Cambodia Attracts $588 Million in Investment Projects
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The Council for the Development of Cambodia (CDC) has approved 65 fixed asset investment projects worth over $588 million during the first four months of this year. Chinese investors have emerged as the largest source of foreign direct investment (FDI) in Cambodia, accounting for 73.5% of the total FDI in the country.
Chea Vuthy, Deputy Secretary-General at CDC, highlighted the significance of FDI in Cambodia’s socio-economic development. Speaking at a Cambodia-China business forum on Friday, Vuthy said, “Foreign direct investment, particularly from China, has played an important role in contributing to economic development, enhancing people’s lives through capital flows, generating jobs for local people, and increasing exports.”
Vuthy also noted that the growing Chinese investment reflects investors’ confidence in Cambodia. He attributed this confidence to the cooperation between governments, a favorable investment environment, and the country’s positive economic outlook.
Cambodia offers several factors that make it an attractive destination for foreign investment, including peace, a competitive labor force, rich natural resources, and access to huge markets through bilateral free trade agreements with China and Korea, and the regional mega trade pact, the Regional Comprehensive Economic Partnership (RCEP).
Lim Heng, Vice President of the Cambodia Chamber of Commerce, told Khmer Times, “The new investment law, with free preferences such as the Cambodia-China FTA, Cambodia-Korea FTA, and RCEP, are giving a big impetus in attracting investment to the Kingdom.”
In October 2021, Cambodia launched a new investment law aimed at attracting investment by providing specific incentives and protections to investors.
Sok Chenda Sophea, Secretary-General of CDC, said that the increase in investment is a sign that the government’s efforts are working. “This increase is not a coincidence, but due to the efforts of the government, which won the battle against Covid-19 by using vaccines as a key strategic weapon, helping Cambodia resume its socio-economic development in all sectors from last November.”
