Cambodia records investment growth of more than 500% in the first two months of the "knock on the door" campaign

Phnom Penh: Although the global economic situation continues to be deteriorating and uncertain since the outbreak of Kovid 19 However, it is noteworthy that at the beginning of 2024, Cambodia recorded its highest investment growth of more than 500 percent as a result of the Royal Government's campaign efforts "Knock on the door" of the Prime Minister to attract investors from all over to invest in Cambodia.

In the first two months of 2024, the Council for the Development of Cambodia approved 69 new investment projects and production expansion projects worth a total of 1.386 million US dollars and created nearly 57,000 jobs. This figure is an increase of more than 500% compared to the same period last year.

In the first two months of this year, local investors covered a total of 705 million US dollars (50.9%), followed by Chinese sources at 545 million US dollars (39.3%), followed by Singapore at US $ 69.5 million (5%), Vietnam US $ 49 million (3.5%), US $ 10 million (0.72%) and South Korea US $ 6.6 million (0.47%).

Cambodia has set a goal in its national strategy to become a high-middle-income country by 2030 and to become a high-income country by 2050. To achieve this and other plans, the Royal Government of the seventh mandate of the National Assembly, under the leadership of Samdech Hun Sen, Prime Minister of Cambodia, has continued to keep its economy open, providing potential investment opportunities to national and foreign investors. The aim is to increase international trade, exchange of goods and services with regional and global markets.

Implementing the principles of a free market economy, opening up free trade and macroeconomic stability also provides an attractive investment climate for Cambodia.

Since taking office as Prime Minister of Cambodia, Samdech Hun Sen has been seen as an active young leader in the country's development. And what is very prominent of Samdech is the effort to promote local investment and attract foreign investors to invest in Cambodia, which Samdech considered a "knock on the door", especially during his mission abroad.

According to the Council for the Development of Cambodia, the major projects that will boost investment growth in the first two months of this year include: the 150MW Stung Meteuk hydropower project in Koh Kong province with a total investment of 440 Million US dollars, Production expansion project of Svay Rieng tire production project with an additional investment of 212 million US dollars, investment project to build a multi-purpose port and Kampong Chhnang logistics center in Kampong Chhnang province with an investment capital of over 108 million US dollars. And to operate a data center in Phnom Penh with an investment capital of over 107 million US dollars and an investment project to establish and operate a data center in Phnom Penh with an investment capital of 30 million US dollars.

According to the Council for the Development of Cambodia, in 2023, the Royal Government of Cambodia has approved a total of 268 investment projects with a total investment of 4.9 billion US dollars, an increase of 22% compared to 2022. Many are led by Chinese investment and followed by domestic investment.