Cambodia attracts $7.5 billion investments in govt’s first year
Cambodia attracts $7.5 billion investments in govt’s first year
Cambodia attracted 391 fixed-asset investments worth $7.5 billion in the first year of the 7th Mandate of the new government with China topping the list of sources, a report from the Council for the Development of Cambodia (CDC) showed yesterday.
The projects increased by 168 and the capital invested by 161 percent compared to a year before.
As much as 60 percent of the capital came from China while 32 percent from domestic investors, the report read and the rest from foreign investors in Singapore, Malaysia, Vietnam, Thailand and the US.
The approved projects can generate over 340,000 jobs for local people, read the report.
Of the approved projects, 130 are located inside the special economic zones, it added.
The rapid growth of investment projects was due to the presence of new projects mainly in infrastructure, industry and tourism and also due to the establishment of new special economic zones, CDC stated in the report.
Sun Chanthol, Deputy Prime Minister and First Vice-President of CDC, attributed the positive growth in investment projects to the peace and economic growth in Cambodia as it gave investors the confidence to decide or expand investments in the country.
“This figure clearly reflects the firm confidence of investors both local and from abroad in Cambodia’s political situation, peace and stability,” he said.
“If the country is embroiled in war and has no stability, they will not come and invest,” he added.
The Cambodian government also beefed up its efforts to enhance the country’s investment climate and has also been instrumental in attracting foreign direct investment, creating jobs for people and contributing to economic development.
Lim Heng, Vice President of the Cambodia Chamber of Commerce, viewed the growth of the FDI flows to the trade agreements, huge market under the mega Regional Comprehensive Economic Partnership (RCEP) agreement and the several trade preference schemes offered by developed countries such as the US, the UK and the EU.
“With the bilateral and multilateral trade pacts coupled with trade preference schemes, we are confident that Cambodia will continue to be a preferred destination for investments in the region,” he told Khmer Times.
