Prime Minister Hun Manet has announced a further strengthening of Cambodia-Japan relations, focusing on modernizing Cambodia’s industrial sector. This declaration was made during the inauguration ceremony of the new $36.8 million Toyota assembly plant in the Royal Group Phnom Penh Special Economic Zone on Thursday morning, May 2.
Prime Minister Manet emphasised the ongoing efforts to foster closer ties between Cambodia and Japan, especially in the private sector, aiming to solidify the relationship between the citizens of both nations. He mentioned that his administration would continue enhancing cooperation across all sectors, strengthening bilateral relations, and providing robust opportunities for both countries.
“In my continued role as Prime Minister, I am committed to expanding and strengthening our cooperative efforts in every field, particularly striving to ensure strong connections between our private sectors and people,” Manet stated.
The new Toyota assembly plant, a joint venture between Toyota Tsusho Corporation and the Kong Nuon Group, is a significant milestone in Cambodia’s industrial development. It represents a major step towards transferring automotive technology to Cambodia and provides valuable training opportunities for Cambodian youth directly within the factory setting, instilling a sense of hope for the country’s economic growth.
Prime Minister Manet sees the factory as another testament to Cambodia’s potential and trustworthiness as an investment destination. He reiterated Cambodia’s ambition to become a regional hub for the production of automotive parts and electronic components. This vision is backed by strategic measures such as inter-institutional coordination, human resource development, infrastructure improvements, trade facilitation, and the creation of a favorable investment climate, instilling a sense of confidence in the country’s ambitions.
The Toyota assembly plant in Phnom Penh’s Special Economic Zone spans 42,971 square metres and plans to assemble 1,320 vehicles in 2024 to meet market demand, including 290 FORTUNER and 1,030 HILUX vehicles.
With an investment capital of $36.78 million, the plant employs 150 staff and symbolises a forward leap in Cambodia’s industrial development ambitions. (khmertimeskh)
