Ministry of Public Works and Transport and Singapore-based YCH Group and Infrastructure Asia (IA) have signed the Framework Agreement for Phnom Penh Logistics Complex.
The agreement was inked on Mar. 4 via Video Conference between Cambodian Senior Minister and Minister of Public Works and Transport Mr. Sun Chanthol, Mr. Teo Lay Cheng, Singaporean Ambassador to Cambodia, and representatives of YCH Group and IA.
The agreement will allow the ministry and the firms to works together to establish the logistics hub in Phnom Penh with the use of modern technology to improve the inflow of the logistics sector.
“The Phnom Penh Logistics Complex will promote the transportation in Cambodia with efficiency, competitiveness with other ASEAN countries and the world in terms of both cost and services, particularly it is a drive to boost the country’s economic recovery from the COVID-19 crisis,” Mr. Sun Chanthol said.
It is a strategic project suited in the centre of the country, supporting road networks around the capital, a cluster of distribution of goods in the country and a point connecting to roads, railway, waterway, and airway, he stressed.
“Moreover, the Phnom Penh Logistics Complex will help Cambodia reduce the cost of transport, enhance the product supply chains, and the integration in the regional supply chains, as well as promote the competitiveness of Cambodia in the world,” said Mr. Senior Minister.