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CDC announces slate of new investments totalling $16.2 million

Tom Starkey / Khmer Times Share:
Among the new ventures announced by the CDC are garment and footwear production investments. KT/Siv Channa

The Council for the Development of Cambodia (CDC) has announced that four new projects worth a total of $16.2 million were approved over the weekend.

Among the companies given the go-ahead were Taperite Plastic Co Ltd, Xin Yunfeng (Cambodia) Fashion Co Ltd, Unicorn Footwear Co Ltd and Laurence Footwear Co Ltd.

The investment projects cover a range of product manufacturing, including adhesive tape, garments and footwear. The newly approved ventures are expected to create some 3,862 jobs for the locals, the statement added.

The four projects will be located across Phnom Penh and Kampong Speu province.

So far this month, the CDC has approved a $2.4 million bag factory projects and a $7.8 million textile investment.  These are expected to create 718 and 843 jobs respectively and represent good news for the Kingdom as it waits out the pandemic period.

According to government spokesman Phay Siphan, a total of 238 investment projects with a registered investment value of some $8 billion were approved by the CDC last year,

Speaking at a news conference on Jan 19, Siphan said: “Of the 238 projects approved in 2020, 195 were new projects with 43 being production expansions. In total, we expect that those projects will help create at least 151,000 jobs within Cambodia.”

According to the Cambodian Constructors Association, more than 4,000 construction projects worth more than $6.4 billion were also approved by the government in 2020.

The news comes after an economic trend report released by the Ministry of Economy and Finance that said, between January and October, the Ministry of Land Management, Urban Planning and Construction approved 4,080 construction projects across the country. Those projects have a footprint of more than 14 million square metres of land.

The ministry also approved 68 public investment projects, of which 40 are being implemented within the government budget.

The announcement of new projects in the Kingdom, amid the COVID-19 pandemic, demonstrates a continued level of investor confidence in Cambodia’s macroeconomic, political and social stability, say observers.

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