112 new factories open in Cambodia in first 7 months of 2022: official

[geovalin]

PHNOM PENH, Aug. 11 (Xinhua) -- Some 112 new factories, with a total investment of 1.19 billion U.S. dollars, had opened in Cambodia during the first seven months of 2022, an industry ministry spokesperson said here on Thursday. "These new factories have created jobs for 76,624 people," Heng Sokkung, a secretary of state and spokesperson for the Ministry of Industry, Science, Technology, and Innovation, said during a press conference, adding that most of the new factories produce garment, footwear and travel goods.

 

The cited period also saw the closure of 47 factories, leaving 16,838 workers unemployed, according to him. Lim Heng, vice president of the Cambodia Chamber of Commerce, said the Regional Comprehensive Economic Partnership (RCEP) free trade pact and the Cambodia-China Free Trade Agreement (CCFTA) as well as the country's favorable new investment law are key to attracting new investors.

 

"Even during the COVID-19 pandemic, many new factories have been established in Cambodia. This clearly shows that the Southeast Asian nation is a potential destination for both domestic and foreign investors, especially for the Chinese ones," he told Xinhua. "New investment has not only brought in new capital, but also advanced technologies as well as new jobs for Cambodians," he added.

 

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