PHNOM PENH: Cambodia’s economy is on an upward trajectory, as evidenced by a recent influx of foreign investment. The Council for Development of Cambodia (CDC) reported that 44 new investment projects, totaling US$396 million, were approved in July 2024 alone. These projects are anticipated to create around 25,000 jobs for the local population.
China remains the dominant investor in Cambodia, contributing 68% of the total investment capital. This strong economic partnership is underpinned by bilateral trade agreements and the Regional Comprehensive Economic Partnership (RCEP).
While Chinese investment leads the pack, local investors also played a significant role, contributing 14.25% to the overall investment. Other key investors include Singapore, Vietnam, and the Philippines.
The CDC’s approval of these projects underscores Cambodia’s attractive business climate and growth potential. The government’s proactive approach to investor attraction and business environment improvement has been instrumental in this success.
This surge in investment is reflected in the broader economic landscape. Cambodia attracted a staggering US$3.25 billion in fixed-asset investment during the first half of 2024, a 195% increase compared to the same period last year.
These developments position Cambodia as a promising investment destination and contribute to its overall economic growth.
Editor’s Opinion:
The surge in foreign investment into Cambodia, particularly from China, is undoubtedly a positive development. It promises to create jobs, stimulate economic growth, and elevate Cambodia’s standing on the global investment stage. The government’s efforts to foster a business-friendly environment are commendable and deserve recognition.