At the opening of the Cambodia-ASEAN Business Summit 2024, Prime Minister Hun Manet unveiled a range of exciting investment opportunities and initiatives aimed at boosting Cambodia’s economic growth and strengthening ties within the ASEAN community.
The Royal Government of Cambodia has introduced the “Special Program to Promote Investment in Preah Sihanouk Province 2024,” offering special benefits to investors in the region. This program is a key step in transforming Preah Sihanouk province into a multi-purpose Special Economic Zone (SEZ), positioning it as a regional hub for manufacturing, trade, business, and finance.
Prime Minister Hun Manet emphasized Cambodia’s strategic location and seamless connectivity within the ASEAN region, making it an attractive destination for investors. The country’s membership in key regional and global trade agreements, such as ASEAN, RCEP, and the WTO, further solidifies its position as a highly integrated player in the global marketplace.
The Royal Government has also implemented comprehensive reforms to streamline processes and enhance the overall investment attractiveness of Cambodia. The new Law on Investment offers generous incentives for projects in key priority sectors, while the government actively collaborates with local and international businesses through Government-Private Sector Forums to address challenges and ensure success.
Cambodia’s strategic investments in infrastructure, including expressways, deep-sea ports, international airports, and state-of-the-art logistics hubs, are set to reduce logistics costs and enhance operational efficiency for businesses operating in the country. Additionally, the comprehensive vocational and technical training program, which aims to empower 1.5 million young people over the next five years, ensures a readily available pool of skilled talent to meet the needs of businesses.
As of the end of 2023, Cambodia has attracted investments from ASEAN member countries, with a total capital investment of approximately USD 6 billion. Malaysia, Vietnam, Thailand, and Singapore are the leading investors in Cambodia within the ASEAN region.
Prime Minister Hun Manet urged ASEAN businessmen and partners to seize the extraordinary opportunities within the region’s dynamic economic landscape, affirming that Cambodia stands ready to be a strategic partner on this exciting journey. With its advantageous location, robust infrastructure, skilled workforce, and supportive government policies, Cambodia is poised for significant economic growth and development in the years to come.
