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Cambodia: Non-garment exports up 51%
Non-garment exports clocked in at $3.3794 billion in the first nine months of 2021, surging by $1.140 billion or 50.9 per cent year-on-year, the General Department of Customs and Excise of Cambodia (GDCE) reported.
In a press release on the minutes of a GDCE meeting last week, the department listed major non-garment exports as bicycles, wiring and electronic components, auto parts, decorative lamps, luxury wood, plastics and processed leather.
The figures “reflect the results of the implementation of the Royal Government’s policy to diversify the industrial base in Cambodia”, it said, naming the US and EU as notable buyers in January-September.
Cambodia Chamber of Commerce vice-president Lim Heng told The Post on October 18 that although the global Covid-19 epidemic has not abated, the Kingdom’s manufacturing and export activity continues to improve.
He chalked up the rise in exports to political stability, favourable investment laws and geographical location, good relations and trade ties with major countries, and a diverse skilled labour force.
“The increase in non-garment exports shows the strength of Cambodia’s manufacturing sector and export market,” he said, stressing that the growth will gain traction when Cambodia’s trade agreements enter into force, and draw a great deal of impetus from the Chinese market.
He said the recently-passed investment law, bilateral and multilateral free trade agreements, and a series of revisions of existing complex procedures will become a new magnet to attract more investors to the Kingdom.
The Ministry of Health on October 16 issued Notification No 453 on revised health rules, quarantine requirements and other travel conditions.
General fully-vaccinated inbound passengers will now undergo quarantine for seven days, whereas investors, technical experts, among others – with a guarantor or invitation letter – are required to isolate for just three days.
In the first nine months of 2021, the Council for the Development of Cambodia (CDC) approved 134 new investment projects with a total capital investment of $3.3 billion.
Of these, 33 projects with a total capital investment of $1.9 billion were to be located in special economic zones (SEZ), and 101 ventures valued at $1.4 billion were set for non-SEZ sites, the CDC reported.
The council noted that most of the projects focus on agriculture and agro-industry, tourism and infrastructure.
In 2020, the Kingdom’s exports reached $17.21537 billion, up 16.72 per cent year-on-year from $14.74874 billion, the Ministry of Commerce said in its 2020 annual performance report.
Source: https://www.phnompenhpost.com/business/non-garment-exports-51