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Thousands of Cambodian garment workers have lost their jobs as global markets contract and governments enact drastic measures to stop the spread of the novel coronavirus.
The Council for the Development of Cambodia (CDC) recently approved three textile and garment projects with a total capital of $7 million.
Prime Minister Hun Sen recently again told Chinese garment sector investors not to relocate their businesses from Cambodia even after the Everything but Arms (EBA) deal with the European Union is partially withdrawn.
Expressing disappointment over the recent European Union (EU) decision to partially suspend the ‘Everything But Arms’ (EBA) trade programme for Cambodia, the Garment Manufacturers Association of Cambodia (GMAC) recently urged the European Commission (EC) to reinstate the country’s full EBA rights.
Cambodia expects bilateral trade relations with the United Kingdom (UK) to improve and exports to the UK to increase following its departure from the European Union (EU), according to trade officials from the country, whose commerce ministry recently said the UK’s market share of Cambodia’s exports was worth more than $1 billion last year.
The Council for the Development of Cambodia (CDC) approved four garment and three travel goods projects in January, with investments totalling $33.4 million.
The first round of negotiations for a Cambodia-China free trade agreement (FTA) highlighted the potential for creating strong economic and investment partnerships between the countries in the upcoming years, according to Cambodia’s commerce ministry, which recently said ‘positive results’ were achieved during the exchange of ideas during the meeting.
Singapore-headquartered global fashion-technology platform Zilingo recently collaborated with the Garment Manufacturers Association in Cambodia (GMAC) and the Cambodia Garment Training Institute (CGTI) to bring a new form of digitisation to the country’s garment factories by increasing efficiency and reducing defects through its proprietary production software.
The Council for the Development of Cambodia (CDC) recently announced approving four investment projects worth around $17.2 million.
Cambodia’s ministry of commerce recently granted export rights under the preferential trading system to 78 garment, footwear and bag factories in the first 11 months of last year, according to its annual report.
Cambodia’s exports have been valued at $10.81 billion during the first 10 months of the year, an increase of 6.45 per cent, according to the ministry of commerce.
The Council for the Development of Cambodia (CDC) recently approved three investment projects in the bags and garments sector with a total capital investment of $8.8 million.
Garment units continue to open in Cambodia despite the looming threat the country faces of losing its Everything-but-arms (EBA) status from the European Union (EU), according to a recent report by the United Nations Conference on Trade and Development (UNCTAD).
It is more important for Cambodia to maintain its independence and sovereignty than to retain special trading privileges that the European Union (EU) has threatened to withdraw, Prime Minister Hun Sen said last week.
Garment Manufacturers Association of Cambodia (GMAC) president Van Sou Ieng and secretary general Ken Loo met members of the European Parliament’s Committee of International Trade (INTA) in Brussels last week to discuss and lobby for retaining Cambodia’s ‘Everything But Arms’ (EBA) benefit. Sou Ieng said he met 27 INTA members, including its chairman.
Cambodia has seen remarkable improvements in labour standards in the garment and footwear industry, according to a recent International Labour Organisation (ILO) report.
Cambodia’s potential loss of its Everything But Arms (EBA) preferential trade access to the European Union (EU) would weaken its economic growth and lead to a credit negative, Moody's Investors Services has cautioned. With a B2/stable sovereign rating, it would undermine the price competitiveness of its garment exports unless they are offset by productivity gains.