PHNOM PENH: Cambodia’s manufacturing output hit US$15.8 billion in 2022, a remarkable increase of 83 percent year on year, the Ministry of Industry, Science, Technology, and Innovation (MISTI)’s report showed yesterday.
The ministry registered 186 new factories last year, pushing the total number of factories to 1,982.
H.E. Cham Prasidh, Senior Minister and Minister of MISTI said at the ministry’s annual meeting on Feb. 28 to review its work achievements in 2022 that some US$11.4 billion worth of products were exported abroad while US$4.35 billion were sold on the domestic market.
The industrial factories created more than 1 million jobs, an increase of 4 percent, he said.
The industrial sector has maintained good stability after facing the effects of the Covid-19 pandemic, which have disrupted factory operations and reduced orders, he added.
The ministry stated that the industrial factories’ total investment value was US16.69 billion, an increase of 21 percent over a year before.
Global economic uncertainty has impacted critical sectors that drive Cambodia’s economic growth, requiring the government to implement new policies and measures to effectively respond. Focusing on becoming a top destination for automotive component manufacturing is one of the most promising options.
The country now recognizes that diversifying the production base and strengthening the economy’s competitiveness by fostering the attractiveness of targeted and high-value-added industrial activities is becoming increasingly urgent and imperative.
The Royal Government of Cambodia (RGC) is committed to implementing a comprehensive cross-ministerial action plan for the two sectors, which will make it easier for investors to set up automotive manufacturing and other operations in Cambodia and increase their cost competitiveness.