By:
• Meng Seavmey

• September 9, 2024 , 8:38 PM

PHNOM PENH – The Council for the Development of Cambodia (CDC) approved 53 investment projects valued at over $1.2 billion in August, injecting fresh momentum into the country's economy. Of these projects, 46 are new investments, while the remaining seven are expansions to boost productivity.

These projects are expected to create around 33,000 jobs, according to the CDC's report released on September 9.

Thirty-one of the approved projects will be located outside Cambodia's special economic zones, signaling a diversification of investment activity.

One of the most notable projects is the expansion of a five-star hotel in Phum IV village, Sangkat IV, Preah Sihanouk City. This $80 million project is expected to create 683 jobs and contribute to the growth of the tourism sector.

In Prey Nob district, a $19 million expansion of an animal feed and leather processing factory will boost productivity and create 1,053 jobs.

Another significant investment of $28 million will be made to upgrade a semi-final products factory, transforming it into a producer of high-value products like bovine collagen peptide, fish collagen peptide, pea protein peptide, rice protein peptide, and pea protein. This project is expected to generate 200 new jobs.

A $25 million investment will be made in Kep province to establish a farm for breeding and raising quadruped animals, such as horses and cows. This project will also include an animal feed processing factory and a laboratory in Chamkar Bei village, Damnak Chang'aeur district. The venture is expected to create 271 jobs.

The CDC’s report added that there will be 22 projects in special economic zones.

In Koh Kong province, the CDC approved a creation of special economic zone in Nesat village, Chrouy Svay commune, Srae Ambel district. The project is worth of $80 million and will create 775 jobs.

A tire factory in UBE Snuol special economic zone, worth of $430 million, has been approved and will create 1,959 jobs. Meanwhile, around $256 million will be invested in another tire factory in Sin Bavet special economic zone, creating 1,500 jobs.

A $40 million non-alcoholic beverage factory will be settled in Suvannaphum special economic zone, creating 83 jobs.

China dominated foreign investment in Cambodia during August, accounting for a substantial 84.72 percent of the total investments approved by the CDC. Domestic investments contributed 9.12 percent.