The Council for Development of Cambodia (CDC) has urged relevant stakeholders, ministries and the private sector to jointly promote Cambodia’s investment climate, major sectors and industries to build Cambodia into an investment hub.
At the Cambodia Business Forum 2023, organised by the Cambodian Oknha Association (COA) on August 11, Sok Chenda Sophea, Minister Attached to the Prime Minister and secretary-general of CDC, said the government approved the Investment Law in 2021 and recently issued a sub-decree over the implementation of the law .
“CDC promotes the law and has cooperated with the private sector to attract investment into Cambodia. One thing that I would like to inform you is that the issue of investments is not only handled by CDC. We need the assistance of stakeholders, ministries and the private sector to also attract investments locally and from abroad,” he said.
CDC not only supports foreign investors but also provides support and service to both local and foreign investment.
“We do believe that we can cooperate with COA to promote our investment opportunities and attract more investment to help grow the economy.
“We always welcome partnerships with the private sector. In order to clap your hand, you need two hands. Partnerships are the way to go. Ensuring the growth of investment has to be a collective effort,” Sok Chenda said.
Ly Yong Phat, chairman of COA, said it is their mission to promote trade and investment activities in Cambodia, strengthen solidarity between their association and CDC, as well as enhance cooperation with the trade representatives and private sector.
With political stability and peace, the Cambodian economy has been growing steadily, as the government improves the business and investment climate for not only local investors but also foreign investors.
Thanks to the strong support from the government, especially the CDC, the private sector is confident at expanding businesses and investments in Cambodia despite facing challenges, including the economic slowdown.
“We request for help to facilitate and coordinate trade and investment in Cambodia to ensure further improvements. I also encourage your support for the COA, whether directly or indirectly, in realising the vision of the government to transform the nation into a high-income country by 2050,” Yong Phat said.
Since August 5, 1994, foreign direct investment (FDI) to Cambodia has grown to $45.8 billion as of March 31, up nine per cent on an annual basis.
The Greater China region accounts for 45 per cent of the share, which has seen a one percentage point rise year-on-year, according to a bulletin issued by the central bank.
This was followed by South Korea (up 10.4 per cent year-on-year), Singapore (8.8 per cent),
Japan (11.6 per cent), Vietnam (0.4 per cent), Malaysia (five per cent), Thailand (4.5 per cent) and the UK (6.2 per cent).
Going by the sectors, financial activities received the most FDI at 43.8 trillion riel, followed by manufacturing (39.2 trillion riel), real estate (21.5 trillion riel), accommodation (19.1 trillion riel), agriculture (17.7 trillion riel), hydropower (11.7 trillion riel) and construction (9.8 trillion riel).