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Surge in Cambodian Economy and Investment Opportunities in 2024

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In a recent announcement, Cambodian Prime Minister Hun Manet highlighted significant economic growth and a substantial increase in foreign direct investment (FDI) during the first half of 2024. According to the Council for the Development of Cambodia (CDC), the country approved 190 investment projects totaling USD 3.2 billion, reflecting a threefold increase from the previous year. This growth positions Cambodia as a leading investment destination in Southeast Asia, with its inclusion in the Finance Time’s 2024 FTI Target Tracking List, ranking it among the top 50 globally.

During the 2nd Cambodia-France Business Forum, which commenced on July 8, 2024, in Phnom Penh, PM Hun Manet also outlined the robust trade relations between Cambodia and France. Bilateral trade reached USD 515 million in 2023 and USD 206 million in the early months of 2024. France, being Cambodia’s second-largest European trading partner, plays a crucial role, with French companies like Vinci, Total Energies, and Accor contributing to job creation and infrastructure development.

The Prime Minister emphasized Cambodia’s economic resilience in the face of global challenges such as economic downturns, rising geopolitical tensions, and climate change. The nation recorded a 5% growth rate in 2023 with an anticipated increase to 6% in 2024. He attributed this resilience to the strategic economic policies and also noted the openness for foreign investors to establish ventures with full ownership in most sectors, except for land ownership. This policy extends to various sectors including banking, insurance, and telecommunications, which are typically restrictive in other countries.

Moreover, the Royal Government of Cambodia has been committed to improving the business environment. This includes investing in essential infrastructure, promoting regional market access, ensuring decent work, enhancing social protection, pushing for digitalization, and emphasizing environmental sustainability.

PM Hun Manet reaffirmed the government’s commitment to supporting the private sector and solving emerging challenges together. The Government-Private Sector Forum stands as a primary platform for addressing industry concerns and forging effective solutions, reflecting the government’s approach of collective responsibility.

As Cambodia continues to offer welcoming investment conditions and maintains strong bilateral trade relationships, particularly with France, the country promises substantial growth potential and long-term economic stability. Cambodian leadership remains optimistic about sustaining this growth trajectory and further enhancing the investment climate to surpass historical records in both economic performance and foreign investment engagement.

Source: Fresh News

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