A $2.4 million project for the construction of a factory producing handbags has been approved by the Council for the Development of Cambodia (CDC), another positive investment announcement amid the pandemic.
The CDC announcement said the bag factory is to be located along National Road 5, in Samaky Meanchey district, Kampong Chhnang province.
“The project, [undertaken by the] Changhui (Cambodia) Handbag MFR Co Ltd, is expected to create a total of 718 jobs for locals in the area,” the announcement read. The investment demonstrates the confidence investors have in Cambodia’s macroeconomic, political and social stability despite the ongoing pandemic.
The news follows the CDC having given a go-ahead to 12 investment projects over the last few months. These projects represent a total capital of more than $1.14 billion and the generation of 6,500 job opportunities.
Notable among them was the December 2019 issuing by the CDC of investment certificates to NS Industrial Co Ltd and Lonso (Cambodia) Garment Co Ltd to invest in the production of cardboard boxes and clothes.
Those two new projects registered a total investment capital of $6.4 million and will be located in Por Senchey district, Phnom Penh, and Samraong district, Takeo province.
“These [two] projects are expected to create some 2,571 jobs,” the CDC added.
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