Phnom Penh, the capital of Cambodia, has received exciting economic news recently. According to the latest data released by the Development Council of Cambodia, in the first six months of 2024, the country approved a total of 190 new investment and production expansion reinvestment projects, with a total investment of more than US$3.2 billion. This number not only marks Cambodia’s The remarkable economic recovery also bodes well for the country's continued growth potential in the coming years.

These investment projects have sprung up like mushrooms after a rain, with an increase of 77 compared with the same period last year, with a growth rate of an astonishing 68%. At the same time, the total investment amount has also achieved leapfrog growth, an increase of more than 190% from the US$1.1 billion recorded in the same period last year, fully demonstrating the high recognition and confidence of international investors in the Cambodian market.

In the industrial field, investment of more than US$1.8 billion accounted for half of the total investment, reaching 56%, which shows that Cambodia is highly attractive and competitive in manufacturing. These investments will not only promote the upgrading of local industries, but also create more job opportunities for Cambodia and improve people's living standards.

In addition, areas such as infrastructure, tourism, and agricultural production and processing have also attracted substantial investment. Investment in infrastructure accounted for 23%, laying a solid foundation for Cambodia's long-term development; investment in tourism accounted for 18%, which will further promote Cambodia to become a popular tourist destination as the global tourism industry recovers; Although the proportion of investment in agricultural production and processing is small, it provides strong support for Cambodia’s agricultural modernization and food security.

It is worth noting that Cambodian local companies accounted for 50.1% of the total investment in the first half of the year, demonstrating the strong development momentum and innovation capabilities of local companies. At the same time, China, as Cambodia's largest source of foreign investment, has invested US$1.38 billion, accounting for 42.6% of the total investment, further consolidating the close cooperation between the two countries in the economic and trade field.

Driven by strong growth in many important indicators such as investment, exports, and tourism, Cambodia’s Ministry of Finance and Economy is confident about its economic development prospects in the next few years. The department predicts that the Cambodian economy is expected to achieve a significant recovery in 2024, with a growth rate of 6%, and continue to maintain stable growth in the next few years. Growth is expected to be 6.3% in 2025, while the average growth rate from 2026 to 2027 will be 6.6%.

The Cambodian government stated that it will continue to work on improving the business environment, strengthening infrastructure construction, and promoting industrial upgrading and diversified development to attract more domestic and foreign investment. At the same time, the government will also pay attention to people's livelihood issues and strive to improve people's living standards and social well-being.

With the continuous deepening of international cooperation and the continuous advancement of domestic reforms, Cambodia is gradually becoming the focus of global investors. In the future, the country is expected to occupy a more important position in the global economic map and make greater contributions to regional and even global economic development.Editor/Li Chunwen