Business

Royal Group SEZ Increases Exports by $492.7m

Royal Group Phnom Penh SEZ Plc has increased exports by $492.7 million in the first seven months, marking 26 percent growth.
Containers inside the Royal Group Phnom Penh SEZ Plc. Kiripost/via Royal Group PPSEZ
Containers inside the Royal Group Phnom Penh SEZ Plc. Kiripost/via Royal Group PPSEZ

Despite the pandemic, Royal Group Phnom Penh SEZ Plc. has reported an increase in exports of $492.7 million for the first seven months of the year, marking 26 percent year-on-year (YOY) growth.

With 357 hectares of land, the Royal Group has expanded to host 102 companies employing 39,100 workers as of July 2022, which is 42.9 percent YOY growth.

Uematsu Hiroshi, Chief Executive Officer of Royal Group Phnom Penh SEZ Plc., said the production expansion of automotive and electronic parts factories is the primary reason for increased export value and job opportunities.

“Also, the massive investment of Mavalga Mining Co., Ltd., a subsidiary of China's biggest vertically integrated knitwear company, which also ranks as the largest garment manufacturer, has made a significant investment and extended its production line correspondingly. It means that there is a supply of raw materials and completing all manufacturing lines until the completed product,” he said in a statement posted on social media on Tuesday.

Under Prime Minister Samdech Hun Sen's leadership, Cambodia was able to manage the Covid-19 pandemic better than other countries and mitigate the negative impact on economic activities, Royal Group of Companies said in the post.

Kith Meng, Chairman of the Royal Group, is committed to continuing to support investors in order to contribute to the country's industrialization and develop a business-friendly environment with innovative technologies, the statement added.

“With Cambodia's political and social stability, as well as the new attractive investment law, we are certain that the volume of exports will increase,” he said.