Yura Harness, the South Korean car electronics assembly plant operating in the Kampong Speu province of Cambodia, is looking into expanding its operations in the country, in a move that can create more jobs for local people.
Representatives of Yura Harness (Cambodia) discussed the expansion plans during a courtesy call on Cheam Chansophoan, Governor of Kampong Speu on Tuesday, said an official statement.
The company that started operations in Kampong Speu last year by investing more than $15 million has already employed 1,200 people.
The expansion plan will create more jobs and increase the income of the people, the statement noted.
During the meeting, Governor Chansophoan briefed the Yura Harness delegation about the potential of Kampong Speu province, stating that in the first half of 2024, 30 factories were opened in the province and many more are under construction.
At present, Kampong Speu province has about 423 factories and about 1,000 small and medium enterprises with more than 200,000 workers.
The Governor reminded them that in 1993, Cambodia had only 51 factories, but as of September 2024, Cambodia had about 1,997 factories that created jobs for more than one million people.
“This reflects the value of peace and political stability under the leadership of Prime Minister Hun Manet,” Chansophoan noted. The Governor also commended the good relations between Cambodia and Korea.
Cambodia and Korea have signed a free trade agreement and they are also partners in the mega Regional Comprehensive Economic Partnership (RCEP) agreement which is playing a crucial role in the economic advancement of the region.
Several Korean companies have invested in sectors such as manufacturing, real estate, agricultural infrastructure and financial services in Cambodia.
According to Seun Sam, policy analyst with the Royal Academy of Cambodia, recently, the Kingdom stands to gain from South Korea’s proficiency in technology.
“Although Korean investments in Cambodia have typically centred around manufacturing and infrastructure projects in the past, there is an opportunity for diversification into upcoming industries like technology advancements, green energy initiatives, and digital innovations,” Sam noted in an article recently.
South Korea is also one of the important international development partners of Cambodia and it has provided finance for a number of major infrastructure projects in the Kingdom.
Last year, the Korea International Cooperation Agency (KOICA) marked the 20th anniversary of its presence in Cambodia.
Cambodia and South Korea are also poised to strengthen their economic partnership by establishing special economic zones dedicated to Korean companies in Cambodia.
The initiative is expected to attract more businesses and investment from the country.
It may be noted that the Yura Harness factory, located in Tuol Thnong Village, Rokar Thom Commune, Chbar Morn City, Kampong Speu Province, launched operations on April 26, 2023, at an event presided over by Deputy Prime Minister Hun Many.
The Yura Harness Cambodia plant was built with a total area of 17,500 square meters and currently it produces 11,500,000 wires per year. The wires are used in various electronic components in automobiles.
Yura Harness is an ancient wiring harness manufacturer that inherited the tradition of Han-Il established in 1970. After being incorporated into Yura in 2002, it changed its name to Yura Harness in 2007.
By applying a state-of-the-art management system, which monitors product production majors in real time, Yura Harness (Cambodia) is focusing on the supply of flawless products in tune with Yura Corporation’s wiring harness business.
(Source: Khmertimeskh)