Cambodia provides tremendous investment opportunities, especially in key sectors such as infrastructure and energy and its open Investment Law is an added attraction, said Sun Chanthol, Deputy Prime Minister and First Vice President of the Council for the Development of Cambodia (CDC), to a delegation of the Vietnam Cambodia Business Association (VCBA), recently.
The Deputy Prime Minister also highlighted the peace, stability and economic growth of Cambodia, besides the progress the country made in infrastructure development that supports and facilitates transportation, including expressways and ports, according to a release.
The VCBA delegation was led by Leng Rithy, its President and comprised representatives from 16 companies, most of them investors in Cambodia as well.
Chanthol said Cambodia is also going ahead with a plan to increase the share of renewable energy in the total energy mix to 70 percent by 2030. The energy sector thus requires a boost through investments and this poses a golden opportunity for foreign investors as well.
It may be noted that Cambodia’s ‘Power Development Plan (PDP) 2022-2040’ proposed to substantially raise the share of renewable energy in the total power mix. The policy was formulated in tune with Cambodia’s commitment to be carbon neutral by 2050.
Accordingly, the share of solar power in the total energy mix of Cambodia can reach 3,155 MW by 2040, bigger than the contribution from locally generated hydroelectricity which contributes most of renewable energy in the country now with a share of 45 percent to the total energy mix.
According to the PDP, Cambodia in 2022 has an installed solar power generation capacity of 432MW and by 2030 it will go up to 1,000MW and from there to 3,155 by 2040, indicating a proposed increase of nearly 800 percent in this clean energy source over the period.
As per the plan, local hydropower will go up from 1,330MW to 1,560MW by 2030 and 3,000MW by 2040. Power from renewable biomass, another source of clean energy, will go up from 27MW in 2022 to 98MW in 2030 and 198MW in 2040.
The private sector is expected to play a major role in this energy transition for which huge investment is required, along with the support of the country’s development partners.
Meanwhile, at the meeting, held on Wednesday, the Deputy Prime Minister thanked all the Vietnamese investors who have decided to invest in Cambodia and said that the country also expects to receive more investment from current investors.
Rithy, on this part, expressed interest in the remarkable development of Cambodia, especially the efforts of the Royal Government of Cambodia of the Seventh Mandate, and also shared his experience in investments in agriculture including rice and rubber.
He also expressed his desire to cooperate with the CDC in promoting Cambodia’s potential to investors in Vietnam and help the country attract investment in various sectors, especially agriculture.
The VCBA was established with more than 100 member companies to contribute to promoting business ties between Vietnam and Cambodia through various means including the development of resources, people-to-people ties and cooperation in education and vocational training as well. khmertimeskh
