Logo of Phnom Penh Post newspaper Phnom Penh Post - Project approvals retain traction even as Covid constricts construction

Project approvals retain traction even as Covid constricts construction

Content image - Phnom Penh Post
Workers worked at a construction site in Phnom Penh's Chamkarmon district on January 25, 2021. Hong Menea

Project approvals retain traction even as Covid constricts construction

The government approved six more investment projects with capital of over $106 million, even as the Covid-19 pandemic ravages the Cambodian economy, leading to a slowdown in construction projects.

In a May 5 press release, the Council for the Development of Cambodia (CDC) said it had approved final registration certificates for Jin Bei Palace Co Ltd's $48.7 million 195-room five-star hotel in Commune IV's Village 4 in Sihanoukville, which the CDC estimates will create 380 new jobs.

It also gave the nod to Kuantech (Cambodia) International Co Ltd's $29.7 million assembly plant for electronic components, especially those used in electronic face masks and air purifiers. The project is set to be in Tram Kak district's Popel commune of Takeo province and provide 628 jobs.

Santelys Pharmaceutical Co Ltd's $12.5 million pharmaceutical factory in Khsach Kandal district's Sanlong commune of Kandal province, and Yiankang Biological Technology Co Ltd's $2.9 million food precessing plant in Stung Hav district's Tumnob Rolok commune of Preah Sihanouk province will bring in 215 and 210 jobs.

Lesso (Cambodia) Trading Co Ltd's $9.4 million PVC pipe and fittings factory in Ang Snuol's Chhak Chhoeu Neang commune of Kandal province, and Ocean Treasure Dyeing & Printing Co Ltd's $3.1 million project in Kong Pisei district's Preah Nipean commune of Kampong Speu province will generate 201 and 218 jobs.

Hong Vanak, director of International Economics at the Royal Academy of Cambodia, told The Post last month that each direct investment brings significant socio-economic benefits to the Kingdom.

He noted that April's CDC approvals were mainly focused in textile and travel products, which he pointed out are widely available on the EU, US and Canadian markets.

Endowed with a favourable geographical location, investment laws and diplomatic relations, boasting bilateral free trade agreements with a number of countries and regions, and retaining a regional charm, Cambodia will have the opportunity to bring in sizeable investments down the line, he said.

In 2020, the CDC approved 238 investment projects worth a total of $8.2 billion, down 12 per cent in value from 2019.

MOST VIEWED

  • Cambodia maintains 'Kun Khmer' stance despite Thailand’s boycott threat

    Cambodia has taken the position that it will use the term "Kun Khmer" to refer to the sport of kickboxing at the upcoming Southeast Asian (SEA) Games, and has removed the term Muay from all references to the sport. Despite strong reactions from the Thai

  • Artificial insemination takes herd from 7 to 700

    Some farms breed local cows or even import bulls from a broad for the purpose of breeding heavier livestock for meat production. One Tbong Khnum farmer has found a more efficient way. Hout Leang employs artificial insemination to fertilise local cows. Thanks to imported “straws”

  • Chinese group tours return to Cambodia starting Feb 6

    Cambodia is among 20 countries selected by Beijing for a pilot programme allowing travel agencies to provide international group tours as well as flight and hotel packages to Chinese citizens, following a three-year ban. As the days tick down until the programme kicks off on February 6,

  • Capital-Poipet express rail project making headway

    The preliminary results of a feasibility study to upgrade the Phnom Penh-Poipet railway into Cambodia’s first express railway indicate that the project would cost more than $4 billion and would take around four years to complete. The study was carried out by China Road and

  • Thai boxers to join SEA Games’ Kun Khmer event

    The Cambodian SEA Games Organising Committee (CAMSOC) – together with the Kun Khmer International Federation (KKIF) and Khmer Boxing Federation – have achieved a “great success” by including Kun Khmer in the upcoming biennial multi-sports event on its home soil for the first time, said a senior

  • Bullets to bracelets: Siem Reap man makes waste from war wearable

    Jewellery is often made from valuable gemstones like emeralds or diamonds and precious metals like gold or silver, or valueless things like animal horns. But a man in Siem Reap has approached the manufacture of delicate pieces from a different angle. His unique form of