PHNOM PENH: Cambodia's economy received a significant boost in February 2024, with the Council for the Development of Cambodia (CDC) announcing $1.2 billion in approved investments. This surge in activity highlights a promising start to the year for the Cambodian economy.

The CDC reported 37 new investment projects and production expansions during this period. Notably, 24 projects were located outside of Special Economic Zones (SEZs), highlighting a focus on developing the broader Cambodian economy. These investments are expected to create a substantial 38,000 new jobs across various sectors.

Four key projects stand out within the investment wave, a $440 million hydropower project in Koh Kong province promises to generate clean energy and create 220 jobs, while Kampong Chhnang province will benefit from a $108 million multi-purpose port and logistics center, which is expected to bring over 115 new jobs to the region.

The technology sector is also seeing a boost, with a $107 million data center project in Phnom Penh anticipated to create 45 jobs. Another data center, valued at $30 million, will further solidify Phnom Penh's position as a tech hub and generate an additional 43 jobs in the capital.

This diversification of investments, spanning hydropower, logistics, and technology, indicates a strategic approach to Cambodia's economic development. The significant job creation potential associated with these projects is a welcome sign for the Cambodian workforce.

The early 2024 investment boom suggests a promising year for Cambodia's economic growth. As these projects progress, the country can expect increased energy production, improved infrastructure, and a thriving technology sector, all contributing to a more robust and diversified economy.