Chinese-invested car tyre plant inaugurated in NE Cambodia
Chinese-invested car tyre plant inaugurated in NE Cambodia
Newbustar (Cambodia) Tire Co Ltd, a Chinese-invested car tyre plant in northeastern Cambodia, was launched on Friday after a 16-month construction, according to the Cambodian Investment Board of the Council for the Development of Cambodia (CDC).
Speaking at the event, CDC Secretary General Chea Vuthy said the Newbustar (Cambodia) Tire Co Ltd, a subsidiary of China’s Qingdao Doublestar Group, has decided to invest about $140 million to build the plant on a 40-hectare parcel in the UBE Special Economic Zone (SEZ) in Snuol district.
“This car tyre plant will help diversify Cambodia’s economy, contribute to our socio-economic development, and create jobs for locals,” he said.
In March 2023, a $300-million General Tyre Technology (Cambodia) plant, a subsidiary of Chinese tire maker Jiangsu General Science Technology, also launched its operation in Sihanoukville SEZ in the southwest coastal city of Sihanoukville.
Vuthy said currently, five car tyre manufacturing projects have been carried out in SEZs across Cambodia.
He added that the Southeast Asian country has 26 SEZs accommodating 775 investment projects with a total investment capital of about $10 billion, generating approximately 180,000 jobs.
