The Council for the Development of Cambodia (CDC) approved 172 fixed-asset investment projects between January and March of this year, up 16 percent from 106 projects in the same period last year, a report showed on Wednesday.
The approved projects registered a total investment capital of $2.5 billion, a year-on-year increase of 14 percent, stated the report, adding that all projects would create some 120,000 jobs for locals.
Of the total investment projects, 99 are located outside the special economic zones and 73 are located within the special economic zones.
Outstanding projects included an electronics manufacturing factory, an electronic bike and motorbike assembly plant, a steel factory, a garment and textile factory, a fruit processing plant and a luxury hotel, among others, the report added.
China took the lead in foreign direct investment (FDI) to the Kingdom, accounting for 56 percent, followed by local investors, 34 percent. Other investors are Vietnamese and Singaporean investors, America, Canada, Samoa, the UK, the Cayman Islands, and the British Virgin Islands.
The growing investment projects in the earlier period of this year was a testament to the effectiveness of the Investment Law of the Kingdom of Cambodia, as well as the policies of the Cambodian Government in supporting private sector investment, considering this sector as an important engine for boosting national economic growth, said Suon Sophal, Deputy Secretary General of the Cambodia Investment Board of the CDC.
“The increasing investment from foreign countries into Cambodia showed investors’ bold confidence in peace and strong political stability in Cambodia,” Sophal said in a business forum held last Wednesday at the Vietnamese Embassy.
To attract investment in the context of likely-to-happen trade war pressures, CDC is reviewing whether to do more reforms, identify the issues, and create more incentives for investors.
CDC has officially launched the cdcIPM to streamline and digitize investment procedures, making it easier for businesses to invest in Cambodia.
The cdcIPM is a technology system that allows investors to apply for investment project registration via online, including applying, payment of service fee and obtaining a digital project registration certificate and reaching out to connect with relevant ministries and institutions in the future.
Last year, Cambodia attracted 414 fixed-asset investments worth a total investment capital of $6.9 billion, up 40 percent from $4.92 billion in the year before.
