Kerry Worldbridge Logistics’ special economic zone began operating yesterday, with promises of boosting the high-end technology industry. The zone, a joint venture between Hong Kong-listed Kerry Logistic Network Ltd and Worldbridge International, said the SEZ will be a hub for foreign manufacturing firms.
Sear Rithy, president of the board of directors at Kerry Worldbridge Logistics said seven foreign companies have signed contracts to invest in the zone. “The companies mainly produce electronic devices, machinery and high-value added products,” he said.
Located next to National Road 2 in Phnom Penh’s Dangkor district, the SEZ covers 63 hectares of land and includes a custom bonded warehouse and business exhibition building.
George Yong Boon Yeo, executive director of Kerry Logistic Network, said the joint venture will lower the costs of logistics in Cambodia and make the country more attractive to investors. “We are working together to improve logistics in Cambodia and on numerous other areas that will make Cambodia more attractive for investment,” he said. “We know the Cambodian government wants to prioritise the development of logistics as part of the overall development of the economy.”
Vongsey Visoth, secretary of state at the Finance Ministry, said the SEZ will aid the government’s policy to attract more foreign investment. “The establishment of a customs bonded warehouse will enhance the logistics sector in compliance with international best practice,” he said.
The zone will serve as centre for hi-tech industries and the customs bonded warehouse will not only serve local businesses, but will be a logistics hub for neighbouring countries and the region, added Visoth.
The SEZ cost $60 million to construct and will employ up 25,000 workers when fully operational. The custom bonded warehouse is the country’s second. The first one, in Kandal’s Kean Svay district, opened in November 2014, according to Visoth. Cambodia has 45 SEZs, of which 12 are in operation with more than 260 investors employing 86,000 workers.