Cambodia approved 386 fixed-asset investment projects worth 6.4 billion during the first 11 months of 2024, generating over some 305,000 jobs, said a Council for the Development of Cambodia (CDC)’s report on Friday.
The new projects were mainly focused on garment, travel goods, and footwear sectors, hotel development, hydroelectric power station, freshwater port, solar power plants, lighting and accessory factories, agriculture, amusement park, car tire plants, special economic zones, and infrastructure, among others.
In November alone, the Kingdom attracted a total of 40 investment projects worth $993 million, which were expected to create about 39,000 jobs, the report stated China was still the biggest foreign investor in the Southeast Asian country, it added.
Lim Heng, Vice President of Cambodia Chamber of Commerce, attributed higher FDI inflow to strong investor confidence, adding that investors view Cambodia favorably for its stability, peace and free trade agreements.
“Cambodia has free trade agreements (FTAs) with China, South Korea. There is also the Regional Comprehensive Economic Partnership (RCEP). All of this makes Cambodia a great destination for foreign investors looking for broad markets, favorable policies and potential growth,” Heng told Khmer Times.
The government has also been proactive in addressing the difficulties and challenges of the private sector; for both domestic and foreign investors, Heng said.
As of November 2024, Cambodia has four active bilateral and regional free trade agreements including the Cambodia-China Free Trade Agreement (CCFTA), Cambodia-Korea Free Trade Agreement (CKFTA), Cambodia-UAE Comprehensive Economic Partnership Agreement (CEPA), and Regional Comprehensive Economic Partnership (RCEP).
Sun Chanthol, Deputy Prime Minister and First Vice- President of Council for the Development of Cambodia (CDC), has recently said that peace, political stability, macroeconomic stability and multilateral and bilateral free trade agreements have played a critical role in attracting foreign direct investment (FDI) and fostering economic growth in the country.
The government’s commitment to maintaining peace and stability has created a conducive environment for businesses to operate and grow, Chanthol added.
