A Cambodian investment company will contribute $3 million to the rebuilding of a Poipet market along the Thai border, investors said last week.
Investors in Banon Co Ltd signed a 30-year contract with the Council for the Development of Cambodia on Friday pledging to fund the construction of a market housing hundreds of stalls and booths in Poipet, company chairman Seng Lun said Friday.
The new market will replace the muddied and foul-smelling trading space currently located on 38,532 square meters.
Banteay Meanchey provincial authorities and company officials said the market could persuade Cambodian vendors who sell goods in Thailand’s Languor Market to return home.
Banteay Meanchey provincial Governor Thach Khorn said the new market could help keep Cambodian goods and money in Cambodia.
“A province without a market…means we don’t have any economy,” he said. “If we don’t have it, our people will keep moving across the border to sell goods at neighboring” countries.
Street children and beggars might also be more inclined to stay in-country, he said.
Hundreds of vendors in the current Poipet market are not authorized to keep shop due to expired rental contracts, Thach Khorn said.
The vendors must sell their wares in temporary markets until the new venue is built.
Seng Lun touted the market as a major money-maker for Cambodia.
“Hundreds of vendors are across the border in the Thai market. Thailand is making millions of baht monthly,” he said.
Banon will not begin construction until vendors have signed contracts agreeing to occupy the space, Seng Lun said. Contracts will be offered at reasonable prices, he said, although he declined to give a price.
Cambodian vendors in Thailand are paying about $120 a month or more in taxes, Seng Lun said. Construction is scheduled to begin in December and will take two years to complete.