Cambodia attracts 6.44 bln USD fixed-asset investment during first 11 months of 2024

Phnom Penh (The Uttam Hindu):  Cambodia approved 389 fixed-asset investment projects worth 6.44 billion US dollars during the first 11 months of 2024, creating about 305,000 jobs, said a Council for the Development of Cambodia (CDC)'s report on Saturday.

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

In November alone, the kingdom recorded a total of 43 investment projects worth some 940 million dollars, which was estimated to generate approximately 39,000 jobs, the CDC said.

China was still the biggest foreign investor in the Southeast Asian country, it added.

Cambodian Prime Minister Hun Manet said that the kingdom's peace and stability, its strategic location within the Association of Southeast Asian Nations (ASEAN), and its business-friendly policies had offered a perfect place for investments.

"Our network of trade agreements provides large market access," he said at an economic and technology summit in Phnom Penh on November 26.

He said through the Regional Comprehensive Economic Partnership, Cambodia offered investors entry to a market of 2.3 billion people.

"Our bilateral free trade agreements with China and South Korea coupled with our latest Comprehensive Economic Partnership Agreement with the United Arab Emirates open doors to some of the world's most vibrant economies," he said.

"We are not just offering investors a place for investment. We are offering them a ticket to this region's future," he added.