Chinese Cart Tire Firm Plans to Infuse Additional US$208 Million to Expand its Business in Svay Rieng

• 3 November 2023
• Local News
• 3443 Views

In a testament to Cambodia’s thriving business landscape, Cart Tire, a prominent tire manufacturer nestled within the Qilu Special Economic Zone, is primed to fuel its growth with an ambitious US$208 million investment. This strategic move, earmarked for the expansion of Cart Tire’s existing operations into phase III, reflects the company’s dedication to both its local workforce and economic advancement.

As reported in an exclusive interview with HE Sun Chanthol, Deputy Prime Minister and First Vice President of the Council for the Development of Cambodia on 31 October 2023, Cart Tire has already injected more than US$500 million into its production facilities throughout the first and second phases. Notably, these investments have not only enriched the economic landscape but have also created gainful employment for over 2,000 individuals.

In a significant development, the company’s representatives have confirmed their commitment to a further investment of US$208 million for the expansion of its production capacity during the third phase. This progressive move is poised to create up to 1,000 new employment opportunities, underscoring Cart Tire’s commitment to fostering local talent and bolstering economic growth.

The Cart Tire journey commenced in 2021 when it broke ground on a substantial tire plant, channeling an initial US$350 million investment into the first phase of operations. These endeavors have been instrumental in paving the way for Cart Tire’s current and future success in the region. (Read more)

Svay Rieng province, which serves as the backdrop for Cart Tire’s remarkable expansion, is no stranger to economic vibrancy. The province is home to nine special economic zones, collectively attracting a total of 215 investment projects. Impressively, 132 of these projects are already operational, collectively representing an investment capital of US$1.886 million and generating employment for an impressive 75,086 individuals.

• Investment and Funding