Compass Cambodia report, July 3rd - The Chinese firm Cart Tire Co., Ltd is investing US$350 million in Cambodia's first vehicle tire production factory in Svay Rieng, with the company offering to buy 100% of local rubber goods estimated at 150,000 tons over the next five years.
On July 1st, H.E. Sok Chanda Sophea, Minister Attached to the Prime Minister and Secretary-General of the Council for the Development of Cambodia (CDC), conducted a construction site inspection.
The project, which is now under construction on more than 50 hectares of land in the Bavet special economic zone in Svay Rieng Province, would assist to create over 4,000 jobs for people.
According to the company, production will require about 50,000 tons of rubber in the first year, and that quantity will triple in the next five years, or nearly half of the rubber yield registered in 2020.
HE According to Sok Chenda Sophea, the tire factory in Cambodia will assist stimulate rubber demand and ensure price stability, despite the fact that Cambodia now exports nearly all of its rubber products to foreign markets.
According to the Ministry of Agriculture, Forestry, and Fisheries, the rubber yield in the first semester of this year was 133,367 tons, up 5.77 percent from the same period last year.
On the same day, HE Sophea examined another US$47-million furniture firm in the Sin Bavet Economic Zone, Shane (Cambodia) Furniture Co., Ltd.
HE Sophea asked both firms, as well as all businesses, to use local products as much as possible, to properly control trash and safeguard the environment, and to assist in the creation of jobs for residents.
In June, China's Jiangsu General Science announced plans to develop a $200 million tire plant in Sihanoukville with a production capacity of 6 million passenger car tires per year.
Source: Compass Cambodia comprehensive arrangement
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