Cambodia approves investment projects worth 3.25 bln USD in H1-Xinhua

Cambodia approves investment projects worth 3.25 bln USD in H1

Source: Xinhua

Editor: huaxia

2024-07-05 16:03:15

PHNOM PENH, July 5 (Xinhua) -- Cambodia attracted fixed-asset investment of 3.25 billion U.S. dollars in the first half (H1) of 2024, surging 195 percent from 1.1 billion dollars in the same period last year, said a Council for the Development of Cambodia (CDC)'s report released on Friday.

The Southeast Asian nation approved 190 investment projects during the January-June period this year, up from 113 projects in the same period last year, generating approximately 168,572 jobs, the CDC said.

Those new investment projects were mainly focused on garment, travel goods, and footwear sectors, hotel development, hydroelectric power, freshwater port, solar power plant, lighting and accessory factory, agriculture, amusement park, car tire plant, and special economic zone establishment, among others.

The top five foreign investors in the kingdom are from China, Singapore, Vietnam, India, and South Korea, the CDC said, adding that investment from China accounted for 1.38 billion dollars, or more than 42 percent, of the total investment.

Cambodian Ministry of Commerce's Secretary of State and Spokesperson Penn Sovicheat said the Regional Comprehensive Economic Partnership (RCEP) agreement and the Cambodia-China Free Trade Agreement (CCFTA), together with Cambodia's new law on investment, are the key factors in attracting foreign direct investment (FDI) inflows to the country.

"Both RCEP and CCFTA are magnets to attract foreign investors to Cambodia," he told Xinhua. "FDI, particularly from China, is essential to help boost Cambodia's economic and trade growth."

He added that new FDI would bring new capital, technologies and employment opportunities for Cambodian people.