Garment factory workers
While 49 garment factories shuttered their doors, 70 opened in the first nine months of the year, which saw 21 percent export growth for the sector, according to data released this week from the ministries of Labor and Commerce.
Still, growth levels next year are not expected to return to those seen before the financial crisis and may not lead to proportional job increases, experts said.
Neou Seiha, senior researcher at the Economic Institute of Cambodia, said he expected lower growth next year than this year, as the recovery continues.
“This year is the recovery period and the pace of growth is faster, but next year in 2011 and 2012 the growth will be slower,” he said.
Last week, Finance Minister Keat Chhon said export of garments and textiles would reach $2.8 billion figure reached in 2008.
Ken Loo, secretary-general of the Garment Manufacturers Association in Cambodia, said export growth could reach 15 percent next year, as the country benefits from rule changes in the European Union’s Everything but Arms trade scheme for least-developed countries. [Read full article…]
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