Kampong Speu bags 4 new investments

Kampong Speu bags 4 new investments

The Council for the Development of Cambodia (CDC) has given the greenlight to four new industrial investment projects to be launched in Kampong Speu province, marking the continued growth trajectory of the region’s booming industrial economy.

The official approval for the new factories was confirmed during a meeting between Chea Vuthy, Secretary General of the CDC’s Cambodian Investment Committee, and Sok Phea, Deputy Governor of Kampong Speu Province, last week.

According to official reports, the incoming investments have a cumulative value of close to $25 million, and are expected to generate over 1,200 employment opportunities for the province and surrounding regions.

The newly endorsed investment projects include a diverse range of manufacturing products, adding additional depth to the province’s industrial landscape.

Focused on the local healthcare sector, Flycat Electrical (Cambodia) Co., Ltd. has been given CDC approval for the construction of a factory for the assembly and installation of medical equipments, the operations aiming to contribute to supply’s for Cambodian medical facilities.

The Flycat Electrical plant will specialize in the production of dental cleaning equipment.

Zenith Lighting (Cambodia) Co., Ltd. has received approval for the creation of a light bulb factory in the province, looking to supply a variety of bulbs and lighting products to satisfy local and regional demand.

Another newly endorsed project for Kampong Speu looks to capitalize on Cambodia’s increasing demand for recycling and reusing waste products, and increasing national awareness towards sustainable and environmentally responsible use of resources.

Party A Renewable Resource (Cambodia) Co., Ltd. plans to establish an aluminum processing plant, able to utilize locally sourced and recycled materials for next phase manufacturing activities.

Finally, Redleaf Industry (Cambodia) Co., Ltd. is the fourth major industrial entrant into Kampong Speu province following the recent Investment Committee review.

The company will invest in a production plant for the manufacturing of paints, powder coating materials and anti-rust powder, targeting growing demand in the local construction and development industries for paint products.

Deputy Governor Sok Phea stated that the four new factories now officially endorsed by the CDC will be situated within Samrong Tong and Kong Pisey districts of Kampong Speu province.

He said that these sizable manufacturing investments are poised to drive economic growth within these specific areas, as well as provide an influx of new businesses and job opportunities.

Sok noted such new opportunities will also support the province’s broader socioeconomic development.

These new investments also mark the continued confidence from large-scale investors in the prospects of launching projects in Kampong Speu province, and Cambodia at large.

Kampong Speu province is now second only to Phnom Penh in terms of the overall number of factories and business enterprises in operation, according to a data survey conducted by the Ministry of Labor and Vocational Training (MLVT) in 2023.

In 2023, Kampong Speu province had a total of 385 factories and enterprises.

To run these various enterprises, the province employed more than 155,000 workers.

While traditional manufacturing industries such as garments remain dominant in the province, diversification is occurring swiftly towards now types of manufacturing investments.

Out of the 385 operations surveyed in 2023 by the MLVT, 191 represented garment-related factories.

Former Prime Minister Hun Sen famously celebrated the province as one of the nation’s economic poles of the near future, and an important trade link between Phnom Penh and Sihanoukville.

Speaking at a get-together with workers in Kampong Speu province in June of last year, the former Prime Minister said, “The southwest part of the country, including Kampong Speu province, has a lot of potential to attract investment due to good transport infrastructure, well-supplied electricity and easy export options via shipping.”

Due to its connectivity to both Phnom Penh and Cambodia’s premier port in Sihanoukville, “the southwest area will become an economic pole for investment,” he predicted.(khmertimeskh)

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