CDC Approves $63.5M in New Projects

CDC Approves $63.5M in New Projects

The Council for the Development of Cambodia (CDC) has approved seven new projects representing a total investment of $63.5 million.

Ethan Metal Manufacture Co Ltd will be opening a processing plant for aluminium, iron and copper to be located in Kandal province. Soma Energy Co Ltd will open a five megaWatt (mW) solar power station in the Stoung district of Kampong Thom province. Schneitec Alternative Co Ltd will open a 23 mW heavy fuel oil power plant in Preah Sihanouk province.

Xin Chenhui (Cambodia) Chemical Industry Co Ltd is opening a biochemical factory in Oral district, Kampong Speu province. Soma Farm (Cambodia) Co Ltd will open a livestock farm in Bati district, Takeo province.

Cambodian Xing Can Shi Pin Co Ltd will open a fruit processing factory in Oral, Kampong Speu province and Cambodian A1 Steel Industry Co Ltd will open a metal processing factory in Oudong district, Kampong Speu.

The approved projects are anticipated to create a total of 870 local jobs. The CDC has approved projects expected to generate more than 15,000 jobs over the last two months.

In 2020, a total of 101 factories shut down permanently according to the Ministry of Industry. Another 27 more closed by the middle of May this year and 75 have filed for bankruptcy.

The continued strength in sustained project investment during the pandemic is seen by both industry insiders and government officials as a sign of continued investor confidence in Cambodia’s macroeconomic, political and social stability.

Earlier this week South Korea announced the provision of concessional financing for the construction and improvement of National Road No. 48. The road will have a total length of 148 kilometres from Sre Ambel district to Khemarak Phoumin city, Koh Kong province.

It will be part of a highway linkage between Cambodia and Myanmar crossing Thailand.

Khmer Times