Key government officials and business leaders celebrated this week the opening of the first Customs Bonded Warehouse Zone in Cambodia.
The Kerry Worldbridge Special Economic Zone (KWB SEZ) consists of a Customs Bonded Warehouse Zone and a Special Economic Zone with a total land area of 63 Hectares. The project is located in the villages of Damnak Sangke and Prek Rotaing, 17 km south of Phnom Penh center.
“I would like to let you know that the alliance between Worldbridge International and Kerry Logistics has created a new company called Kerry Worldbrige S.E.Z with a total investment capital of approximately $100 million, which will be used for the 3-major phases of the Development Project. Phase 1 alone may cost an estimated $60 million. The project will provide a minimum of 20,000 to 25,000 new jobs for the local market. To be able to assist the country by creating employment is an honor and a source of pride for our corporation,” said Oknha Sear Rithy, a member of the board of directors at Kerry Worldbridge Logistics.
“ASEAN integration and ASEAN’s good relations with China, Japan, the US, Europe and other countries have created favorable conditions for Cambodia’s growth. When I called on PM Hun Sen last year, he identified logistics as a critical area to develop in the next stage of the country’s economic development. Taking an optimistic view of Cambodia’s prospects, Kerry Worldbridge is investing in the logistics sector, where we perceive the need to be greatest. Better logistics in Cambodia will make its economy more competitive and build up its manufacturing and agricultural base,” said Mr. George Yeo, Vice Chairman of Kerry Group and Chairman & Executive Director of Kerry Logistics Network.
“We thank various departments of the Cambodian Government for their kind assistance. We are fortunate to have Worldbridge International Group as our local partner. It is a core principle of Kerry Logistics that we are local everywhere we operate. This Kerry-Worldbridge Logistics project which we are launching today with this ground breaking ceremony is the first major investment we are making in Cambodia. However, we intend to do more. We are planning a nationwide express service and would also like to expand our trucking service as part of a network called KART, which extends from China to Singapore,” Mr. Yeo added.
The Customs Bonded Zone will offer warehousing for various kinds of commodities. It will also provide bonded warehouses and open yard storage. The aim is to attract internationally re-known companies with high technical capabilities, such as electrical & auto-parts production giants.
“In today’s inter-connected world, connectivity matters. Since our country is relatively small, the only way to reap benefits is through regional and sub-regional infrastructure linkage, like under the ASEAN and GMS framework that allows goods, investment, ideas and talent to move more freely across borders. It is even more important to connect Cambodia with other regional economic engines such as China, India, Japan, Korea and other nations. To realize it, we need to push to develop a vibrant supply chain and transportation network, and we count on this joint Venture between Kerry Logistics Network and WorldBridge International to work hand in hand with the Royal Government, in particular with the Council of Development of Cambodia (CDC), which by the way acts also as the Secretariat to implement the IDP,” said H.E Sun Chanthol, Senior Minister of the Ministry of Commerce, and Vice Chair of Council for the Development of Cambodia.
Kerry Worldbridge Logistics Ltd. is a joint venture formed and indirectly held by the Hong Kong-listed Kerry Logistics Network Limited (Stock Code: 636.HK), while Worldbridge International (Cambodia) Ltd. is an established logistics company operating since 1992.