PHNOM PENH: Some 140-million-worth Newbustar (Cambodia) Tire Co., Ltd. was officially opened at UBE Snuol Special Economic Zone (SEZ) in Kratie province this morning, under the presidency of H.E. CHEA Vuthy, Secretary General of the Cambodian Investment Board of the Council for the Development of Cambodia (CDC).
Addressing the function, H.E. Secretary General welcomed the company’s opening and spoke highly of its decision to invest in Cambodia to contribute to the country’s economic diversification as well as socio-economic development and job creation for the local people.
H.E. CHEA Vuthy said that UBE Snuol SEZ had attracted some investments in the areas of electric appliances, solar panel assembly, and tire production, a high value-added industry with the state-of-the-art technology.
According to H.E. CHEA Vuthy, five tire production investment projects located in different SEZs had so far been registered by the CDC. He attributed the subsequent progress of tire manufacturing industry in Cambodia to private sector’s confidence in the Royal Government.
To date, 26 SEZs have been operating in Cambodia, attracting some 775 investment projects worth about US$10 billion and generating approximately 180,000 job opportunities for the locals, thanks to the Kingdom’s peace and pollical stability.