Hyundai to build factory in Cambodia


http://english.people.com.cn/90001/90778/9…63/6783697.html

Isn’t it a good news everyone? Soon enough, the air in Cambodia will be polluted, as well as the soil and water. I’m kidding… :D

Hyundai Company of South Korea will build a vehicle assembling factory in Cambodia, South Korean ambassador to Cambodia said on Wednesday.

“The vehicle assembling factory will be opened in coastal Koh Kong Province,” Lee Kyung Soo, South Korean ambassador here told reporters in a news conference on the state visit of South Korea president Lee Myung Bak to Cambodian on Oct. 22-23.

The press conference is organized by the club of Cambodian Journalists.

But Lee Kyung Soo did not give the details about the amount invested by Hyundai in Cambodia. Deputy Director General of Hyundai Group already paid a visit to Cambodia a few days ago, LeeKyung Soo said.

The press release from South Korean Embassy in Phnom Penh said that Camko Motor Company is building a Hyundai car assembly factory in Koh Koh province, about 370 km southwest of capital Phnom Penh. It covered land area of 165,000 square meters with two facilities for maintenance and dormitory. It can assemble 3,000 cars per year and the type of car including SUV, Van and other cars.

According to Lee Kyung Soo, South Korea’s investment in Cambodia last year was worth about 1,238 million U.S. dollars, but for the first six months of this year, the investment decreased about 58 percent compared with the same period of last year because of the global financial crisis. South Korea’s investment in Cambodia focuses on the rubber plantation, mines, energy, oil and gas, real estate, tourism, construction, agri-industry, Lee Kyung Soo said.

For the bilateral trade between the two countries in 2008, Cambodia imported about 309 million U.S. dollars worth of products from South Korea and Cambodia’s export to South Korea about 294 million U.S. dollars. So far this year the two-way trade volume is worth about 120 million U.S. dollars. Both sides will try to foster more trade volume, Lee Kyung Soo said.

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9 responses to this post.

  1. It’s better for Cambodia and its people if the plan is being process :-)

    ឆ្លើយតប

    • But there is always a beginning.

      It is true that when we have our own operating industry, we will benefits more from it. But due to the fact that our economy is still agriculture-based, it means that we have had no knowledge or experience of the world of industrious facilities and development. Therefore, we will need someone to lead us to the point where will start building on our own.

      Thailand and Vietnam did not start on their own also… please consider.

      ឆ្លើយតប

  2. How it benefit to Cambodian people, if we are so poor like this ? Who gonna buy these vehicles ? Is it for exporting ?

    Can we trade in our oxcat for Hyundai ?

    ឆ្លើយតប

    • The very first and important benefits would be massive “Job” creation. For one factory, they would need at least up to 500 people to work, operate and supervise there. This will create jobs for both skilled and unskilled workers.

      Secondly, when vehicles are produced domestically, the price of them will decrease since the cost for transportation and tax/tariffs are deduced through the process. The price is high because they have to include the cost of productions, tax in the country of origin, shipment, tariffs and then, other kinds of transportation. Thus by making factory in our country, we secure the strategic location for vehicle demand resolution.

      Thirdly, we can based on their knowledge and facilities to build those of our own. I believe that people are born to learn and through years of practicing, we will be able to get the details and insights of the production techniques, requirements, resources, equipments, and procedures.

      Finally, this will help balance the Import and Export of Cambodia since we will less dependent on importing and have more stuff to export.

      ឆ្លើយតប

  3. It’s good and thanks for your presentation.

    Nice to see you, guy :-)

    ឆ្លើយតប

ឆ្លើយ​តប

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