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Nearly $175 million in new investments flow in but can’t keep pace with increasing unemployment

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Investments in solar panel production and solar power projects continue to boom. Photo supplied

Five more investment projects worth $174.8 million have been approved, according to a press release of the Council for the Development of Cambodia issued on May 22.

The newly-approved projects are expected to generate in total 2,458 jobs for the locals.

The five investment projects cover the construction of a five-star hotel, the production and assembly of solar panels, the creation of a solar power station, the production of cardboard boxes, and so on.

These projects belong to five different companies located in the provinces of Preah Sihanouk, Kampong Speu, Battambang, and Svay Rieng.

Such investments amid the COVID-19 outbreak demonstrates confidence of foreign investors in Cambodia’s macroeconomic, political and social stability though threatened by the pandemic.

However, despite the continued inflow of foreign direct investments into Cambodia amid the COVID-19 economic uncertainty, tens of thousands of migrant workers unable to return to Thailand to work and the looming EBA crisis in August, the employment opportunities created by these new investments are a far cry from meeting the number of unemployed. Phal Sophanith/AKP/Khmer Times

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