Cambodia attracts $294 million in investment in Q1

• Apr 11, 2023

Cambodia attracted 39 fixed-asset investment projects worth $294 million in the first quarter of 2023, generating some 47,000 new jobs, a report of the Council for the Development of Cambodia said Monday.

“During the January-March period this year, China is the top foreign investor to Cambodia, accounting for almost 70 percent ($201 million) of the total investment to the kingdom,” the report said.

It added that other foreign investors to the Southeast Asian nation were from Seychelles, Samoa, South Korea, Singapore, and Sweden.

“Thirty-eight investment projects were focused on the industrial sector and one project was focused on the tourism sector,” the report said.

The Ministry of Commerce’s Undersecretary of State and Spokesman Penn Sovicheat said the Regional Comprehensive Economic Partnership Agreement, the Cambodia-China Free Trade Agreement, and Cambodia’s favorable investment law are the key factors attracting more foreign investors to the country.

Lim Heng, vice-president of the Cambodia Chamber of Commerce, said the new investments would bring about new capital, technologies, and job opportunities.

“Chinese investment is vital to help boost Cambodia’s economic and trade growth in the post-pandemic era,” he told Xinhua.