Photo taken on July 19, 2022 shows the entrance to the Sihanoukville Special Economic Zone (SSEZ) in Preah Sihanouk Province, Cambodia. (SSEZ/Handout via Xinhua)
China remained the largest foreign investor in Cambodia, accounting for 43 percent of the total $2.99 billion investment approved by the kingdom during the January-June period this year.
PHNOM PENH, July 24 (Xinhua) — Cambodia attracted capital investment of 1.29 billion U.S. dollars from China in the first half of 2022, according to a report released by the Cambodia Development Council on Saturday.
China remained the top foreign investor in the Southeast Asian country, accounting for 43% of the total $2.99 billion investment approved by the kingdom in the January-June period this year. according to the report.
Other foreign investment in the kingdom in the first half of this year came from Thailand, Samoa, British Virgin Islands, South Korea, Singapore, Cayman Islands, Malaysia, Japan and Australia. , he added.
Investment projects had focused on agriculture and agro-industry, manufacturing, tourism and infrastructure.
Heng Sokkung, State Secretary and Spokesperson of the Ministry of Industry, Science, Technology and Innovation, said that excellent relations, the Cambodia-China Free Trade Agreement ( CCFTA) and the Regional Comprehensive Economic Partnership (RCEP) trade agreement are the main factors encouraging more Chinese investors in Cambodia.
The CCFTA and the 15-member RCEP trade agreement entered into force on January 1, 2022.
People work at a factory in the Sihanoukville Special Economic Zone (SSEZ) in Preah Sihanouk province, Cambodia, July 19, 2022. (SSEZ/Handout via Xinhua)
“I believe that these free trade agreements, together with Cambodia’s favorable law on investment, peace and political stability, have provided a great opportunity for foreign investors, especially Chinese, to invest in Cambodia,” he told Xinhua.
“Chinese investments have not only brought in new capital, but also advanced technologies for Cambodia’s socio-economic development,” he added.
Lim Heng, vice president of the Cambodian Chamber of Commerce, said the rock-solid friendship and the Belt and Road Initiative are also major factors attracting more Chinese investors to the kingdom.
“Chinese investment is essential to help boost the Cambodian economy and create new jobs for Cambodians in the post-COVID-19 pandemic era,” he told Xinhua.
Meanwhile, Cambodia’s General Department of Customs and Excise recorded a 19.7 percent year-on-year growth in Cambodia-China trade volume to $5.98 billion in the first half of 2022.
Undersecretary of State and Ministry of Commerce spokesperson Penn Sovicheat said China is Cambodia’s largest trading partner, predicting that growth in bilateral trade will be higher in the coming months and years. come.
“China is a huge market for Cambodia, especially for our potential agricultural products such as rice, bananas, mangoes and cassava, among others,” he told Xinhua.
“Both RCEP and CCFTA have spurred the growth of our trade and investment,” he said.
RCEP comprises 15 Asia-Pacific countries including 10 ASEAN member states, namely Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam , and their five trading partners, namely China, Japan, South Korea, Australia. and New Zealand.■