An international company is gearing up to start a venture to set up and start producing jewelry in Cambodia by 2024 to supply to other countries.
According to the Council for the Development of Cambodia (CDC) on January 2, a representative of an unidentified company has chosen Cambodia as its investment destination to start a jewelry factory.
The company has been studying Cambodia’s investment potential since the beginning of 2019 before it decided to invest in the jewelry factory, which will start operating at the start of 2024.
“The decision of this company is based on the fact that Cambodia has a long-standing culture and civilization, which is key to harmonizing with its products that are planned to be produced in Cambodia,” the CDC said.
Lim Heng, vice president of the Cambodia Chamber of Commerce (CCC) said, Cambodia generally imports items from other countries, such as gold, jewelry, diamonds and some famous brands.
He added that because Cambodia has good geographies, political stability, and economic recovery, including a favorable climate, this has pushed other countries to want to invest.
Heng thinks that the government should encourage tax exemption on well-known brands to attract tourists to Cambodia by selling these products in important tourist destinations.
“Because the tax on well-known brands is not high, it is small. If it is tax exempt, those famous brands will come to Cambodia. I hope there are more companies in Cambodia,” he said.
He added that in the past there were companies with high potential, such as Coca-Cola, Ford, and Toyota, that attracted the interest of other major international players.
If an international company, such as this jewelry factory, set up shop in Cambodia, it will provide more of an incentive for other investors to see the potential and confidence in investing in Cambodia.
Heng said investing in Cambodia is risk-free as new investment laws are being implemented.