Yura Harness (Cambodia), a wiring harness manufacturer and a subsidiary of Korea-based Yura Harness, started its production in Kampong Speu province yesterday.
The inauguration ceremony was held under the presence of Hun Many, a member of the National Assembly of Cambodia, representing Kampong Speu province.
The company invested about $15 million to build an electronics plant to produce wires for export to Korea’s Hyundai Motors and Kia Motors.
Many said that the production chains of the company in the province will definitely contribute significantly to the promotion of trade between Korea and Cambodia.
“The presence of the manufacturer in Kampong Speu province will contribute to the creation of job opportunities and salary increases by performing work directly in the great production chains,” Many said.
The Yura Harness Cambodia plant was built with a total area of 17,500 square meters and employs 1,100 people to produce 11,500,000 wires per year.
The company said the Wiring delivers power and signals to various electronic components in an automobile.
Yura Harness is an ancient wiring harness manufacturer that inherited the tradition of Han-Il established in 1970.
After being incorporated into Yura in 2002, it changed its name to Yura Harness in 2007.
By applying a state-of-the-art management system, which monitors product production majors in real time, Yura Harness is focusing on the supply of flawless products and is creating a good synergy with Yura Corporation’s wiring harness business.
With three factories in China as well as in Korea, Yura Harness continues its tradition as an internal automotive electronics company.
In terms of foreign direct investment (FDI) from the Republic of Korea, the Council for the Development of Cambodia (CDC) registered 219 Korean investment projects worth $5 billion as of 2022, a large part of which were construction and real estate projects.
The free trade agreement and the double taxation avoidance agreement will increase the trade volume between Cambodia and South Korea to more than $1 billion and encourage South Korean investors to invest more in Cambodia, the South Korean Ambassador to Cambodia Park Jung-Wook said in February.
This article was first published in Khmer Times. All contents and images are copyright to their respective owners and sources.
