To boost Chinese investment in Cambodian garment industry, the Textile Enterprise Association of the Chinese Chamber of Commerce also know as TEAC has been officially launched in Phnom Penh.
Enjoy Ho, chairman of TEAC said that they will represent the interests of Chinese textile enterprises in Cambodia and reflect their reasonable demands to the government.
According to Ho, investors from China, Hong Kong and Taiwan account for about 70 per cent of the garment and footwear factories in Cambodia.
TEAC will also be offering services such as legal advice and government liaison support for existing and potential garment and footwear investors from China.
The new association is well placed to encourage growth in the industry despite rising wages, weakening Asian currencies and increased competitiveness from neighbouring countries such as Vietnam, which has recently completed negotiations on a trade agreement with the European Union.
Chinese textile enterprises will have to use the competitive advantages of Cambodia to attract more investments and increase production there.
Chea Vuthy, deputy secretary-general of the Cambodian Investment Board at the Council for Development of Cambodia, welcomed the establishment of TEAC amid rising competitive pressures for foreign investment.
He said that it is the right time to get all partners together in order to exchange ideas and find solutions to protect the sector in Cambodia.
Vuthy urged TEAC to encourage investment into raw materials production in Cambodia which could be facilitated through special economies zones, this will reduce dependence on the import of such goods and help strengthen the Kingdom’s competitiveness.
He further added that they are lucky that Cambodia and China have a good relationship that has been built by the old regimes and new regimes.
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