At the Council for the Development of Cambodia (Photo: VNA) Phnom Penh (VNA) - The Council for the Developmentof Cambodia (CDC) recently approved three investment projects in the handbag andgarment sector with a total capital investment of 8.8 million USD, according tothe Phnom Penh Post.
The projects include the bag factory Quan Ming Handbag(Cambodia) Industrial Co Ltd, the bag and belt factory Gd New Sky LeatherProducts Co Ltd, and the garment factory Tao And Kiven Garment Co Ltd.
Once operational, they will generate 3,448 jobs in Phnom Penh,Kandal and Kampong Speu provinces.
Cambodian Ministry of Commerce spokesman Long Kemvichet said countryhas the best investment environment due to many trade preferences provided bythe US and the EU, adding that the arrival of new companies is a positive signthat may attract other investors.
Noting that the country may be at risk of losing duty-freeexport opportunities to the EU if the Everything But Arms (EBA) agreement iswithdrawn, he said Cambodia is diversifying its export portfolio to reduce anypotential impact.
Kemvichet said Cambodia is striving to reinforce itsproductivity and competitiveness in the export sector so that its products cancompete with those of other countries, whether they are tax-tolerant or not.
A report from the Cambodian Ministry of Economy and Finance’sGeneral Department of Customs and Excise showed that Cambodia exported morethan 7.97 billion USD worth of garment, textile and footwear products in thefirst nine months of this year, up 13.18 percent year-on-year.
The National Bank of Cambodia’s 2018 report said the country’sgarment and footwear exports were valued at 10 billion USD, up 24 percent fromthat in 2017./.
