CDC approves 2 projects worth $5.5m
CDC recently approved 2 new investment projects worth a combined $5.5 million. Collaboration Packaging Material Products Co Ltd will build a factory in the Ang Snoul district of Kandal province to make parts for bags and footwear. Chasefire Outdoors (Cambodia) Co Ltd will set up a plant in the Samrong district of Takeo province to make safety apparel, bags and camping equipment.
The two projects are expected to create over 1,200 jobs.
The CDC had a bit earlier already approved 10 projects, primarily on manufacturing clothing, travel bags and shoes. They are worth nearly $80 million combined and are expected to create around 11,500 jobs.
But the new factories will do little to make up for the jobs lost and businesses that have gone bankrupt from the devastating effects of the novel coronavirus, according to a report in a Cambodian newspaper.
Last year 101 factories closed in Cambodia, with most of in the garment sector, according to the industry ministry.
Fibre2Fashion News Desk (DS)