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Industry, infrastructure key to Cambodia's economic growth

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A general view shows building and property developments in Phnom Penh. Heng Chivoan

Industry, infrastructure key to Cambodia's economic growth

The Council for the Development of Cambodia (CDC) said that from January to October – the 10 months of 2022 – Cambodia had approved various investment projects, most of which involved the industrial and infrastructure sectors.

Addressing a Cambodia-Vietnam Investment and Trade Promotion Forum recently, CDC secretary-general Sok Chenda Sophea said: “From January to October 2022, Cambodia approved a total of 161 investment projects worth about $3.5 billion, when compared with the same period last year, we have an increase of 15 projects and investment capital increased by about 1.3 per cent.”

He added that most of the 161 projects involved the industrial and infrastructure sectors, with 41.5 per cent involving the industrial sector and 51 per cent the infrastructure sector.

He continued that the reason the industrial and infrastructure sectors received the most investment was because the two sectors had the highest potential in Cambodia. The government has been working to increase and strengthen bilateral cooperation and continued to organise and strengthen both soft and hard infrastructure projects to boost the growth of trade and investment in trade agreements on the Cambodian border and other countries.

Deputy Commander of the Royal Cambodian Armed Forces Hun Manet said at an event changing the name of the Garment Manufacturers Association in Cambodia on November 17 that as of October 2022, the number of registered garment factories was 1,313 and they were employing more than 900,000 workers, so the sector therefore played an important role in the social and economic development of Cambodia and helped it achieve its seven per cent growth rate.

Minister of Public Works and Transport Sun Chanthol said recently that the Cambodian infrastructure sector had accomplished significant achievements by providing infrastructure in the form of roads, bridges, ports, waterways and railways.

He said that investing in transport infrastructure is important not only from an economic point of view, but it also promotes public transport, connecting one region to another.

The Ministry of Economy and Finance said later in October that Cambodia’s economy would achieve a 6.6 per cent economic growth rate in 2023, and the industrial sector would continue to grow at the rate of 9.2 per cent next year.

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