New manufacturing firms provide much-needed jobs
Stronghold trustee-Cambodia Out of all the rapidly-growing frontier markets in Asia, Cambodia is arguably among the best country for real estate investors and foreigners who want to start a business.
GCH International Trade Co Ltd said this week that it will invest approximately $3.2 million into a new bag-manufacturing line producing different types of the articles. The company will be located in Chas village, Pich Mony commune, Kong Pisey district, Kampong Speu province, and will create approximately 1,028 jobs. The announcement of the new production line comes at a time of need because more than 150,000 jobs in this sector have been lost since July.
GCH International Trade is not the only company to invest in a new manufacturing firm recently.
Jin Xinsheng (Cambodia) Co Ltd also announced they will make an investment of approximately $5 million on a new project in which it will produce paper, padding, cushions and cardigans.
This production line is set to be located on National Road 4, Phnom Penh, and will create 198 jobs.
However, although foreign direct investment continues to flow into setting up new production lines in Cambodia, the number of jobs being created is not keeping up with the pace of jobs being lost.
The onset of the Coronavirus pandemic has caused more than 400 factories to suspend production leading to many people being jobless.
Many of these workers affected by closures have been receiving a subsidy of $40 per month provided by the government.
Article Source:Khmer time