What make new investment project in Cambodia is on the rise?

A high percentage of the Covid-19 vaccinated population, and the new investment law put into force last year have helped increase the number of new investment projects in Cambodia. The Council for the Development of Cambodia registered new investment proposals for 35 projects in the first two months of this year, an increase of 14 projects compared to the same period last year, according to the Socio-Economic Trend of the Ministry of Economy and Finance. The report said that the licensed investment projects possibly created approximately 31,000 jobs, an increase of 75 percent. The total investment value of the projects was $2 billion, a year-on-year increase of 236 percent. The new investment projects have not been included in the investment projects associated with the special economic zones. Vice president of the Cambodia Chamber of Commerce Lim Heng said that the high percentage of the vaccinated population and new investment law have helped the Kingdom. “The government’s vaccination strategy has made the country capable of herd immunity to Covid-19, helping the government to resume business operations fully. It is a good move to show the world and investors that Cambodia is a safe place for public health,” Heng said. “With the new law on investment, Cambodia is attracting new investment, particularly from abroad, while other countries are still tackling the Covid-19 situation. The potential is there, and more foreign investments are coming,” Heng added. In October 2021, Cambodia promulgated new legislation on investment titled the Law on Investment in the Kingdom of Cambodia. In February 2022, Cambodia’s economy gained momentum and gradually returned to normal, but it had not yet reached the growth before Covid-19, the ministry pointed out. In 2022, the economy has shown positive growth, supported by a continued increase in external demand and a gradual rebound of investment sentiment as the pandemic is under control, it added. This article was first published in Khmer Times. All contents and images are copyright to their respective owners and sources. Khmer Daily