CDC approves 30 projects bringing new investments
CDC approves 30 projects bringing new investments
A total of 30 new investment projects and one production expansion project, with a total investment of $226 million were approved by the government in October this year.
Of them, nearly 54 percent of the investment capital came from Chinese investors, according to the Council for the Development of Cambodia (CDC) on Tuesday.
Local investors contributed nearly 30 percent to the overall investment, while other investors are from Singapore, Samoa, and Vietnam.
Kampong Speu, Svay Rieng, and Preah Sihanouk provinces topped the list, receiving eight, five, and five investment projects, respectively, added the report.
Among them, 10 are located in Special Economic Zones (SEZs).
Almost all projects that have seen fresh investment focused on manufacturing – footwear and garment and textile factories among others.
The CDC’s approval signifies continued investor interest in the country’s favourable business climate and growth potential.
The government has been actively implementing policies to attract investors and improve the investment climate.
The CDC’s approval of these investment projects is seen as a positive indicator of Cambodia’s economic prospects and its ability to attract foreign capital.
Sun Chanthol, Deputy Prime Minister and First Vice-Chairman of the Council for the Development of Cambodia (CDC), said in October that peace, political and macroeconomic stability, better legal frameworks and regulations, and the growth of the Cambodian economy are factors for creating confidence in foreign investors who are bringing investment to the country.
“Trade preference schemes and a newly launched investment approval system, coupled with the government’s proactive aproarch in addressing the difficulties and challenges of the private sector for both domestic and foreign investors, are catalysts in attracting new investment,” Chanthol said.
Lim Heng, Vice President of the Cambodia Chamber of Commerce, expressed optimism about the influx of foreign investment.
“The approval of investment projects is a testament to Cambodia’s growing attractiveness as an investment destination,” Heng told Khmer Times.
These investments will not only create employment opportunities but also contribute to the country’s economic diversification and growth, he said.
In the first nine months of this year, CDC approved 315 fixed-asset investment projects worth $5.28 billion during the first nine months of this year.
