Cambodia draws US$1.29bil investment from China

THE kingdom drew fixed-asset investment of US$1.29bil (RM5.7bil) from China in the first half of 2022, according to a report from the Council for the Development of Cambodia.

China remained the top foreign investor in the Southeast Asian country, accounting for 43% of the total investment of US$2.99bil (RM13bil) the kingdom approved during the January-June period this year, said the report released on Saturday.

Other foreign investments in the kingdom for the first half of this year were from Thailand, Samoa, British Virgin Islands, South Korea, Singapore, Cayman Islands, Malaysia, Japan and Australia, it added.

Investment projects had been focused on agriculture and agro- industry sectors, manufacturing, tourism and infrastructure.

Heng Sokkung, secretary of state and spokesman for the Ministry of Industry, Science, Technology and Innovation, said excellent ties, the Cambodia-China Free Trade Agreement (CCFTA) and the Regional Comprehensive Economic Partnership (RCEP) trade deal were the main factors encouraging more Chinese investors to Cambodia.

Both the CCFTA and the 15-member RCEP trade deal entered into force on Jan 1 this year.

“I believe that these free trade agreements, together with Cambodia’s favourable investment law, peace and political stability, have provided a great opportunity for foreign investors, particularly Chinese ones, to invest in Cambodia.

“Chinese investment has not only brought in new capital, but also advanced technologies for Cambodia’s socio-economic development,” he added.

Lim Heng, vice-president of the Cambodia Chamber of Commerce, said the ironclad friendship and the Belt and Road Initiative were also the major factors attracting more Chinese investors to the kingdom.

“Chinese investment is essential to help boost Cambodia’s economy and create new jobs for Cambodian people in the post-Covid-19 pandemic era,” he told Xinhua.

Meanwhile, Cambodia’s General Department of Customs and Excise registered a 19.7% year-on-year growth in the Cambodia-China trade volume to US$5.98bil (RM26.6bil) during the first half of 2022. — China Daily/ANN

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