ASEAN KEY DESTINATIONS
Bosch says sales rising on growth of economy
Bosch Cambodia, a supplier of power tools and automotive parts, announced yesterday that its sales revenue grew by 22 per cent in 2015, driven largely by a greater number of construction and automotive projects in the Kingdom.
The company’s latest performance caps off five years of double-digit sales growth since German electronics and engineering giant Bosch launched operations in Cambodia in 2010. However, the company’s chief executive declined to release sales figures.
Andre de Jong, managing director of Bosch (Cambodia) Co Ltd, said the Kingdom is a key market in Southeast Asia as it has enjoyed consistent economic growth of around 7 per cent for the entirety of Bosch’s operations here.
He added that Cambodia’s automotive and construction sectors were booming and his company aims to continue contributing to their technological advancement.
“At this moment, the development of the construction sector is increasing,” said De Jong. “I don’t know how it is going to be in five years, I don’t know how it is going to be in 10 years; but I believe it could be a strong growth.”
Government figures show steady growth in both the automotive and construction sectors. The number of registered vehicles in Cambodia increased by 14 per cent in 2015, to more than 3.2 million, according to the Ministry Public Works and Transportation.
Meanwhile, data obtained from the Ministry of Land Management, Urban Planning and Construction show that 990 construction projects valued at over $6.5 billion were approved during the first five months of the year, a 400 per cent increase in value compared to a year earlier.
Chrek Soknim, deputy director of VTrust Property, expressed confidence that capital would continue to flow into Cambodia’s construction sector.
“We are a developing country, so currently, construction projects can be found nearly everywhere in the city,” he said. “I think there will still be big increases in construction activities over the next four or five years.”
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