PHNOM PENH – Cambodia, as an ASEAN member, has been a potential destination to invest for its high economic growth and infrastructure development. Prime Minister Hun Manet says the country’s openness for free markets has paved the way for its exports to ASEAN and other major markets.  

The nation’s economic growth dramatically increased by seven percent during the pre-COVID period, and is recovering from the pandemic to reach 6.5 percent this year, hoping for 6-to-7 percent in the near future, he said at the opening ceremony of the Cambodia-ASEAN Business Summit 2025 on Mar. 6. 

“Being an ASEAN member state since 1999, Cambodia has been a potential market. Our economic foundation has been built on high economic growth for decades,” Hun Manet said. 

Such growth came from the open policy for international trade and investments, politics and economy stability, possibilities for a vast market, and legal framework, which were improving. 

The country focuses on open markets through free trade agreements to be able to exports to ASEAN countries and other major markets such as the European Union, the US, China, South Korea and United Arab Emirates.

“Foreign and local investors have been receiving benefits from this fruitful investment environment from the operators safely,” the PM said. 

“This has helped reduce risks to the maximum extent and assured their business sustainability.” 

In close partnership with other ASEAN states, Cambodia has been adjusting trade barriers, moderating customs procedures, facilitating business registration procedures, and creating a transparent legal environment. 

Having a crucial role for the regional prosperity, Cambodia has been actively accelerating a favorable environment for investment through constant improvement, he added. 

The country had been investing strategically in physical infrastructure, including expressways, deep-water ports, international airports and logistic centers. 

With the Phnom Penh-Sihanoukville Expressway being significant to the transport sector, construction of more expressways from Phnom Penh to Bavet City and Phnom Penh to Poi Pet city and Siem Reap province are being considered. Meanwhile, Techo International Airport is being completed and awaits a pilot operation this year. 

“We believe in the power of cooperation by using the ASEAN framework to create prosperity and closeness in the region,” the PM said. “Our efforts were seen through our active participation in strengthening security and economic growth in the region.” 

In 2024, Cambodia received 414 projects worth $6.9 billion, up 40 percent on 2023. Meanwhile, the trade with major countries rose 16 percent, from $46.82 billion in 2023 to $54.74 billion in 2024. 

Such outcomes reflected the momentum of the country’s market and efficiency of the country’s policies, Hun Manet said.