The Cambodia Development Council (CDC) has approved more than USD1.8 billion investment projects during the Q1 & Q2 this year, reported by the source.
According to its calculations, CDC’s data shows that during the period from January till date, there were 102 investment projects approved, which able to create approximately 130,000 jobs upon completion. Mostly investments in garments, footwear, bags, hotels, commercial centers and entertainment venues.
Secondary projects include plastic manufacturing plants, medical equipment, solar panel components, rubber processing plants, fruit processing plants, toys, carton processing plants, construction material factories, agro-industry farms, husbandry, cigarette factories, yarn and electric wires.
The ongoing trade war between US and China has made many foreign companies, especially Chinese-owned to in search for manufacturing sites out from China in order to avoid tariffs imposed by US.
The largest CDC project approved early this year was Tourism, Ecological, Marine and International (Temi) tourism city development project, owned by Union City Development Group Co Ltd (UDG) which is worth $500.4 million. It is a subsidiary of Chinese state-owned real estate developer Wanlong Group Co Ltd.
This project includes a five-star hotel, a commercial centre, a golf course, bungalows, villas, tourism resorts and amusement parks. It is located in Koh Kong province’s Kiri Sakor district and is set to create 5,150 jobs.