Cambodia Attracts 396 Mln USD Fixed-asset Investment In July

Faizan Hashmi Published August 07, 2024 | 06:00 PM

PHNOM PENH, (UrduPoint / Pakistan Point News - 7th Aug, 2024) Cambodia attracted fixed-asset investment of 396 million U.S. Dollars in July 2024, the Council for the Development of Cambodia (CDC) said in a news release on Wednesday.

Cambodian government approved 44 investment projects last month, which could generate approximately 25,000 jobs, according to the CDC.

The new projects included a special economic zone, an aluminum processing factory, and a food processing plant, as well as garment, footwear and travel goods factories, among others, it added.

China remained the top investor in the kingdom last month.

"About 68 percent of the investment capital in July 2024 was from China, 14 percent was from domestic source, and the remaining was from the Cayman Islands, Singapore, Vietnam, and the Philippines," the CDC said.

According to the CDC, during the January-July period of 2024, Cambodian government approved 234 investment projects totally worth 3.64 billion dollars, creating some 193,570 jobs.

Cambodian Ministry of Commerce's Secretary of State and Spokesperson Penn Sovicheat said the Regional Comprehensive Economic Partnership (RCEP) agreement and the Cambodia-China Free Trade Agreement (CCFTA), together with Cambodia's new law on investment, are the key factors to attract more foreign direct investment (FDI) inflows to the Southeast Asian country.

"Both RCEP and CCFTA are magnets to attract foreign investors to Cambodia," he told Xinhua. "FDI, particularly from China, is essential to helping boost Cambodia's socioeconomic development and poverty reduction."