The Council for the Development of Cambodia (CDC) approved 10 special economic zone (SEZs) investment projects worth $850 million in 2024, creating approximately 4,000 jobs, said a CDC report on Friday.
Chea Vuthy, Secretary General of the Cambodian Investment Board of the CDC, presented the report in the the capital during the launch of the ISI Special Economic Zone in Sihanoukville, Preah Sihanouk province.
The launch ceremony was presided over by Say Samal, Deputy Prime Minister and Minister of Land Management, Urban Planning, and Construction, along with the Secretary General of the Cambodian Investment Board of the CDC at ISI’s headquarters in Phnom Penh.
Congratulating the ISI Group for developing the SEZ and creating job opportunities for the locals, Vuthy highlighted the strategic importance of Sihanoukville as a key driver of national economic growth.
It may be recalled that the Special Economic Zone Development Program was initiated in early 2006 under the visionary leadership of former Prime Minister Hun Sen.
To date, the program has significantly contributed to diversifying Cambodia’s economy, enhancing regional and global competitiveness, boosting productivity, and expanding export markets, said Vuthy, adding that it has also played a crucial role in transforming Cambodia’s industry from labor-intensive to technology-based and skill-based, with higher value-added outputs.
Vuthy emphasized the substantial increase in investment in 2024, noting that the CDC approved 414 new and expansion projects, both within and outside special economic zones, with a total investment of $6.9 billion, creating approximately 320,000 jobs.
“Among these 414 projects, 10 were focused on establishing special economic zones, with a combined investment of approximately $850 million, generating about 4,000 jobs,” Vuthy stated.
“The industrial sector remains the leading driver of investment. In 2024, industry accounted for about 69 percent of total investments.”
Vuthy attributed the surge in investment to the leadership of Prime Minister Hun Manet. He praised the Prime Minister’s proactive, flexible, and innovative approach, which aligns with regional and global economic restructuring.
Expressing optimism, Vuthy predicted continued growth in investment inflows to Cambodia, driven by the shift of large-scale investment bases to ASEAN countries and the Royal Government’s ongoing support for an attractive investment environment. This includes efforts to build physical infrastructure to facilitate transportation, reducing costs and saving time.
Lim Heng, Vice President of the Cambodia Chamber of Commerce (CCC), told Khmer Times that the projected increase in investment in 2024 is driven by economic growth, political stability, and the peace and security guaranteed for investors in Cambodia.
“These factors, combined with the new Cambodia Investment Law, make the country particularly attractive to investors,” he stated.
Heng highlighted that companies investing in medium and heavy industries – such as infrastructure development, car assembly plants, agricultural processing, and tyre production – are making significant contributions to Cambodia’s economy. Such investments help reduce the country’s reliance on the garment sector, he noted.
“In the years ahead, we anticipate continued growth in industrial investment, driven by major infrastructure projects, including airports, shipping ports, and transport links with other countries and international markets.
“These are crucial factors for sustaining economic growth,” he added.
Cambodia’s exports through SEZs reached $5.4 billion in the first 11 months of this year, a report from the Ministry of Commerce showed recently.
Cambodia’s industrial sector is projected to grow by 8.6 percent in 2025, driven by a balanced expansion in the garment and non-garment sub-sectors, while the construction sub-sector is expected to grow at a slower pace compared to its pre-Covid-19 levels, according to the Royal Government’s assessment of the medium-term public financial framework for 2025.
The assessment was included in a statement on the Law on Finance for Management 2025, recently released by the Ministry of Economy and Finance.
