The Council for the Development of Cambodia (CDC) is dedicated to enhancing Cambodia’s business environment to attract foreign investment. According to Sun Chanthol, Deputy Prime Minister and CDC First President, it is evaluating the existing regulations and procedures to identify areas in need of reform. The aim is to eliminate the complexities associated with conducting business and foster a more transparent investment climate.
“In response to the potential challenges posed by an impending trade war, CDC is undertaking further reforms, identifying pertinent issues, and providing additional incentives to investors,” he remarked during a press briefing yesterday.
He further stated that the CDC is resolute in its commitment to cultivating a welcoming investment environment for both domestic and foreign investors by enhancing competitive incentives and streamlining business registration processes.
In the preceding year, Cambodia attracted 414 fixed-asset investment projects, amounting to a total capital of $6.9 billion, representing a 40 percent increase from the previous year’s total of $4.92 billion, as reported by the CDC.
As per the report, China emerged as the primary foreign investor within the Kingdom.
The sanctioned projects primarily concentrated on various sectors including garment manufacturing, travel goods, footwear production, hotel development, hydroelectric power generation, freshwater port operations, solar energy projects, agriculture, amusement parks, automobile tire manufacturing, special economic zones, infrastructure development, and telecommunications, among others.
The first vice president of the CDC indicated that the Kingdom has experienced a significant increase in investment, attributable to Cambodia’s prevailing peace, political stability, macroeconomic resilience, and the presence of multilateral and bilateral free trade agreements, including the Regional Comprehensive Economic Partnership (RCEP) and bilateral accords with China, South Korea, and the United Arab Emirates.
