PHNOM PENH: Cambodia is gearing up to intensify its efforts to attract foreign direct investment from the United States. As part of this initiative, the Council for the Development of Cambodia (CDC) is set to embark on a “knock-on-door” mission to the US this month.
The mission aims to showcase Cambodia’s favorable investment climate and highlight the country’s potential sectors for US investors. HE. SUN Chanthol, Deputy Prime Minister and First Vice President of the CDC, emphasized Cambodia’s openness and competitiveness during a meeting with Ms. Bridgette L. Walker, Chargé d’Affaires a.i. of the US Embassy in Cambodia.
DPM highlighted Cambodia’s potential in sectors such as automobiles, electronic components, and agro-industry, which could contribute significantly to the country’s economic growth. He also expressed gratitude to existing US investors, including Coca Cola and RMA Cambodia Plc., and emphasized the CDC’s readiness to facilitate investments.
Ms. Walker expressed optimism about Cambodia’s efforts to attract foreign investors and wished Cambodian delegation success in the upcoming mission. She also highlighted the importance of strengthening bilateral trade relations between Cambodia and the US.
Cambodia’s international trade reached $23.69 billion in the first half of 2024, a 13% decrease compared to the same period last year. Despite the decline, the US remained Cambodia’s largest market, importing $4.23 billion worth of products.
According the US Embassy’s website, said the opportune sectors for potential investment in Cambodia include tourism, aviation, education, construction, agriculture/agribusiness, automotive, energy, manufacturing, health care, and technology (designated by the Cambodian government as a priority sector for development).
They also added that, the American brands and products are highly regarded in Cambodia for their high quality and reliability. U.S. franchises are very popular in Cambodia, the majority of which are in the food and beverage, retail, and hospitality sectors.