Cambodia: Investment projects worth $460M approved in Q3
The Council for the Development of Cambodia (CDC) approved 52 fixed asset investment projects worth over $460 million in the third quarter of 2022, up 10.6 percent as compared to the same period last year.
The approved investment projects generated 40,274 jobs for local people, according to a recent report from the Ministry of Economy and Finance.
It said 33 investment projects worth $266 million investment value are based outside of the special economic zones in sectors of industry, service and tourism.
Other 19 projects worth $194 million are inside the special economic zones.
The ministry said Cambodia’s economic situation recovered in the third quarter following an increase in international tourist arrivals, construction projects, investment in industry and service sectors, and an increase in domestic production.
“The increase is due to investment in solar PV installation, hospitals, vehicle assembly, development projects on islands, and expansion of investment projects in special economic zones,” the ministry said in the report.
Lim Heng, vice president of the Cambodia Chamber of Commerce, attributed the growth in investment to the efficient control of the pandemic situation and trade preferences under free trade agreements and the mega trade pact – Regional Comprehensive Economic Partnership (RCEP).
“The successful management of Covid-19 pandemic under the government has led to the resumption of all socio-economic activities, and this has built firm confidence in investors to inject money into investment projects in the country,” Heng told Khmer Times.
“The new investment law, with free preferences – Cambodia-China FTA and Cambodia-Korea FTA, RCEP – are giving a big impetus in attracting investment to the Kingdom,” he said.
In October 2021, Cambodia launched the new investment law, which is a law to provide specific advance incentives and protection to investors in order to attract investment to Cambodia.