Cambodia Secures $6.44 Billion in Fixed-Asset Investments in the First 11 Months of 2024

Phnom Penh, Dec 7 (NationPress) Cambodia has sanctioned 389 fixed-asset investment projects worth 6.44 billion US dollars in the first 11 months of 2024, resulting in the creation of around 305,000 jobs, as indicated by a report from the Council for the Development of Cambodia (CDC) on Saturday.

The newly approved projects primarily concentrated on the garment, travel goods, and footwear sectors, along with hotel development, hydroelectric power plants, freshwater ports, solar energy facilities, agriculture, amusement parks, tire manufacturing plants, special economic zones, infrastructure, and telecommunications, among other sectors, as reported by Xinhua.

In November alone, the nation witnessed a total of 43 investment projects valued at approximately 940 million dollars, estimated to create around 39,000 jobs, according to the CDC.

China continues to be the leading foreign investor in this Southeast Asian nation, the report elaborated.

Cambodian Prime Minister Hun Manet stated that the country’s peace and stability, its strategic position within the Association of Southeast Asian Nations (ASEAN), and its business-friendly policies provide an ideal environment for investments.

“Our network of trade agreements offers extensive market access,” he mentioned at an economic and technology summit in Phnom Penh on November 26.

He emphasized that through the Regional Comprehensive Economic Partnership, Cambodia grants investors access to a market comprising 2.3 billion people.

“Our bilateral free trade agreements with China and South Korea, along with our latest Comprehensive Economic Partnership Agreement with the United Arab Emirates, unlock opportunities to some of the most dynamic economies in the world,” he added.

“We are not merely providing a location for investment; we are offering a gateway to the future of this region,” he concluded.