PHNOM PENH: Cambodia’s solid growth foundation, existing advantages, and firm aspiration ahead are positive indicators for the country’s development journey.
According to the Foreign Direct Investment (FDI) Outlook 2024, Cambodia has maintained a steady annual growth rate of around seven percent.
The country’s Gross Domestic Product (GDP) increased by ten times from US$3.11 billion in 1998 to US$29.60 billion in 2022, and its FDI rose 15 times between 2007 and 2022.
Cambodia is rich in a young workforce with great potential and an important catalyst for the national economy.
The rollout of the Pentagonal Strategy, the national development strategy, is mainstreaming digital knowledge and skills, particularly among the young workforce, and triggering necessary reforms.
Cambodia continues to modernize its physical infrastructure, including international airports, deep-sea ports, land and waterways, as well as logistics systems, to create golden opportunities for investments.
The peace that Cambodia has achieved and maintained also serves as an additional opportunity to expand its free market and green initiatives.
In the years ahead, the Cambodian government aspires to become an upper-middle-income country by 2030 and a high-income economy by 2050.