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Cambodia attracts USD246M investment in May

XINHUA – Cambodia attracted fixed-asset investment of USD46 million in May, the Council for the Development of Cambodia (CDC) said in a news release yesterday.

The Southeast Asian country approved 24 investment projects last month, which could generate approximately 15,000 jobs, the CDC said. The new projects included a solar photovoltaic power plant, a metal processing factory, a pipe manufacturing plant, an aluminium plant and garment, footwear and travel goods factories, it added.

China remained the top investor in the kingdom last month.

“Almost 50 per cent of the investment capital in May 2024 was from China, 31 per cent was from domestic source, and the remaining was from Singapore, Australia, Vietnam, South Korea, Senegal and the United States,” the CDC said.

According to the CDC, during the January-May period, the country received a total fixed-asset investment of about USD2.74 billion.

Cambodian Ministry of Commerce’s Secretary of State and spokesperson Penn Sovicheat said the Regional Comprehensive Economic Partnership agreement and the Cambodia-China Free Trade Agreement, together with Cambodia’s new law on investment, are key factors in attracting foreign direct investment to the country.

The two agreements are magnets to attract foreign investors to Cambodia, he told Xinhua.

“Foreign direct investment, especially from China, is crucial to help boost Cambodia’s economic and trade growth.”

Markets in Phnom Penh, Cambodia. PHOTO: AFP