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Australia Commends Cambodia for Efforts to Boost Foreign Investment

Phnom Penh: Australia has commended Cambodia for its successful strategies in attracting foreign investment and advancing physical infrastructure development.

The commendation came from Justin Kevin Whyatt, the Australian Ambassador to Cambodia, during his courtesy visit to Sun Chanthol, Deputy Prime Minister and First Vice President of the Council for the Development of Cambodia (CDC), at the CDC's headquarters on February 14.

During the meeting, Sun Chanthol expressed optimism about the future of foreign investment in Cambodia, despite the global economic challenges. He highlighted that the Kingdom had approved 268 investment projects valued at approximately US$4.9 billion in the previous year, marking an increase from nearly US$4 billion in 2022. In the first month of this year alone, Cambodia has already endorsed 32 investment projects, more than doubling the figure from the same period last year.

The Deputy Prime Minister attributed this success to the Royal Government of Cambodia's (RGC) dedicated efforts to attract foreign investors. He also mentioned the RGC's recent launch of the Comprehensive Intermodal Transport and Logistics Master Plan (CIT-MP) for 2023-2033. This initiative aims to reduce transportation and logistics costs and includes ambitious goals for Cambodia to source up to 70 percent of its total energy consumption from clean energy by 2030.

Additionally, Sun Chanthol updated the Australian Ambassador on the progress of the Techo Funan Canal development project. This landmark initiative represents Cambodia's first major venture into waterway transport, aiming to connect the Mekong River system with maritime routes, further signaling the nation's commitment to enhancing its infrastructure and connectivity.

This exchange underscores the strong bilateral relations between Cambodia and Australia, particularly in supporting Cambodia's economic development and foreign investment attraction efforts.



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