The Council for the Development of Cambodia (CDC) has given the green light to over US$11m worth of projects to open garment factories in the country.
Certificate of Registrations have been issued to Timbermet (Cambodia) Co Ltd, for a $2.3m garment factory in Phnom Penh, and Panefort (Cambodia) Garment Co for a $6.5m facility in Kandal province. The investments will add 854, and 2,050 jobs to the regions, respectively.
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A further certificate has been issued to Fushun Cambo Fashion Co Ltd, for the development of a $2.45m garment factory in the southwestern Bati district of Takeo. The facility is expected to employ around 1,069 workers.
The CDC, a governmental body in charge of approving large-scale investment projects, started officially announcing its decisions on Facebook last month, a move which government officials say will provide more transparency for both investors and the public to track economic development in the Kingdom.
In October, the Council approved four garment and footwear projects with a combined total investment capital valued at nearly $10m.
In the first nine months of 2017, garment and footwear exports from Cambodia are understood to have fetched more than $5bn, according to data from the Ministry of Commerce. Apparel exports were valued at $4.9bn, while footwear exports earned $636m in the January to September period.
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By GlobalDataThe industry has benefited from duty-free privileges and lower tariffs under the Generalised System of Preferences (GSP) and Most Favoured Nation (MFN) status.
