PHNOM PENH, March 21 (Bernama) -- A local Heng Development Co., and a Hong Kong-Chau Leong Enterprise on Monday signed a joint- venture of US$20 million to build a electric-powered car manufacturing plant branded 'Angkor' in Cambodia, reports Xinhua news agency.
The agreement was inked among Sieng Chan Heng, director general of Heng Development Co., Li Yue Liang, director general of Hong Kong-Chau Leong Enterprise, and a Cambodian innovator Nhean Phaloek, witnessed by Cambodian Deputy Prime Minister Men Sam On.
Of the US$20 million joint venture, Heng Development Co., holds 80 percent while Hong Kong-Chau Leong Enterprise holds the rest, said Sieng Chan Heng during the signing ceremony.
"The establishment of the electric-powered plant will be an opportunity for Cambodia to show the world about the works of Cambodia by Cambodian people," she said.
"We hope the Angkor-branded cars will be supported by local customers and in the future, we will expand our sales to overseas markets."
The plant is being built on the land area of 47,000 square meters in Takhmao district of Kandal province, generating 300 jobs. It will be capable to produce between 500 units to 1,000 units a year, with raw materials and spare parts from China, she said, adding that the first production will be available early 2012.
Li Yue Liang, director general of Hong Kong-Chau Leong Enterprise, said that the establishment of the car plant will contribute to the development of Cambodian economy in the long term.
"We hope the government will fully support us in this car production as it will contribute economic growth and reduce poverty," he said.
"The electric-powered car will be environmentally friendly."
Ith Praing, a secretary of state for the Ministry of Industry, Mine and Energy, said that the plant will also bring technology transfer from Chinese technicians to local technicians.
"This will be the first car production factory in Cambodia," he said. "The electric-powered cars will help to reduce environmental pollution and reduce reliance on the usage of hiking oil," he said.
The car models and designs will be created by Cambodian innovator Nhean Phaloek.