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Cambodia investment up 7.5 pct in 2022

PHNOM PENH, Jan. 6 (Xinhua) -- Cambodia attracted fixed-asset investment of 4.68 billion U.S. dollars in 2022, up 7.5 percent from 4.35 billion dollars in a year earlier, a Council for the Development of Cambodia's report showed on Friday.

Major foreign investors in the kingdom last year were from China, Japan, Cayman Islands, Thailand and Singapore, the report said, adding that investment projects had been focused on agriculture and agro-industry sectors, manufacturing, tourism and infrastructure, among others.

Cambodian Ministry of Commerce's Undersecretary of State and Spokesman Penn Sovicheat said the Regional Comprehensive Economic Partnership (RCEP) trade pact, the Cambodia-China Free Trade Agreement (CCFTA) and Cambodia's favorable investment law are the key factors attracting more foreign investors to Cambodia.

"Both the RCEP and the CCFTA are magnets to attract foreign investors to Cambodia," he told Xinhua. "Also, Cambodia's successful control of the COVID-19 pandemic through vaccinations is another attractive factor for investors."

RCEP comprises 15 Asia-Pacific countries including 10 ASEAN member states, Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam, and their five trading partners, namely China, Japan, South Korea, Australia and New Zealand.

Lim Heng, vice president of the Cambodia Chamber of Commerce, said new investments would bring about new capital, technologies and job opportunities.

He said the ironclad friendship and the Belt and Road Initiative are also the key factors attracting more Chinese investors to the kingdom.

"Chinese investment is crucial to help boost Cambodia's economic and trade growth," he told Xinhua.