PHNOM PENH: The latest approval of new investment projects worth hundreds of millions of dollars by the Council for the Development of Cambodia (CDC) is a positive sign for the country’s economy.

The investment committee of the CDC has issued registration certificates to 13 companies for projects worth more than $400 million. The projects range from a $5 million garment factory to a $258 million cement factory. There is also a $84.5 million hotel project.

The approval of these projects comes shortly after the formation of the new government following the July 2023 elections. The new government has pledged to create a more business-friendly environment and attract foreign investment.

The CDC’s approval of these projects is a vote of confidence in the new government‘s commitment to economic development. It is also a sign that investors are optimistic about the future of Cambodia’s economy.

The latest investment projects approved by the CDC range in size from a small garment factory with an investment of $5 million to a large cement factory “CONCH KT CEMENT (PHNOM PENH) COMPANY LIMITED” in Kompong Speu province with an investment of $258 million. Those garment factories will produce a variety of products, including clothing, textiles, and accessories.

There is also one 5-star hotel project, KHOU Tower, with an investment of $84.5 million. The 5-star hotel will have 237 rooms and will be located in Phnom Penh. It is expected to create 855 jobs.

In addition to the 13 projects approved by the CDC, Cambodia also attracted 113 fixed-asset investment projects worth $1.1 billion in the first half of 2023. These projects created some 122,000 new jobs.