Cambodia Attracts US$6.9 Bln fixed-asset Investment In 2024, Up 40 Pct

PHNOM PENH, Jan 11 (Bernama-Xinhua) -- Cambodia attracted fixed-asset investment of US$6.9 billion in 2024, up 40 per cent from US$4.92 billion in the year before, said a news release by the Council for the Development of Cambodia (CDC) on Saturday, reported Xinhua.

The Southeast Asian country approved 414 investment projects last year, which could create approximately 320,000 jobs, the CDC said, adding that China was still the top foreign investor in the kingdom.

The new projects were mainly focused on the garment, travel goods, and footwear sectors, hotel development, hydroelectric power stations, freshwater ports, solar power plants, agriculture, amusement parks, car tyre plants, special economic zones, infrastructure, and telecommunication, among others.

bootstrap slideshow

Chea Vuthy, secretary general of the CDC's Cambodian Investment Board, said 10 of the approved projects last year were focused on establishing special economic zones with a combined capital of about US$850 million that can generate about 4,000 jobs.

"High investment growth last year is a testament to the right leadership of the Cambodian government headed by Prime Minister Hun Manet," he said. "We're optimistic that the flow of investment into Cambodia will continue to rise."

Ministry of Commerce's Secretary of State and Spokesperson Penn Sovicheat said the Regional Comprehensive Economic Partnership agreement and Cambodia's bilateral free trade agreements (FTAs) with China, South Korea, and the United Arab Emirates are key factors to attract foreign direct investment to the kingdom.

"These regional and bilateral FTAs are magnets for foreign investors to Cambodia," he told Xinhua. "New investment will bring new capital, technology and employment opportunities for our people." 

--BERNAMA-XINHUA