PHNOM PENH: The Council for the Development of Cambodia (CDC) has approved 39 new investment projects and investment expansion projects in the first quarter of 2023, with a total capital of approximately US$294 million.

A CDC report showed that the number of investment projects decreased by eight projects in the first three months of 2023 compared to the same period last year.

The 39 investment projects are expected to create approximately 47,000 jobs for the locals, the source added.

Of the approved investment projects, it pointed out, 38 are in the industrial sector and one in the tourism sector.

Investments from China ranked first, accounting for nearly 70 percent of the total projects, while domestic investments stood second, according to the CDC.