According to information provided by the Council for the Development of Cambodia, Cambodia received over $3.3 billion for 123 foreign investment projects from January to August of this year.
Along with fruit processing and automobile assembly, the projects involved the manufacturing of garments, shoes, tyres, wiring products, plastics, bags, and travel materials.
The country’s new investment law, trade agreements, such as the Cambodia-China Free Trade Agreement, the Regional Comprehensive Economic Partnership, and trade preference schemes, all of which enhanced the flow of foreign investment, as well as the confidence of foreign investors in Cambodia’s development prospects.
Heng Sokkung, secretary of state and spokesman for the Ministry of Industry, Science, Technology and Innovation, stated that more Cambodian manufactured products are anticipated to witness development in export due to new markets under the regional trade pact—RCEP and Cambodia-China Free Trade Agreement.
He said during a news conference in August that “despite the Covid-19 issue, the manufacturing sector has moderately developed, showing the significant demand of Cambodia’s products in the main markets – the US and the EU.”
According to a report by the Asian Development Bank (ADB), strong exports of products and inflows of foreign direct investment will help Cambodia’s GDP grow by 5.3% in 2022 and 6.5% in 2023.
