|
The Council Development of Cambodia (CDC) approved 16 capital investment projects last month with a total of more than $700 million that are expected to create 11,414 local jobs.
The projects are mainly factories for manufacturing industries such as, garments, textiles, bags, tyres, furniture, spare parts, grills, stationery and electrical appliances, but also include an international polyclinic, according to CDC.
The investment capital behind the projects sums up to approx. USD 702.5 million.
Anthony Galliano, the group CEO of financial services firm Cambodian Investment Management released that the Kingdom has attained a record of unparalleled Covid-19 containment and achieved superior economic management and political stability despite the pandemic.
He said these are accomplishments that international investors who are seeking foreign direct investment destinations will notice and where Cambodia will score very high, given “trouble spots” in the region.
“Cambodia is now a pillar of political steadiness and robust economic growth and development, with consistent improvement in infrastructure, consistent upgrading of its workforce – which remains comparably inexpensive – and reducing electric costs.
“Given neighbouring countries that are undergoing turbulent times, Cambodia is shining as the momentum for the country is directionally positive for most checks of foreign investment.
“The industries entering are exactly what the Kingdom needs, manufacturing, medical, automotive and furnishings. This is recognition that Cambodia can now compete regionally for investment dollars in these sectors,” Galliano said.
Cambodia Securities Exchange vice-chairman Ha Jong-weon expressed that more people believe the launching of vaccines show a sign of quick end to the pandemic and new investment opportunities are coming in as well.
He claimed that hospitality, sanitation, technology and middle- to high-end products were some of the sectors and markets set for an upcoming boom due to Covid-19.
Meanwhile, the new Investment Law is expecting to take effective soon. This will attract more foreign investment and production in the country, since the companies do not need to pay taxes on production-input imports.
“The investment climate will be improved to fit with the current needs of the investors and industry 4.0 development. The law will also cut unnecessary spending and process and add incentives for local and foreign investors,” he added.
|
