PHNOM PENH, May 2, 2024 — Cambodian Prime Minister Hun Manet has announced further strengthening of Cambodia-Japan relations, with a particular focus on modernizing Cambodia’s industrial sector. This declaration was made during the inauguration ceremony of the new $36.8 million Toyota assembly plant in the Royal Group Phnom Penh Special Economic Zone on Thursday morning.
Prime Minister Manet emphasized the ongoing efforts to foster closer ties between Cambodia and Japan, especially in the private sector, aiming to solidify the relationship between the citizens of both nations. He mentioned that his administration would continue to enhance cooperation across all sectors, thereby strengthening bilateral relations and providing robust opportunities for both countries.
“In my continued role as Prime Minister, I am committed to expanding and strengthening our cooperative efforts in every field, particularly striving to ensure strong connections between our private sectors and our people,” Manet stated.
The new Toyota assembly plant, a joint venture between Toyota Tsusho Corporation and the Kong Nuon Group, represents a significant step towards transferring automotive technology to Cambodia, providing training opportunities for Cambodian youth directly within the factory setting.
Prime Minister Manet views the factory as another manifestation of Cambodia's potential and trustworthiness as an investment destination. He added that Cambodia aims to become a regional hub for the production of automotive parts and electronic components through strategic measures such as inter-institutional coordination, human resource development, infrastructure improvements, trade facilitation, and the creation of a favorable investment climate.
The Toyota assembly plant, located in Phnom Penh’s Special Economic Zone, spans 42,971 square meters and plans to assemble 1,320 vehicles in 2024 to meet market demand, including 290 FORTUNER and 1,030 HILUX vehicles. With an investment capital of $36.78 million, the plant employs 150 staff and symbolizes a forward leap in Cambodia’s industrial development ambitions.
