Phnom Penh, March 13, 2024: The economic landscape of Cambodia is poised for further expansion as the Council for the Development of Cambodia (CDC) greenlights 37 new projects and production expansions in February 2024, representing a staggering investment of nearly 1.2 billion US dollars. These ventures are anticipated to foster employment opportunities for approximately 40,000 individuals across the nation.

According to a statement released by the CDC, a significant portion of the approved projects, totaling 81 percent, is allocated to the industrial sector, signifying a robust stride towards bolstering Cambodia's manufacturing capabilities. Meanwhile, 11 percent of the investments are earmarked for infrastructure and various other ventures, with the remaining 8 percent allocated to agriculture and agro-industry endeavors.

The investment inflow is primarily sourced from China, constituting 33.19 percent of the total investment, followed by Singapore at 4.31 percent and Vietnam at 4.09 percent, underscoring Cambodia's burgeoning appeal as an investment destination.

Key among the approved projects are hydropower ventures in Stung Meteuk, Mondul Seima district, Koh Kong province, alongside the construction of a multi-purpose port and logistics center in Kampong Chhnang. Moreover, plans include the establishment and operation of a data center in the districts of Daun Penh and Russey Keo, Phnom Penh, in addition to the expansion of tire production facilities within the Chiluchean Pouchai Special Economic Zone in Svay Rieng province.

The approval of these projects signifies a pivotal step forward in Cambodia's journey towards sustainable economic growth and job creation, reaffirming its position as an attractive investment destination in the region.