PHNOM PENH: The Council for the Development of Cambodia (CDC) approved a major wave of investment on Tuesday, January 17th, greenlighting 10 new projects with a combined value of $60 million. These projects are estimated to create 12,695 new jobs for Cambodians, bringing much-needed growth to the country's economy.

The textile industry emerged as the clear winner, with textile and garment factory projects dominating the approvals. Kampong Speu province was the biggest beneficiary, securing 5 of the 10 projects, followed by Phnom Penh (2), Kandal (2), and Svay Rieng (1).

This follows a stellar year for Cambodia's investment scene. In 2023, the CDC approved an impressive 268 investment projects and expansions, up a remarkable 44% from the previous year. These projects attracted a total of $4.9 billion in investment capital, a healthy 22% increase over 2022, and generated an estimated 307,000 jobs for Cambodians.

The industrial sector continues to be the primary engine of growth, accounting for a whopping 92% of approved projects. Other sectors such as agriculture, agro-industry, tourism, and infrastructure also saw some activity.

China remains the dominant force, contributing nearly two-thirds of the total investment capital. Domestic Cambodian investment also continues to grow steadily, claiming a 24% share.