The Council for the Development of Cambodia has approved three new investment projects with a capital investment of $15.7 million to boost job prospects in the garment and yarn sectors of the country
As per a Khmer Times report, the three projects have been approved in Kampong Speu province and Phnom Penh.
The newly approved garment and yarn factories are Jade Fashion (Cambodia) Garments Company, Hong Yu Fang Garment Co. and Shun Wei Fang ZhiKeJi Co., Ltd.
According to estimates, the projects would help create around 2,279 jobs for the people in the country.
Jade Fashion plans to establish a garment tailoring factory in Phnom Penh, while Hong Yu Fang’s garment tailoring unit is scheduled to be opened in Kampong Speu province.
Meanwhile, Shun Wei Fang’s yarn production factory would also be based in Kampong Speu province.
A report earlier this month showed that the country’s garment, footwear and travel goods industry posted a 40 percent increase in exports in the first half of 2022.
The Kingdom exported products worth $6.6 billion during the January-June period in 2022, compared to exports valued at $4.72 billion for the same period last year.
The Ministry of Commerce’s undersecretary of state and spokesman Penn Sovicheat attributed the growth to the full resumption of socio-economic activities in the country, free trade agreements, and a rise in global demand.