PHNOM PENH: Cambodia has taken the top spot on fDi Intelligence's list of the most attractive emerging markets for investment in 2024, according to a December 2023 report.

Meanwhile, the southeast Asian nation is expected to see the strongest growth in foreign direct investment (FDI) this year, driven by a projected GDP growth of 6.1%, up from 5.6% in 2023. This makes Cambodia the fastest-growing economy in Southeast Asia, according to the International Monetary Fund (IMF).

Cambodia's rise in investment appeal is attributed to several factors. The country boasts strengthened trade ties with major economic powers like China, South Korea, and the European Union. Additionally, Cambodia's strategic location in the heart of ASEAN, a region with a population of over 670 million, offers businesses access to a vast market.

The Cambodian government has also emphasized its commitment to investor success. During his keynote address at the recent ASEAN-Cambodia Business Summit 2024, First Deputy Prime Minister HE Sun Chanthol highlighted Cambodia's political stability, strong macroeconomy, and young, dynamic workforce as key advantages for businesses. With 60% of the population under the age of 25, Cambodia offers a readily available and growing talent pool.

Cambodia's impressive economic outlook and focus on attracting foreign investment make it a prime destination for investors seeking opportunities in a high-growth emerging market.

The Council for the Development of Cambodia (CDC) has approved 106 investment and investment expansion projects in the first three months of this year, an increase of 67 projects compared to the same period last year.

The total investment capital of the approved projects in the first quarter rose by 649 percent year-on-year to US$2.2 billion, pointed out a CDC's press release made public yesterday.

fDi Intelligence is an English-language bi-monthly news and foreign direct investment publication, providing an up-to-date review of global investment activity.