textile industry in our country is predominantly dominated by Chinese investors,” he said.
“We hope the two associations will create more opportunities to strengthen business and investment ties and link trade development between both countries in the future,” he added.
Lim Heng, vice-president of the Cambodia Chamber of Commerce (CCC), noted that Chinese investors have significantly contributed to boosting exports to the global market for the sector.
He said that despite the challenges of the global economic downturn, the industry continues to play a vital role in contributing to economic growth.
“We still observe a steady flow of investments coming from China. The collaboration between the two institutions will provide new momentum in offering support and serve as a bridge to bring more investment from China to Cambodia, especially as our two countries are implementing the Cambodia-China Free Trade Agreement [CCFTA],” he explained.
According to TAFTAC data, Cambodia has 1,077 factories, including 802 garment, 140 footwear and 134 travel goods manufacturers, collectively employing 764,358 workers.
The sector’s export numbers reached $12.5 billion in 2022, nearly 60% of the country’s total export volume, accounting for 10% of the Cambodian economy.
The General Department of Customs and Excise (GDCE) reported that between January and November 2023, exports to China totalled $1.31 billion, an 18.5% increase from the previous year’s $1.11 billion.
Imports from China amounted to $9.76 billion, a 3.1% rise from $9.47 billion. Bilateral trade volume stood at $11.08 billion for the period, a 4.7% increase from $10.58 billion.
China is the Kingdom’s largest trading partner, with commerce between the two countries representing 26.06% of the country’s total international trade volume in the first 11 months of 2023, amounting to $42.5 billion, as per the GDCE.
