Hong Kong’s Fung Group Eyes Expansion in Cambodia’s Textile Industry, Exploring New Investment in SEZs

• Sommana Yan
• 3 September 2024
• Uncategorized
• 2312 Views

Fung Group, a prominent Hong Kong-based conglomerate, has expressed interest in expanding its investments into Cambodia’s textile and garment sectors, particularly within the country’s Special Economic Zones (SEZs).

This intent was shared during a working meeting between HE Sun Chanthol, First Deputy Prime Minister and Vice President of the Council for the Development of Cambodia (CDC), and a Hong Kong delegation led by William Kwok Lun Fung, Deputy Director General of Fung Group, on 2 September 2024.

During the meeting, the Fung Group delegation praised Cambodia’s evolving business landscape, noting the country’s environmental considerations, its growing use of renewable energy, and its focus on empowering women in the industrial sector. William Kwok Lun Fung expressed optimism regarding future investment opportunities in Cambodia, specifically targeting the textile and garment industries within SEZs.

HE Sun Chanthol highlighted Cambodia’s many strengths as an investment destination, including its political and macroeconomic stability, a young workforce ready for digital transformation, and well-developed infrastructure. He also emphasised Cambodia’s flexible and investor-friendly policies that aim to create the most favourable environment for business expansion.

Over the past year, the CDC has approved 391 investment projects, totalling more than USD 7.5 billion in capital, with the potential to generate 341,000 new jobs. The industrial sector attracted 52% of the investment. Chinese investments accounted for 60.44% of the total, while domestic investments comprised 32.31%.

With Fung Group’s potential future involvement, Cambodia’s textile and garment industries are poised to benefit from increased international attention and investment.

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