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Cambodia approves 3 garments-bags projects worth $8.8 mn

Published: 2019-12-09

The Council for the Development of Cambodia (CDC) recently approved three investment projects in the bags and garments sector with a total capital investment of $8.8 million. The projects are a bag factory of Quan Ming Handbag (Cambodia) Industrial Co Ltd, a bag and belt factory of Gd New Sky Leather Products Co Ltd, and a garment factory of Tao And Kiven Garment Co Ltd.

Pic: Shutterstock

Pic: Shutterstock

CDC said the factories will generate 3,448 jobs. These will be located in Phnom Penh, and Kandal and Kampong Speu provinces, according to a report in a Cambodian newspaper.

Noting that the Kingdom may be at risk of losing duty-free export opportunities to the European Union (EU) if the Everything But Arms (EBA) agreement is withdrawn, ministry of commerce spokesman Long Kemvichet said the country is diversifying its export portfolio to reduce any potential impact.

Cambodia exported more than $7.97 billion worth of garment, textile and footwear (GTF) products in the first nine months of this year—up 13.18 per cent year-on-year from $7.044 billion—a report from the ministry of economy and finance’s general department of customs and excise said.

The United States accounted for $2.5 billion of the exports and the EU $2.4 billion, with $670 million going to the United Kingdom and $711 million to Japan.

Source:Fibre2Fashion News Desk (DS)