PHNOM PENH: The Minister of Labor and Vocational Training, H.E. Ith Sam Heng, recently disclosed that the Phnom Penh garment sector generates a stunning $1,100 million in revenue annually.
Phnom Penh, being the epicenter of economic activity in Cambodia, has emerged as the most industrialized area in the country, with around 9,314 factories, employing 660,000 laborers who collectively receive an average of 2 billion US dollars annually.
Of these factories, 727 are garment factories, employing approximately 340,000 workers, who together receive an average annual wage of around $1.1 billion. This is no small feat, given that the labor market in Cambodia remains incredibly strong, with an impressive employment rate of 99.3 percent amidst a labor force that consists of about 10.8 million people.
In fact, the number of registered enterprises with the Ministry has grown exponentially since 1997, when there were just 64 garment factories with roughly 80,000 workers and around $227 million in export value. Today, there are a staggering 17,256 registered enterprises with the Ministry of Labor, employing as many as 1.5 million workers.
Looking ahead, Minister has forecast an even more prosperous outlook for Cambodia’s garment sector. By 2023, the number of garment factories is expected to increase to 1,326, employing around 840,000 workers while generating an export value of approximately $13 billion last year.
Considering the remarkable growth that the sector has witnessed in recent years, these numbers appear more than achievable, signaling a bright future for the Cambodian economy.
