Cambodia has secured 315 fixed-asset investment projects worth $5.28 billion during the first nine months of this year, a report from the Council for the Development of Cambodia (CDC) showed.
The CDC report indicates that the projects have generated over 250,000 new jobs, providing employment opportunities for a large segment of the Cambodian workforce.
The diverse range of investment projects spans various sectors, including manufacturing, real estate, tourism and infrastructure development.
In September alone, the CDC has greenlighted 28 new investment projects worth $443million, generating approximately 25,000 jobs for the local workforce.
Sun Chanthol, Deputy Prime Minister and First Vice-Chairman of the Council for the Development of Cambodia (CDC), attributed the sharp rise to peace, political and macroeconomic stability, better legal frameworks and regulations, and the growth of the Cambodian economy.
The government has been proactive in addressing the difficulties and challenges of the private sector for both domestic and foreign investors, he said.
Investment law, skilled labour, trade preference schemes and a newly launched investment approval system, allowing for one-click approval of investment projects and making the process faster and more streamlined for investors are catalysts in attracting new investment, Chanthol said.
“Investors can submit their investment application online without having to physically go to Cambodia. This eliminates the physical interface between the private sector and public sector, which can help cut down on corruption issues,” he said.
The figures showed investors’ view on Cambodia favourably for its stability, peace and free trade agreements, said Lim Heng, Vice President of the Cambodia Chamber of Commerce.
“Agreements (FTAs) with China, South Korea and Regional Comprehensive Economic Partnership (RCEP) make Cambodia a great destination for foreign investors looking for broad markets, favourable policies and potential growth,” he said.
As of September 2024, Cambodia has four active bilateral and regional free trade agreements: the Cambodia-China Free Trade Agreement (CCFTA), the Cambodia-Korea Free Trade Agreement (CKFTA), the Cambodia-UAE Comprehensive Economic Partnership Agreement (CEPA), and the Regional Comprehensive Economic Partnership (RCEP).
(Source: khmertimeskh)