PHNOM PENH: The Council for the Development of Cambodia (CDC) has approved 268 investment projects and investment expansion projects in 2023, a year-on-year increase of 44 percent.

The approved investment projects registered a total investment capital of US$4.9 billion, a 22 percent increase over 2022, read a CDC report.

The approved investment projects created some 307,000 jobs for local people, the source added.

Breaking down by sectors, it pointed out, that 92 percent of the 268 investment projects cover the industrial sector, while the rest are in agriculture and agro-industry, tourism sector, and infrastructure.

Investment from China ranked first, accounting for two-thirds of the total investment capital, while domestic investment ranked second with 24 percent.

Vice-President of the Cambodia Chamber of Commerce Mr. Lim Heng attributed the increase in investment registration to the country's investment potential under the new investment law, free trade agreements, mega-regional pact, and trade preferences.

“The new investment law, along with free trade preferences – Cambodia-China FTA and Cambodia-Korea FTA, RCEP – are factors that attracted investment from China to Cambodia, particularly in production for export to foreign markets,” he said.