Govt approves investments worth nearly $7B this year
Govt approves investments worth nearly $7B this year
Prime Minister Hun Manet on Friday said that the Council for the Development of Cambodia (CDC) approved 414 investment projects worth $6.90 billion in 2024, an increase of 40 percent compared to $4.92 billion last year.
The information was shared during the Premier’s first official meeting with CDC which was participated by Sun Chanthol, Deputy Prime Minister and First Vice-Chairman of CDC, and other dignitaries in Phnom Penh on December 20.
During the meeting, Mr Hun Manet, also the Chairman of CDC, announced that Cambodia had approved 414 investment projects this year, up by 146 compared to 268 projects in 2023 or an equivalent to 54 percent growth.
“In 2024, the statistics of overall investment capital reached $6.90 billion, surged by $1.97 billion compared to $4.92 billion in 2023, a rise of approximately 40 percent,” the Premier added.
Chhieng Yanara, Senior Minister in charge of Special Missions and Second Vice-Chairman of CDC, Chea Vuthy, Secretary General of the Cambodian Investment Board (CIB) and Rith Vuthy, Secretary General of the Cambodian Development Cooperation Board (CDCB) were present on the occasion.
The following day, Cheam Chansophorn, Governor of Kampong Speu Province, said that international and domestic investors had contributed approximately $2 billion as of the first six months of this year.
He made the statement while leading a delegation to visit the headquarters of Agile Sweater (Cambodia) Co Ltd and Siglo (Cambodia) Co Ltd in Hong Kong, China, on December 21.
The Governor stated that 30 factories opened in Kampong Speu during the first half of 2024, with many more under construction.
“Currently, the province has 423 factories and approximately 1,000 small and medium-sized enterprises (SMEs), 90 percent of which are Chinese-owned. These investments have created employment opportunities for 200,000 citizens.”
Chansophorn underlined that the rise in investments reflects the trust of investors in the Royal Government of Cambodia (RGC), especially under the leadership of Prime Minister Hun Manet.
During the Governor’s mission trip to China, 25 more companies evinced interest in expanding their investments into Kampong Speu province.
Speaking to Khmer Times, Lor Vichet, Vice President of Cambodia Chinese Commerce Association (CCCA) said that the statistics from CDC have clearly demonstrated that investors are strongly encouraged by the proactive, pro-business government stance, as the new administration convened the Government-Private Sector Forum (GPSF) immediately after taking office in November 2023 to address key private sector issues and challenges.
Vichet emphasised that frequent exchanges between the RGC and the private sector, along with tax incentives, tax holidays under the Law on Investment and the Law on Taxation, and streamlined tax administration, have yielded dividends and boosted approved projects this year.
RGC has publicly acknowledged the private sector as the engine of the Kingdom’s economic growth and a key partner to cooperate along with development partners towards providing diversified and equitable employment opportunities thereby ensuring sustainable growth and inclusive prosperity for all stakeholders involved, the CCCA Vice President added.
