Cambodia Attracts US$246 Million Investment In May

date_range 10-Jun-2024
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Phnom Penh, June 10, 2024 --

Cambodia attracted fixed-asset investment of US$246 million in May, the Council for the Development of Cambodia (CDC) said in a news release on Monday.

CDC approved 25 investment projects in May which could create approximately 15,000 jobs, the CDC added.

The approved projects span various sectors, including manufacturing, tourism, agriculture, and special economic zones.

This diversification highlights Cambodia's efforts to attract investment beyond its traditional garment industry, fostering a more robust and resilient economy.

“In May, investment from China tops the list, accounting for almost 50 percent of the total investment capital, while 30 percent other is from domestic sources,” CDC stated in the report.

The surge in investment approval is a positive sign for Cambodia's economic growth, said Mr. Lim Heng, Vice-President of Cambodia Chamber of Commerce, stressing that it signifies investors’ confidence in the country's political stability, improving infrastructure and skilled workforce.

“Cambodia will be able to attract more investments as both local and foreign investors see the potential of the trade preference deals the country has signed; such as the RCEP, Cambodia-China FTA, Cambodia-Korea FTA as well as the implementation of the new investment law,” he said.