The Council for the Development of Cambodia (CDC), the government body in charge of approving private and public investments, has green lighted four new factories, worth a combined $50 million, for Sihanoukville Special Economic Zone.
The approved projects include two garment factories, Cambodian Yunkun Co., Ltd and Hisao International (Combodia) Garment Co., Ltd, with a capital investment of $2 and $4 million, respectively. Cambodian Yunkun will generate 266 new jobs, while Hisao International is expected to create 270.
The third plant, Aurotime New Materials Co., Ltd, a chemical factory, will specialise on vanadium pentoxide, ammonium metavanadate, molybdenum oxide and ferronickel. With an investment of $12 million, the factory is expected to supply 178 jobs to the local market.
Finally, Sihanoukville Special Economic Zone Thermal Power Co., Ltd, a coal-fired power plant, will generate 75 jobs with a capital of $41.19 million.
“These projects show that investment is flowing into the country and that the government’s industrial development policy has been successful,” said Mey Kalyan, senior adviser to the Supreme National Economic Council.
According to Mr Kalyan, the approved investment is in line with the government’s goal of transforming Sihanoukville province into a major industrial area, serving as a model for the implementation of its industrial development policy for 2015-2025.
“We are happy to see that there are projects other than garment factories. We need more tech and skill intensive industry that can help us move up the regional value chain,” Mr Kalyan said.
“We need to upgrade our economic structure to achieve a higher level of growth, produce more skilled labour and develop our human resources.”
The government is also planning to build a massive economic zone in Preah Sihanouk province to accommodate up to 10,000 factories. Construction is set to begin in December.
