PHNOM PENH: According to an IFC press release dated February 16, 2023, Singaporean and Cambodian companies have signed a new agreement with the International Finance Corporation (IFC) to develop a world-class logistics center with an estimated investment of $300 million.
The two companies that have signed with IFC are Cambodian Worldbridge Group and Singaporean YCH Group. The strategic location of the Super Logistics Center (SuperPortTM) in Phnom Penh, the country’s center and economic hub, with connectivity to all modes of transportation, will allow SuperPortTM to be Cambodia’s first fully integrated multimodal transport hub.
Cambodia is located in the central Greater Mekong Subregion. SuperPortTM could serve as a regional logistics hub, and help to change trade routes through Cambodia. Cambodia’s competitiveness will benefit from lower overall logistics costs, improved supply chain efficiency for regional integration, and increased supply chain efficiency.
Robert Yap, Chief Executive Officer of YCH Group, Cambodia SuperPortTM, said that as part of the SGConnect initiative and its second project, will increase the Kingdom of Cambodia’s competitiveness and attractiveness through its multi-modal transportation infrastructure. World-class to accelerate economic growth.
“We are confident that Cambodia SuperPortTM will be a key driver of supply chain and logistics connectivity for ASEAN and beyond through the use of cutting-edge technology and best practices to reduce logistics costs,” he said, adding that “the development of local talent to raise standards for the logistics industry in Cambodia” is also a priority.
According to Neak Oknha Sear Rithy, President of WorldBridge Group, this equipment will make a significant contribution to Cambodia’s growth by providing equipment for the Kingdom of Cambodia’s next generation of production.
The modern logistics center project is worth approximately $300 million, and it will help promote Cambodia’s transportation sector to a more modern and prosperous level.