CDC secretary-general Sok Chenda Sophea (centre) meets with representatives of a ‘well-known’ but unnamed international brand that has reportedly chosen Cambodia as the location to set up a new export-oriented jewellery factory, on Jan 2. - CDC
PHNOM PENH (The Phnom Penh Post/Asia News Network): A “well-known” but unnamed international brand has chosen Cambodia as the location to set up a new export-oriented jewellery factory, revealing plans to start investment operations in early 2024, the Council for the Development of Cambodia (CDC) reported.
These plans were discussed during a Jan 2 meeting between CDC secretary-general Sok Chenda Sophea and company representatives, who mentioned that the plant would also supply “world-renowned brands” with locally-made items, according to a statement issued by the council, the government’s highest decision-making body for large-scale investments.
“The company’s decision was based on the premise that Cambodia has a long-standing culture and civilisation, which is a key [consideration for the firm] to harmonise the products that it plans to make in the kingdom,” the statement said.
The company, which did not authorise the disclosure of its name at this time, has been studying Cambodia’s investment potential since the beginning of 2019, according to the CDC.
Speaking to The Post on Jan 3, Cambodia Chamber of Commerce (CCC) vice-president Lim Heng opined that the company’s debut in the kingdom would provide fresh impetus for large companies to invest here, adding to the growing list of major international players such as Toyota, Ford and Coca-Cola.
He posited that political stability, strong economic growth, a large pool of skilled yet affordable workers, and a favourable geographical location play a major role in local and foreign players’ decisions to put their money into the Cambodian market.
“In fact, Cambodia is now attracting more and more world-class companies to come and invest directly. The presence of these behemoths in turn draws in more and more big businesses,” he added.
