IFC backs two private firms to establish smart logistics hub in Cambodia

• Sommana Yan
• 16 February 2023
• Uncategorized
• 4304 Views

The International Finance Corporation (IFC) has backed two of the region’s leading logistics companies –WorldBridge Group and YCH Group – to establish a world-class logistics complex in Cambodia.

The agreement was signed in February in Singapore by IFC, WorldBridge, and YCH Group, according to a press release.

The Cambodia SuperPort^TM or the Phnom Penh Logistics Complex (PPLC) will be developed by PPLC Support and Industrial Co. Ltd., a joint venture between Asia’s leading logistics conglomerate, YCH Group, and Cambodia’s largest logistics provider, WorldBridge Group.

Located in Phnom Penh,  the centre will be the Kingdom’s economic hub with connections to all modes of transportation, aiming to become the country’s first fully-multimodal logistics facility.

As Cambodia is located in the centre of the Greater Mekong sub-region, the SuperPort^TM could serve as a regional transport and logistics hub, contributing to a shift in trade routes through Cambodia. This will help reduce overall logistics costs, improve supply chain efficiency, and boost Cambodia’s competitiveness.

“We are elated that IFC has chosen to support the Cambodia SuperPort^TM. This facility will be a key contributor to the growth of Cambodia by providing the facilities for the next generation of manufacturing in the Kingdom,” said Neak Okhna Rithy Sear, Chairman of WorldBridge Group.

“With YCH Group leading the project, we are confident that the capabilities of Cambodia SuperPort^TM as a logistics value-added manufacturing hub will elevate Cambodia’s standing in the region and will be a major contributor to the economy of the Kingdom,” he added.

Logistics is a crucial sector for Cambodia to achieve its target of being an upper middle-income country by 2030 and a high-income country by 2050. As the government of Cambodia is developing a master plan for Multi-modal Transport and Logistics Connectivity, the project will support the government in realizing its vision to be a regional logistics hub and enhance the country’s logistics and supply chain connectivity.

Previously, Singapore intended to invest more in three major high-potential sectors in Cambodia, including trade, cold chain, and logistics. (Read more)

• Projects Development
• Logistics and transportation