Nearly 350 investment projects were registered with the Council for the Development of Cambodia (CDC) in the first 10 months of 2024, showing an increase of more than 50% year-on-year. These projects are expected to create close to 300,000 jobs, according to the CDC.
Sar Senera, deputy secretary-general of the CDC’s Cambodian Investment Board (CIB), stated at a November 12 workshop on “The Current Economic Policy for Leadership of the Ministry of Foreign Affairs and International Cooperation” in Phnom Penh that the country’s macroeconomic environment is open to investment, offering guarantees and protections for investors, and broad encouragement for various sectors and investment activities.
He stated that from January to October, the council registered a total of 346 investment projects valued at over $5 billion, which are expected to create 268,242 jobs. By comparison, during the same period in 2023, a total of 227 projects were registered, worth over $4 billion, creating 260,470 jobs.
Senera added that the country is an attractive market for investment, offering access to export markets within the ASEAN region, as well as to South Korea, China and the UAE, where products manufactured in Cambodia benefit from zero or low tax rates under free trade agreements (FTAs).
Lim Heng, vice-president of the Cambodia Chamber of Commerce (CCC), told The Post on November 13 that the recently approved projects span almost all sectors, though the majority are focused on garment, footwear and travel goods (GFT) manufacturing.
He said that recent investments have also been observed in industries such as tyre factories, electronics, construction and some service sectors.
He added that this is a point of pride for the country, which continues to attract both domestic and international financiers.
Heng highlighted that based on current geopolitical developments, the country has significant opportunities to attract large factories and enterprises to set up operations.
He also noted that the country is recognised for its favourable conditions for business, including its investment law, political stability, robust labour force and extensive export markets.
He stated, “According to reports, the US government, to be led by Donald Trump from the beginning of 2025, will increase tariffs on products manufactured in China imported into the US. As a result, it is expected that some companies and factories in China will relocate to Cambodia to produce goods for export to the US and Europe, as Cambodia has duty-free import privileges to those destinations.”
Statistics from the General Department of Customs and Excise (GDCE), published on November 11, showed that from January to October, Cambodia’s total trade volume with all partner countries reached $45.06 billion, up 16.5% compared to the same period in 2023, which amounted to $38.67 billion.
Exports were valued at $21.57 billion, up 16% from $18.59 billion, while imports totalled $23.49 billion, an increase of 16.5% from $20.07 billion.
