The Council for Development of Cambodia (CDC) approved 53 new projects worth $1.2 billion in August, generating approximately 33,000 jobs for the local people, said a report yesterday.
China remained the top investor in Cambodia, accounting for 84 percent of the total investment capital, a result of the strong economic ties between the two countries.
Local investors contributed nine percent and Singaporeans accounted for five percent of the total investments, read the CDC report, adding that other FDIs are from Samoa, the Netherlands, Malaysia and the US.
The approved projects are in various sectors, contributing to the economic diversification of Cambodia.
Almost all of the investments are in the manufacturing sector, amounting to $1.09 billion, while other sectors are infrastructure, agriculture, and tourism.
Of these, 22 projects are located in special economic zones. Preah Sihanouk, Kampong Speu and Svay Rieng provinces topped the list, receiving 10, nine and eight investments respectively.
CDC’s approval of these investments is seen as a positive indicator of Cambodia’s economic prospects and its ability to attract foreign capital.
Sun Chanthol, First Vice President of CDC, reiterated its readiness to facilitate all investments by using the digital technology system which is capable of addressing challenges and finding solutions for all investments.
The government has established several mechanisms, including the Government-Private Sector Forum (G-PSF), to strengthen cooperation between the public and private sectors, he said.
“These mechanisms aim to promote Cambodia as a competitive investment destination by coordinating efforts and resolving issues that investors in the country are concerned about,” he said.
Lim Heng, Vice President of the Cambodia Chamber of Commerce, attributed the rising investments to trade preferences and agreements, investment laws and the government’s mechanism to enhance the investment climate in the country.
“The projects are a testament to Cambodia’s growing attractiveness as an investment destination,” Heng told Khmer Times.
Credit Link: Khmertimeskh