The Council for the Development of Cambodia issued on Friday Qualified Investment Project (QIP) certificates to two companies for their automobile assembly plant projects.
According to a CDC’s press release, the two companies are RMA Automotive (Cambodia) Co., Ltd., investing $21 million on vehicle assembly factory in Krokor district, Pursat province; and EM Automobile Co., Ltd., injecting $16.3 million on heavy truck assembly factory in Sre Ambel district, Koh Kong province.
The two projects would generate nearly 1,000 jobs for the locals.
At the same time, the CDC granted QIP certificates to two energy companies – Schneitec Western Co., Ltd. with an investment capital of $111 million and Schneitec Northern Co., Ltd. with $330 million investment capital – creating about 250 job opportunities.
Ten other projects, mainly garment and food processing factories, were also given the green light from the CDC. With a total investment capital of $66.5 million, the projects generates more than 10,000 jobs.
The two motor assembly plants and the energy investments comes in the wake if the passing of the new investment law in Cambodia and also heralds the country’s move into heavy industries and semi skilled to high skilled sector.
This is an important step as Cambodia opens up after the almost two year hiatus from COVID-19 and a shift in investment policy from garments and footwear and diversification which augurs well for the future of Cambodia’s economy and industry. Chea Vannak – AKP/Khmer Times
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