Cambodia sees 327% rise in investments
Cambodia sees 327% rise in investments
Cambodia received 128 investment projects worth $2.51 billion in the first four months, an increase of 327 percent compared to the same period in 2023, said Vongsey Vissoth, Deputy Prime Minister and the Minister in charge of the Office of the Council of Ministers (OCM).
The Deputy Prime Minister stated this during the inauguration ceremony of the ‘Cambodia International Trade Fair 2024’ (CITF 2024) organised in the presence of Queen Norodom Janna and Cham Nimul, Minister of Commerce (MoC), along with 2,500 international businessmen and investors representing 16 countries in Phnom Penh from May 10-12.
Addressing the ceremony, Vissoth briefed the importance of the exhibition which opened ways for domestic and foreign businessmen to showcase their products as well as use the opportunities to connect and strengthen trade partnerships.
He expressed optimism that the CITF 2024 would attract more investments into the Kingdom, including new technology and business knowledge while also creating more jobs for local people.
He also encouraged Khmer products to be displayed at such expo events aimed at expanding the potential for export to the regions and the world, in line with the slogan that said ‘Bring Cambodia to the World’.
The Deputy Prime Minister emphasised that trade and investment must be linked.
“The Kingdom’s economy is expected to grow around six percent in this year and 2025. In the first four months of 2024, the trade volume increased by 11.9 percent compared to the same period in 2023 and Cambodia received 128 investment projects worth $2.51 billion, an increase of 327 percent compared to last year,” he said.
He continued that most of the investment projects were in electronics factories, data centres and car assembly plants, besides garment manufacturing.
During the inauguration, Nimul said that Cambodia’s trade volume reached over $16 billion of which the exports reached $8 billion, an increase of around 12 percent which underscored the country’s growing trade dynamic and played an important role in national economic activities.”
She appreciated the massive efforts in mobilising thousands of businessmen and investors worldwide to take part in the CITF 2024 as well as exploring more investment potential in Cambodia.
“MoC is committed to improve the development of trade platform by turning challenges into opportunities through in-depth reforms in all areas including, cost reduction, strengthening competitiveness of products exported to the international market and creating favourable environment for businesses and investments,” Nimul added.
Vissoth said, “Although the world is facing many uncertainties in terms of political, economic, financial and social aspects due to geopolitical changes, the fragmentation of the world economy and trade, the Royal Government of Cambodia (RGC) believes in and adheres to the policies of multilateralism and openness in promoting trade and investment.”
He encouraged domestic and foreign businessmen to expand investment projects as the RGC has introduced new investment laws and regulations and has always strived to protect and maintain macroeconomic stability.
The Deputy Prime Minister further mentioned the crucial steps taken by Prime Minister Hun Manet during the 19th Royal Government-Private Sector Forum (19th G-PSF) to address the challenges and concerns of the private sector, proving Cambodia is ready to welcome all types of investment worldwide.
