Council for the Development of Cambodia Approves Singaporean Investment Projects Worth More Than $1.5 Billion
PHNOM PENH: The Council for the Development of Cambodia has approved 127 investment projects helmed by Singaporean investors as of June 2022, totalling a value of more than US $1.53 billion.
Speaking at a seminar on Cambodia on the afternoon of Tuesday, 26 July, the Singaporean Ambassador to Cambodia, Teo Lay Chheng, said that Singapore is among the five largest foreign investors in Cambodia, with investments covering various sectors such as real estate, energy, trade and distribution of food/consumers, education and finance. Additionally, Cambodia and Singapore have 35 connecting flights per week.
The Cambodian Ambassador to Singapore, Sok Khoeun, outlined Cambodia's Economic Diplomacy Strategy 2021-2023, which aims to promote trade, investment, tourism and culture to contribute to national economic development and promote Cambodia in the regional and international arena. Cambodia has been working and strengthening its efforts to promote and implement this economic diplomacy strategy to attract more investment and tourists to the country.
Ambassador Sok Khoeun added that Cambodia, which is one of the fastest growing economies in Asia, had recovered from Covid-19 after successfully implementing a national vaccination campaign. As a result, economic growth in Cambodia is as high as ever.
The Secretary-General of the Council for the Development of Cambodia, Sok Chenda Sophea, also thanked Singaporean investors and businessmen for choosing to invest in Cambodia. He underlined that Cambodia’s favorable investment environment offers a solid foundation for Singaporean investors to take advantage of the sectors of agriculture, food, services and manufacturing.
He also called for more investments to be made by Singaporean investors, which will contribute to the rapid recovery and development of the Cambodian economy.
It should be noted that the Singapore Investment Project was approved by the FAC as of June 2022. It currently operates 127 projects in tourism, manufacturing, infrastructure and other sectors, worth a total of US $1.53 billion.
