Factory Openings Increase in 2018 Says Ministry

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Factory Openings Increase in 2018 Says Ministry

Post by CEOCambodiaNews » Sat Jan 19, 2019 5:55 pm

January 17, 2019
Number of factory openings up last year
Last year saw a notable increase in the number of factory openings, with 178 new plants coming online, 28 more than in 2017, according to the Ministry of Industry and Handicrafts.

Despite the increase in openings, the total workforce employed in the sector shrank slightly, with Ministry of Industry Cham Prasidh saying the decrease is the result of high-skilled workers replacing low-skilled labour.

Speaking at the ministry’s annual meeting Tuesday, the minister said the rise in openings was enabled by a better registration process put in place by the ministry.

“In addition, we strengthened implementation of the law on factory management, focusing mainly on factory inspections to help owners follow regulation and standards,” Mr Prasidh said.

Mr Prasidh said the total number of factories running in the country reached 1,528 at the end of last year, with the number of plants in which high value-added products are manufactured also on the rise.

Currently, 65 percent of all factories in the Kingdom produce textile products, the minister said.

The sector now employs 973,130 people, he added.

Cambodian factories generated $13.17 billion in revenue last year, a 23 percent increase compared to a year earlier. $3.33 billion worth of products were consumed domestically (a 27 percent increase year-on-year), while $8.27 billion in goods produced in local plants were exported, a 17 percent increase.

Aun Pornmoniroth, the Minister of Economy, said the industrial sector now accounts for 32.8 percent of GDP, adding that it has become a major force behind the country’s rapid economic growth and that it has aided the development of other sectors, particularly banking, logistics, and tourism.
https://www.khmertimeskh.com/50569629/n ... last-year/
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