|
Singapore, February 16, 2023—Cambodia is set to have its first modern, world class logistics complex as IFC signed a new collaboration agreement with two of the region’s leading logistics companies. The new partnership will deliver a major boost to infrastructure, trade, and connectivity in Southeast Asia. The Cambodia SuperPortTM 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. The Cambodia SuperPortTM’s strategic location in Phnom Penh, the center of the country and its economic hub, with connections to all modes of transportation, will enable it to become the country’s first fully multimodal logistics facility. As Cambodia is located in the center of the Greater Mekong sub-region, the SuperPortTM 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, improving supply chain efficiency to integrate into regional ones, and boosting Cambodia’s competitiveness. “The signing ceremony is another major milestone to develop logistics and supply chain connectivity across the Association of Southeast Asian Nations (ASEAN). As part of SGConnect initiative and its second project, Cambodia SuperPortTM will raise the Kingdom’s competitiveness and attractiveness through a world class, multimodal logistics infrastructure to accelerate the growth of the economy. We are confident that Cambodia SuperPortTM will be one of the key driving forces in boosting the supply chain and logistics connectivity for ASEAN and beyond, with the use of state-of-the-art technologies and best-in-class processes to improve cost of logistics and time to market as well as developing local talents to uplift the standards for the logistics industry in Cambodia,” said Robert Yap, Executive Chairman of YCH Group and Singapore Chair of ASEAN Business Advisory Council.
As part of the agreement, IFC will support YCH Group and WorldBridge Group to strengthen the technical, commercial, legal, and environmental and social (E&S) aspects of the project to make it a bankable investment to attract financing from international lenders. IFC will also provide the developers with its expertise in working in similar markets globally, support for mitigation of project risks as well as work to strengthen E&S standards in line with IFC’s Performance Standards, which will help improve the project’s overall bankability and sustainability. “We are elated to that IFC has chosen to support the Cambodia SuperPortTM. 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. With YCH Group leading the project, we are confident that the capabilities of Cambodia SuperPortTM 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,” said Neak Okhna Rithy Sear, Chairman of WorldBridge Group.
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.
“Developing a multi-million-dollar world class super port will play a key role in expanding Cambodia’s economy and driving connectivity across Southeast Asia, delivering a faster and more efficient supply chain in the region, which ultimately benefits consumers,” said Riccardo Puliti, IFC Regional Vice President for Asia and the Pacific. “Logistics are the backbone of any economy, and this super port will also support the rapid growth of e-commerce and IFC will work with its partners to promote high-value manufacturing in the region while expanding its integration into global trade and supply chains.” The current project is YCH’s second partnership with IFC, following the ongoing collaboration to develop the Vietnam SuperPort. Both projects are part of YCH Group’s strategy to expand its regional network in Southeast Asia and boost connectivity in the ASEAN countries. About IFC
IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2022, IFC committed a record $32.8 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org. About YCH Group
YCH Group is Singapore’s leading homegrown, end-to-end supply chain solutions partner to some of the world's largest companies and favourite brands across more than 100 cities in the Asia Pacific region. YCH focuses on boosting productivity and sustainability for its customers with its proprietary best-in-class suite of award-winning solutions across industries such as fast-moving consumer goods, electronics, chemical and healthcare, cold chain logistics, and e-commerce. A strong proponent of innovation, YCH is recognized for its 7PL™ approach in seamlessly integrating supply chain strategy with execution. For more information, please visit www.ych.com. WorldBridge opened its doors as a local logistics company in 1992 and has grown to include more than 30 companies across a diverse range of industries, including logistics, real estate development, finance, digital media, healthcare, and trading. Through strong international partnerships, WorldBridge Group continues to bring first-of-their-kind investments to the Cambodian market. For more information, please visit www.worldbridge.com.kh.
|
