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More projects OKed, despite investment drop

Chea Vannak / Khmer Times Share:
The Phnom Penh building that houses the Council for the Development of Cambodia. Supplied

The Council for the Development of Cambodia (CDC) has approved 170 investment projects during the first nine months of the year, 25 more projects than during the same period last year.

However, total investment decreased by $1,362 million, reaching just $4,719 million from January to September, a CDC report said.

56 of total approved projects, worth a combined $605 million, will be located inside special economic zones across the country.

Most of the projects given the green light target the manufacturing industry (147), followed by agriculture (12), infrastructure (8), and tourism (5).

China continues to be the biggest investor in the Kingdom, accounting for 67.8 percent of the total amount invested. It is followed by local investors, who represent 26.5 percent.

Chinese firms in Cambodia mainly invest in garment and footwear factories, hydropower dams, and infrastructure, according to CDC.

Mey Kalyan, senior advisor to Supreme Economic Council, said the figures should be cause for celebration.

“It is good that the number of investment projects approved has increased. It shows that, despite the fact that we had general elections this year, investors have confidence in the local market,” Mr Kalyan said.

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