PHNOM PENH: The Council for the Development of Cambodia (CDC) has approved 113 investment projects in the first half of 2023, amounting to $1.1 billion US being invested into the Cambodian market.

A report from the Council stated that the number of investment projects decreased by 15 projects year-to-year, while the investment capital saw a decline of $800 million US, down from $1.9 billion US in the same period last year. The approved investment projects created around 122,000 jobs for local people.

Most of the investment went to industrial projects, with 102 out of the approved 113 projects in that sector.

Additionally, seven projects pertained to agriculture and agro-industry, three were in the tourism sector, and one was an infrastructure development project.

Investors from China ranked first, accounting for two thirds of the total investment capital, while domestic investment ranked second at nearly 20%.

Vice-President of the Cambodian Chamber of Commerce, Lim Heng, credited the nation’s new investment laws, free trade agreements, and trade preferences for Cambodia’s continued success in attracting investors.

 “The new investment law, along with free trade preferences – Cambodia-China FTA and Cambodia-Korea FTA, RCEP – are factors that attracted investment from China to Cambodia as part of production for exports to foreign markets,” he said.