PM pledges to enhance investment climate
PM pledges to enhance investment climate
Prime Minister Hun Manet yesterday pledged to enhance the investment climate of Cambodia, in a bid to attract more investments to the country.
The Prime Minister made the remarks at a get-together with members of the Informal Economic Union and the Academic Staff Association in connection with the 138th International Labour Day at the Chroy Changvar International Convention and Exhibition Centre in Phnom Penh.
“The government has put in place a number of reforms aimed to enhance Cambodia’s investment climate for both local and foreign investors and businesses. They include attractive incentives for investors,” Mr Hun Manet said.
The Prime Minister stated that the government has been diligently working to create a sustainable business and investment climate.
The initiatives also include the introduction of new policies, implementation of mechanisms and legal frameworks along with the development of key infrastructure such as railways, ports and waterways.
“When more investment flows to the country, more jobs are created for people and this contributes to economic development,” he said.
The Prime Minister also underscored the nation’s stability – political, economic and security-wise – for building confidence for investors and businessmen.
“Due to peace and macroeconomic stability, more foreign investors are coming into Cambodia,” he said.
Lim Heng, Vice President of the Cambodia Chamber of Commerce, said that the government’s proactive measures for addressing the difficulties and challenges of the private sector are making the country a potential target for investment.
“Cambodia’s free trade agreements with China and South Korea and also the mega trade pact — Regional Comprehensive Economic Partnership –makes the country a great destination for foreign investors looking for broad markets, favourable policies and potential growth,” Heng told Khmer Times.
Cambodia attracted fixed-asset investments of $2.2 billion in the first quarter (Q1) of 2024, a sharp rise of 649 percent compared to the same period last year, according to a report from the Council for the Development of Cambodia (CDC).
CDC approved 106 investment projects during the January-March period this year, up from only 39 projects over the same period last year, generating approximately 107,000 jobs, stated the report.
The new projects focused on industries, infrastructure, hydroelectric power, agriculture, agro-industry and tourism, it added.
