Cambodia Approves Investment Projects Worth 2.2 bln USD in Q1

An aerial photo taken on March 1, 2024 shows the Elysee Commercial Center building in the Paris-style development along the Bassac river in the satellite city of Koh Pich in Phnom Penh. Photo: AFP

PHNOM PENH -- Cambodia attracted fixed-asset investment of 2.2 billion U.S. dollars in the first quarter (Q1) of 2024, a sharp rise of 649 percent compared to the same period last year, said a Council for the Development of Cambodia (CDC)'s report released on Friday.

The Southeast Asian nation approved 106 investment projects during the January-March period this year, significantly up from only 39 projects over the same period last year, generating approximately 107,000 jobs, the CDC said.

Those new investment projects were mainly focused on industries, infrastructure, hydroelectric power, agriculture, agro-industry, and tourism, it added.

Top five foreign investors in the kingdom are from China, Singapore, Vietnam, South Korea and the United States, the CDC said, adding that investment from China accounted for 777 million dollars, or 35 percent, of the total investment.

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

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

The official said new FDI would bring new capital, technologies and employment opportunities for Cambodian people. 

Related Articles