$175 million investment projects announced

The Council of the Development of Cambodia (CDC) has recently registered seven investment projects, worth around $175 million, despite the outbreak of Novel Coronavirus affecting every sector of the Kingdom.

In some much-needed positive news, CDC said the projects, once successfully implemented, will create more than 3,300 jobs. Those projects include transformer assembly and assembly plants, switchboard assembly, a footwear factory, solar panel production and assembly, all types of wiring (wires, cables) and assembly installation of metre boxes, a hair design factory, a tyre factory and all kinds of tyre bicycle components, cars, construction, exploitation of data centre planning, garments and clothing production.

With the permission of the investing companies, the CDC has confirmed that two projects already have an accumulated investment capital of $134.9 million. This is made up of a $32.9 million commitment from Sundance Industries Co., Ltd., which will be used on the construction of a tyre assembly plant in Samrong Tong district, Kampong Speu province, and $102 million from Kepstar Data Center Management Co., Ltd to fund the construction and business of a data centre, located in Phnom Penh.

These seven new projects join 15 other investment projects approved by the CDC last month, worth at least $530 million. It’s expected that when they are completed, jobs will be available for 7626 workers in the Kingdom.

The CDC approved four solar panel manufacturing and installation projects worth $30 million; one tyres and spare parts investment project worth $33 million and one 710-room three-star hotel in Sihanoukville worth $59 million.

The CDC also approved one banana farm project in Kampong Cham province worth $12 million, two flour mill investment projects in Banteay Meanchey and Stung Treng provinces worth $13 million, a brewery in Kandal province worth $161 million and a data centre in Phnom Penh worth $102 million, among other projects worth an extra $129 million.

In February, the CDC also approved six development projects worth $667 million. They consist of a hospital, supermarket, resort, factory, bottling plant and textile factory. The CDC is in charge of making high-level investment decisions in the Kingdom.(This news came from Khmertimes.com)