Renowned Swedish glove manufacturer Hestra officially opened its state-of-the-art facility in Phnom Penh on January 22, 2025. This new factory, situated within the Royal Phnom Penh Special Economic Zone, represents a significant investment in the region.
The inauguration ceremony featured several dignitaries, including Chea Vuthy, Secretary General of the Cambodian Investment Board, and Anna Hammargren, the Swedish Ambassador to Thailand, who oversees Cambodia. Uematsu Hiroshi, Group Executive Director of the Royal Group Phnom Penh Special Economic Zone, and Anton Martin Magnusson, CEO of Hestra Cambodia Co Ltd, also attended.
During the ceremony, Chea Vuthy congratulated Hestra for choosing Cambodia as its latest investment destination. He emphasized the company’s successful operations in countries like China, Hungary, and Vietnam. Vuthy noted that Hestra’s establishment in Cambodia will create valuable job opportunities and enhance the nation’s socio-economic landscape.
Additionally, he assured attendees that the Cambodian government, under Prime Minister Hun Manet, remains committed to improving the investment climate, tourism, and infrastructure.
Hestra, founded in 1936, has established itself as a leading glove manufacturer worldwide. With this move, the company marks the first Swedish venture in Cambodia’s glove industry. The new factory specializes in sports equipment made from leather and fabric, and it is expected to generate around 200 jobs, positively impacting the local economy.
Furthermore, Cambodia’s Ministry of Economy and Finance reports that Foreign Direct Investment (FDI) inflows surged to $8.1 billion between September 2023 and September 2024. This growth demonstrates strong international confidence in Cambodia’s policies and stable economic conditions, with key investors including China, South Korea, and Japan.
Source: Khmer Times
