75 new factories opened in Cambodia this year
75 new factories opened in Cambodia this year
The Ministry of Industry, Science, Technology, and Innovation has registered 75 new factories in the January-April period this year, bringing the total number of registered factories in the country to 2,195.
Almost all of the new factories are garment factories, read the report, citing that most investments were from China, followed by South Korea, Japan and Thailand.
In April alone, the ministry registered 20 new factories and 19 factories resumed production with a total investment of $284 million, according to the ministry’s Secretary of State and spokesman Heng Sokkung.
“The fixed-asset factories’ investment value reached some $19 billion as of April this year, an increase of 14 percent over the same period in 2023,” he said.
All the registered factories together generated 1.58 million jobs to local people.
Foreign direct investment (FDI) flows this year went mostly into manufacturing projects, unlike the pre-Covid-19 period when most investments were in the financial and real estate sectors, said Vongsey Vissoth, Deputy Prime Minister and Minister in charge of the Office of the Council of Ministers.
“This is the result of Cambodia’s new economic stimulus initiatives, which will be more resilient in the long run, as most of the investments are in manufacturing activities such as electronics manufacturing, data center setting and vehicle assembly, which reflects the restructuring of the Cambodian economy,” Vissoth said at the Cambodia International Business Exhibition 2024, in Phnom Penh on Sunday.
Cambodia exported goods worth $8 billion in the first four months this year, up 15.2 percent from $7.60 billion in the same period last year, according to a General Department of Customs and Excise report.
Garment, footwear and travel goods industry is the largest foreign exchange earner for Cambodia.
Cambodia’s non-garment manufacturing products, including electronic components, bicycles, auto parts, furniture, leather, plastic and other industrial products, are on a significant surge.
