Council approves nearly $70 million in new investments

Council approves nearly $70 million in new investments

The Council for the Development of Cambodia (CDC) on Friday approved nearly $70 million of investments in seven new factories that will create more than 2,600 new jobs.

Innomed Healthcare Products (Cambodia) Co Ltd was granted a permit to establish a $10 million factory in Sihanoukville, Preah Sihanouk province. The facilities will employee approximately 1,200 people and produce personal protective equipment, according to a statement released by the CDC.

First Aquatic Industrial Co Ltd was granted permission to build an aquaculture centre in Kandal Stueng district, Kandal province, with a total investment of $25.2 million.

The aquaculture farm will create 155 new jobs.

First Aquatic Industrial was formed in 2016 with an initial investment of $4 million. The firm announced in January that it intends to breed stingrays, Arowanas and other freshwater fish for export to China.

Huiquangfeng Technology (Cambodia) Co Ltd is to employ about 180 people to build bicycle parts at a $7 million factory at Tai Seng Bavet Special Economic Zone in Svay Rieng province.

Also in Svay Rieng province, Green Sustainable Ventures (Cambodia) Co Ltd (GSV) is to build a solar farm with a total investment of $17.6 million – creating 150 new jobs.

The solar farm will occupy some 30 hectares of land in Bavet town and generate 4.67 million kilowatts per year, according to the firm.

Khmer Times reported in January that Malaysia-based Pestech International acquired a 94 percent stake in GSV for $4 million.

Shares of Pestech (Cambodia) Plc rose 100 riels yesterday to close the trading session at 3,100 riels per share.

Xin Wei Jie Co Ltd – with a total investment of $2.9 million – is to build a garment factory in the capital’s Sen Sok district, employing 659 jobs. The firm specialises in manufacturing undergarments and loungewear.

With an investment of $2.5 million, Schneitic Chint Co Ltd will build a new factory to assemble electrical equipment in Krakor district, Pursat province, and employing 62 people.

Yuan Shuo Co (Cambodia) Co Ltd – with a total investment of $2.2 million – is to build a factory to produce electronic components in Tram Kak district, Takeo province – creating 232 new jobs.

Including the seven new projects, the CDC has approved more than $760 million in investments so far this year. Khmer Times