Fushun Cambo Fashion Company Limited will invest $2.45 million to set up a garment manufacturing factory in Bante Kol village, in southwestern Bati district of Takeo province in Cambodia. The project, which on commencement will employ more than 1,000 people, has received green signal from the Council for the Development of Cambodia (CDC).
The CDC is a government body that approves large scale investment projects in Cambodia. Last month, the CDC approved four separate garment and footwear projects with a combined investment capital of nearly $10 million, according to Cambodian media reports.
In the first nine months of 2017, garment and footwear exports from Cambodia fetched more than $5 billion, as per the data from the ministry of commerce. While apparel exports were valued at $4.9 billion, footwear exports earned $636 million during January-September 2017.
Despite a surge in minimum wages during the past few years, the increase in value of Cambodian garment and footwear exports can be attributed to the preference enjoyed by the Kingdom under Generalised System of Preferences (GSP) and Most Favoured Nation (MFN) status. Both GSP and MFN give duty-free access and/or lower tariffs for Cambodian goods.
European Union continues to be the biggest market for Cambodian products, followed by the US and Japan. (RKS)
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