PHNOM EPNH: Nuth Un Vanra, Deputy Secretary General of the Cambodian Investment Committee of the Council for the Development of Cambodia (CDC), presented investment opportunities in Cambodia’s electric vehicle (EV) sector to over 100 Chinese investors at a seminar held on May 31st, 2024. The event was held under the high presidency of HE. Ek Samol, President of the Cambodia-China Friendship Association (CCFA).
The event, organized by the CCFA in collaboration with representatives from Cambodia’s Council for the Development of Cambodia, Ministry of Economy and Finance, the Chinese Embassy, and the Chinese Chamber of Commerce.
In his presentation titled “Policies to Encourage Investment in the Establishment of Car Assembly Plants and the Development of the Automotive Sector in Cambodia,” Vanra highlighted the Cambodian government’s efforts to attract investment in the EV industry. This includes a favorable incentive regime established through the Investment Law and its implementing Sub-Decree, as well as a clear roadmap for the development of the automotive and electronics sector launched in December 2022.
According to the Roadmap for the Development of an Electric Vehicle Charging Stations Network in Cambodia, the country’s electric vehicle (EV) market is experiencing rapid growth. As of December 2023, there were 1,489 EVs registered, including 683 four-wheelers and 410 three-wheelers.
To support this expanding market, the roadmap outlines a comprehensive plan for establishing a reliable nationwide network of EV charging stations.
Cambodia’s EV market has seen significant growth in recent years, with registrations jumping from just five in 2020 to over 600 in 2023. This growth is expected to continue, creating a lucrative opportunity for Chinese investors. The seminar aimed to connect these investors with the potential of Cambodia’s burgeoning EV sector.
The seminar also comes amidst increasing cooperation between Cambodia and China. The participation of the Chinese Embassy and Chamber of Commerce signifies the strong relationship between the two nations and their shared interest in promoting economic development.