Investor confidence still stable

PHNOM PENH (The Phnom Penh Post/ANN) - The Council for the Development of Cambodia (CDC) on Monday approved six projects worth more than $677.9 million, it said in a press release.

The Council for the Development of Cambodia (CDC) on Monday approved
six projects worth more than $677.9 million, it said in a press release.

This is a sign that the global coronavirus outbreak and the EU’s move
to partially withdraw its Everything But Arms (EBA) scheme from the
Kingdom have not impacted investor confidence, it said.

It approved Royal Cambodian Hospital Co Ltd’s international
facility comprising 1,500 beds with capital investment of $478 million
which is set to create 1,500 jobs. The project will be located along Hun
Sen Boulevard in Choeung Ek commune’s Srok Chek and Prek Thloeng
villages in Phnom Penh’s Dangkor district

Chip Mong Retail Co Ltd’s mall construction project located along
Yothapol Khemarak Phoumin Street (Street 271) in Chak Angre Leu
commune’s Prek Tanou village in the capital’s Meanchey district was also
approved with capital investment of $113.9 million. It will create 829
jobs.

Plans to set up Angkor Wildlife & Aquarium Co Ltd’s mixed
service resort in Khchas commune’s Kbon village in Siem Reap province’s
Sotr Nikum district with capital investment of $71.7 million creating
some 151 jobs was approved, along with Camina Industrial Technology Co
Ltd’s manufacturing facility project and equipment installation in Skuh
commune’s Snor village in Kampong Speu province’s Samrong Tong district
with capital investment of $2.8 million, creating 162 jobs.

V & JK Development Co Ltd was approved for a water treatment
plant project located along National Road 2 in Prek Kampoes commune’s
Prek Thloeng village in Phnom Penh’s Dangkor district with capital
investment of $8.8 million, creating 370 jobs.

A footwear factory called Han Wei (Cambodia) Co Ltd in Veal commune’s
Trav village in Kampong Speu province’s Kong Pisei district was also
approved with capital investment of $2.7 million, creating 276 jobs.

Though it has been criticised for its weakness, Royal Cambodian
Hospital Co Ltd is expected to be a crucial part in helping develop the
Kingdom’s health sector.

The Post could not reach Royal Cambodian Hospital for comment, but
Ministry of Commerce records show it registered with it on July 9, last
year with Han Koeurk as first director and Han Liahe as second director.

Cambodia Chamber of Commerce vice-president Lim Heng on Tuesday said
despite the EU’s decision to withdraw one-fifth of EBA starting in
August, many investors will continue to invest in Cambodia.

“Even though Cambodia has lost EBA and the world is suffering from
the outbreak of Covid-19, I think a number of investors will continue to
invest in Cambodia due to our very favourable investment law and the
government’s pro-business policy,” he said.

He noted that the loss of EBA will be offset by a free trade
agreement (FTA) with China, which is expected to be completed by the end
of this year.

Hong Vanak, a researcher at Royal Academy of Cambodia, said reform in
all sectors has made Cambodia more attractive to foreign and domestic
investors.

“The number of projects that the CDC approves will not decline in the future,” he said.

However, he noted that Cambodia should also develop better infrastructure to support investment.

CDC has approved a total of 22 projects this year.

Photos