The council for the development of Cambodia has given a green light to four investment projects in the country’s garment manufacturing industry. This will ensure a rough estimate of 6000 jobs.
Despite the country’s setback from the Everything But Arms (EBA) scheme, it has made plans to establish a new dying and laundry factory, a shoe manufacturing site, a garment production hub and a solar panel assembly factory.
The officials urge foreign investor interests to remain high in Cambodia to off-set stakeholders' concerns across the supply chains of the industry. The four projects received are from Luentec Textile Solutions, Lecrown Shoes Industry, CFC Garment Pty, and Sun energy Technology. They are soon to be established in the country’s capital.
In total, the investments account for an estimate of US$37.6 million, despite the setback experienced from the EBA scheme. They have managed to recoup customer interest since the industry pulled together post lockdown.
In September the Development Bank revised its economic projection for Cambodia, predicting the increase after having received orders from US customers. The projects have the potential to bring the market back on track and will help pull up the economy.
The Bank’s estimate on the orders received of the garments, footwear and travel goods is expected to contract by four percent this year. The Cambodian Ministry of Economy and Finance (MEF) underlined its confidence in the domestic industry as it set out a five-year development plan which is expected to transform the county’s garment footwear and bag trade into a high-value, supportive, diversified and more competitive industry.
Many officials have stated that they recognize the export of these products to be the core economic driver for the country and also reaffirm the efforts would center on strengthening human resources. This will ensure an upward trend in productivity and creating business lines for workers.
Some EBA benefits were pulled from beneath Cambodia, the country, which has been ridiculed for not addressing human rights violations. This has forced its suspension however, has shown signs that it can hold its own despite the rocky terrain.
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