A worker styles a wig at a factory inside the Phnom Penh Special Economic Zone. The fixed asset investment projects are expected to create approximately 47,700 new jobs in Cambodia. - Bloomberg
PHNOM PENH (Xinhua): Cambodia approved 52 fixed asset investment projects worth US$2.46 billion in the first four months of 2022, according to a report by the Council for the Development of Cambodia (CDC) on Tuesday (May 3).
The approved projects included garment, footwear and travel goods factories, hotels, hospitals, automobile assembly factories, electronic factories, and fruit processing and packaging factories, among others.
The projects are expected to create approximately 47,700 new jobs, the CDC said.
Lim Heng, vice president of the Cambodia Chamber of Commerce, said the Regional Comprehensive Economic Partnership (RCEP) trade pact and the Cambodia-China Free Trade Agreement as well as Cambodia's favourable new investment law are key to attracting more investment to Cambodia.
"Even during the Covid-19 pandemic, Cambodia has attracted a large amount of investment capital. This truly reflects that the kingdom is a potential destination for both domestic and foreign investors, especially for the Chinese investors," he told Xinhua.
Heng said that thanks to the government's successful vaccination campaign, Cambodia has resumed all socioeconomic activities and reopened its borders to fully vaccinated travellers without quarantine since last November.
"With our country's full reopening, I believe that the inflows of foreign direct investment into Cambodia will continue to rise in coming years," he said.
