Chinese, local firm keen on setting up textile factory in Cambodia
Chinese, local firm keen on setting up textile factory in Cambodia
Shanghai Shunkai International Freight & Forwarding Co Ltd – a Chinese firm headquartered in Shanghai – and CID Logistic Co Ltd, a Cambodian transportation company based in Phnom Penh are keen on building a textile and dyeing factory in Cambodia.
Lor Tith Chansopheak, Advisor to the Council for the Development of Cambodia (CDC) received a courtesy call from the delegation of CID Logistic Co Ltd and Shanghai Shunkai International Freight & Forwarding Co Ltd held in Phnom Penh on Wednesday.
During the meeting, Chansopheak warmly welcomed the delegation of the two companies for spending valuable time to come directly to the CDC to explore investment opportunities in the Kingdom.
The CDC Advisor highlighted the effort of the Royal Government of Cambodia (RGC) to attract international and domestic investors by offering the most favourable and incentive regimes for investment activities that fall on the priorities sectors defined in the ‘Law on Investment of the Kingdom of Cambodia’.
The delegation informed Chansopheak of the main purpose of the mission trip in Cambodia which was to explore investment opportunities, in particular to discuss ways in the establishment of textile and fabrics dyeing factories.
Upon its operation, the investment project will contribute significantly to improving the national economic growth as well as attracting foreign investments into the garment sector.
The delegation clearly indicated that it will surely expand the company investment in the Kingdom to further improve the bilateral between Cambodia and China in the future.
The CDC Advisor expressed his gratitude to the delegation of both companies for choosing Cambodia as the destination to expand the production chain.
Lor Vichet, Vice President of Cambodia Chinese Chamber of Commerce (CCCA) told Khmer Times, “Generally foreign investors have three major concerns such as tax policies, labour productivity and electricity costs which are the key factors to increase trade and export competitiveness regionally and globally.”
“Recently, Prime Minister Hun Manet discussed with Singapore on the electricity supply while finding ways to reduce the cost as it plays an important role in convincing foreign investors to expand their business operation or production chain within the ASEAN region including Cambodia.”
Additionally, it also minimises the gap between the urban and rural areas in line with the Royal Government of Cambodia (RGC) inclusive development policies to reduce wealth discrepancies between the rich and the poor, thereby strengthening national unity between the government and people, Vichet added.
