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New projects in clothing sector take a hit
02
Jan '10
Against nine new projects approved in November 2008 at an investment of US $126.9 million, just three new projects were approved in the same month of 2009 for a combined investment value of $14.2 million in the garment sector.

The three projects approved include; $8.2 million from Taiwan, which is the largest, $3.5 million from South Korea and $2.5 million from Chinese investors all in the ready-made garment sector.

2009 has proved to be a very depressing year for the Cambodian clothing sector as exports feel by 20 percent year-on-year in 2009, in face of stiff competition from its Asian neighbours like Bangladesh and Vietnam.

An official from Garment Manufacturers Association of Cambodia (GMAC) said, “We welcome new investors into our garment sector, but the number of newly opened factories is small compared to the number of recently closed ones”.

In total the Cambodian government has given go-ahead to $1.64 billion worth of investment proposals in the first eleven months of 2009, against nearly $10 billion worth of new projects approved in the same period of 2008.

Fibre2fashion News Desk - India

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