Thailand
Cambodia: New garment sector investments exceeding $8mn approved by CDC
The Garment Manufacturers Association in Cambodia (GMAC) is welcoming new investments in one of the Kingdom’s pillar industries as new variants and outbreaks lead to a string of downgrades in economic projections.
The Council for Development of Cambodia (CDC) announced yesterday that it had approved two new projects worth a combined $8.5 million that will ultimately generate 1,500 new jobs, according to its announcement.
The CDC recently approved eight new investment projects valued at a total of $71.4 million. Those projects are slated to create nearly 10,000 new jobs. Six of the projects were dedicated to the garment, travel bag and shoe industries.
“The approval of the new projects is heartening, particularly during this difficult period for workers who have faced great difficulty during the pandemic. GMAC welcomes the new investments and is extremely grateful to the CDC for their continued support of the industry and driving FDI [foreign direct investment] into the country,” Ken Loo, secretary-general for GMAC told Khmer Times.
Among the projects approved is a factory by Gianni Vince Bags (Cambodia) Co Ltd in Kandal province. Its parent company, based in Guangzhou, China, will commit $4.4 million to constructing the facility and employ 1,171 people, according to the CDC.
The second project approved is Sen Wang Ying New Material Co Ltd’s shoe factory in Kampong Speu province. It is valued at $4.1 million and will create 403 jobs.
Source: https://www.khmertimeskh.com/50908192/new-garment-sector-investments-exceeding-8mn-approved-by-cdc/