Cambodia Had 241 New Heavy-Duty Factories, An Increase of 7.21% Last Year

According to the report of the Ministry of Industry, Science, Technology, and Innovation, by 2023, there will be 241 new heavy-duty factories and 98 closed, an increase of 143 factories, equivalent to about 7.21% compared to 2022.

The number of heavy factories operating nationwide is 2,125 and provides 1,040,333 jobs. The total investment capital in 2023 will be $18.56 billion, an increase of 11.24 percent compared to 2022. The cost of production volume was $16.36 billion, an increase of $531 million, equivalent to 3.35 percent compared to 2022.

At the annual meeting of the Ministry of Industry, Science, Technology, and Innovation on February 20, 2024, H.E. Hem Vanndy said that the industry, science, technology, and innovation sector is considered a driving force in driving economic growth, playing an important role in creating jobs and increasing the income of Cambodians. The sector has been developing dynamically, is diversified, focused on environmental and social responsibility, and expands economic interaction between processing, innovation, manufacturing, agriculture, trade, and services to promote Cambodia's economic integration, value chain, and competitiveness both regionally and globally.

He added that “for 2024, the Cambodia economy will continue to grow, with growth expected to reach around 6.6%, which will be supported by a number of key economic sectors, of which the industrial sector is projected to continue to grow around 8.5% compared to 2023, about 7.7% due to the expected recovery of the garment sub-sector, while the non-garment manufacturing sub-sector continued to maintain strong growth, while the construction sub-sector remained low.”