Cambodia Attracts US$3.2 Billion Investment In First Semester

date_range 05-Jul-2024
visibility 11

Phnom Penh, July 05, 2024 --

Cambodia attracted fixed-asset investment of US$3.2 billion in the January-June period of this year, up 194 percent from US$1.1 billion recorded in the same period last year, the Council for the Development of Cambodia (CDC) said in a news release on Friday.

A total of 190 investment projects have been approved during the above-mentioned period, a year-on-year increase by 68 percent or 77 projects, the source continued, adding that the approved investment projects could generate 168,572 jobs for the locals.

Most of the approved projects are in the provinces of Kampong Speu, Svay Rieng and Preah Sihanouk, and Phnom Penh capital.

A five-star hotel investment project in Preah Sihanouk province, the 150-megawatt Stung Meteuk hydropower project in Koh King province, a multi-purpose port and logistics centre development project in Kampong Chhnang province, a tyre manufacturing expansion project in Svay Rieng province, and aluminum processing projects in Preah Sihanouk and Kampong Cham provinces are among the outstanding projects approved during the first half of 2024, according to the CDC.

Domestic investment capital remains the most important, accounting for 50.15 percent of the total investment capital, while China is the largest foreign source for investment capital, followed by Singapore and Vietnam.

Mr. Lim Heng, Vice President of Cambodia Chamber of Commerce, attributed higher FDI inflow to investors’ strong confidence.

He said investors view Cambodia favourably for its stability, peace and free trade agreements. Investors are also aware of the potential for growth in made-in-Cambodia products.

“Cambodia has free trade agreements (FTAs) with China, South Korea. There is also the Regional Comprehensive Economic Partnership (RCEP). All of this makes Cambodia a great destination for foreign investors looking for broad markets, favourable policies and potential growth,” he explained.