Kingdom sees surge in investment in first half 2024
Kingdom sees surge in investment in first half 2024
The Council for the Development of Cambodia (CDC) approved $3.2 billion in fixed-asset investment for 190 projects during the first six months of 2024, nearly double (up 194 percent) the investment from the $1.1 billion recorded for the same period last year.
CDC said that it had approved 190 investment projects, a 68 percent increase from 113 projects last year. And the fresh investment is expected to generate some 168,572 jobs.
The projects that have seen fresh investment, include an electronics manufacturing factory, an electric bike and motorbike assembly plant, a steel factory, and a garment and textile factory, among others.
The CDC said that China was the top foreign investor in the country, contributing 42.64 percent of total investment. This was followed by investment from Singapore, Vietnam, India, South Korea, Malaysia, Australia, Canada, and Japan.
Lim Heng, Vice President of the Cambodia Chamber of Commerce, attributed this positive development to a surge in investor confidence due to Cambodia’s political stability, peaceful environment, and a network of free trade agreements (FTAs). “Cambodia’s FTAs with China, South Korea, and its participation in the Regional Comprehensive Economic Partnership (RCEP) make it an incredibly attractive destination for foreign investors,” Heng told Khmer Times.
“These agreements offer broad market access, favourable policies, and significant growth potential,” he added.
Sun Chanthol, First Vice-President of CDC, said that with a young workforce – 60 per cent of the nearly 17 million population under 35 years old – Cambodia has an advantage over other countries. “What is even more special is that the government fully supports the private sector because it has driven the momentum of Cambodia’s economy toward the vision of becoming an upper-middle-income country by 2030 and a high-income country by 2050,” Chanthol said.
