SynopsisThe Cambodian Special Economic Zone Board under the Council for the Development of Cambodia has granted approval for eight investment projects worth $64.3 million. Among these projects, Huale Steel (Cambodia) Co Ltd has proposed a $40 million investment to establish a steel factory in the Sihanoukville Port Special Economic Zone. While the announcement is positive, concerns have been raised about the availability of raw materials in Cambodia for steel production. Additionally, other ventures in animal feeds, furniture, lighting, and more are set to contribute to economic development in various provinces, reports Khmer Times.ArticleThe Council for the Development of Cambodia's Cambodian Special Economic Zone Board (CSEZB) has given the green light to eight investment projects collectively valued at $64.3 million. These projects encompass the construction of diverse non-garment factories across two provinces, signifying a significant step toward economic growth, as stated in a CDC release.Among the investors, Huale Steel (Cambodia) Co Ltd stands out with its proposal for a $40 million investment in the construction of a steel factory. This facility will produce a wide range of steel products and is planned for the Sihanoukville Port Special Economic Zone (SPSEZ) in Sihanoukville, Preah Sihanouk province. The project is expected to provide employment for 523 workers.However, there have been discussions regarding the feasibility of steel production in Cambodia due to the country's limited iron ore resources. Some speculate that this project may focus on processing or importation of raw materials to overcome this challenge.ConclusionThe Cambodian Special Economic Zone Board's approval of multiple investment projects, including a substantial $40 million steel factory endeavor, marks a positive development for economic growth. While concerns about raw material availability for steel production exist, these initiatives, spanning various sectors, promise to contribute significantly to job creation and economic development in different provinces of Cambodia.