Despite a growing interest from European businesses, Cambodia observes a relatively modest number of European investment projects within its borders, as noted by Sun Chanthol, the Deputy Prime Minister and First Vice Chairman of the Council for the Development of Cambodia.
During discussions with Peteris Ustubs, the European Union’s Director for Middle East Asia and the Pacific at the General Department of International Partnership (DG INTPA), and Igor Driesmans, the EU Ambassador to Cambodia, Chanthol conveyed Cambodia’s open and encouraging stance towards international investors across various sectors.
Chanthol highlighted that while Cambodia has successfully attracted investors from a diverse range of countries including the United States, Korea, Japan, China, and others, there is a keen interest to see more European entities participating in the Cambodian economy.
Ustubs proposed that Cambodia could enhance its engagement with European investors by organizing promotional tours across the 27 EU member states, focusing on presenting key investment opportunities in priority sectors.
Furthermore, Ustubs emphasized the EU’s commitment to supporting initiatives related to green and technological advancements, indicating potential areas of collaboration with Cambodia.
The Cambodian government, under the new leadership of Prime Minister Hun Manet, has demonstrated a commitment to administrative stability and economic growth. In the first six months under the new administration, Cambodia has approved 172 investment projects, a mix of domestic and international ventures, accumulating nearly $4 billion in investment capital. These projects are anticipated to generate approximately 190,000 jobs, showcasing the government’s focus on employment and economic development.
A notable investment includes a proposed $1 billion project from a Chinese company aiming to establish a tire manufacturing facility in Cambodia, highlighting the diversity of foreign investments the country attracts.
Premier Hun Manet addressed misconceptions regarding Cambodia’s investment landscape, emphasizing the country’s openness to global investors and rejecting the notion of an over-reliance on investments from any single country.
According to a report from the Council for the Development of Cambodia, the country secured $1.3 billion in investment during the initial two months of the year, with China being a significant contributor. However, the Cambodian government is eager to broaden its investment portfolio by encouraging more European businesses to explore opportunities within the kingdom, underscoring its commitment to diversifying its economic partners and fostering a welcoming environment for international investments.
