Cambodia's factory count exceeds 2,000 by the end of 2023

This marks a 7.21 per cent rise compared to the previous year, with 241 new factories established and 98 closed during this period.

The report highlights that these factories have attracted a cumulative investment capital of $ 18.56 billion, reflecting an 11.24 per cent increase from 2022.

Moreover, the production volume of these facilities amounted to $16.36 billion in the same year, representing a notable increase of $ 531 million, or 3.35 per cent, compared to the preceding year.

Hem Vandy, the minister of Industry, Science, Technology, and Innovation, emphasised that the industrial sector played a significant role in Cambodia’s economic growth, contributing approximately 7.7 per cent in 2023.

Looking ahead to 2024, he projected further growth at around 8.5 per cent, driven by the anticipated recovery of the garment sub-sector and sustained robust expansion in non-garment manufacturing.

The garment, footwear, and travel goods industry remain pivotal as Cambodia’s largest foreign exchange earner, with approximately 1,300 factories and branches.

This sector employs nearly 900,000 workers, predominantly females, underscoring its vital role in the country’s economy and employment landscape.

ALCHEMPro News Desk (DR)