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$2.4B in new investments for H1

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The Council for the Development of Cambodia (CDC) gave the nod to 70 projects with a total capital investment of $2.428 billion in the first six months of this year. Heng Chivoan

$2.4B in new investments for H1

The Council for the Development of Cambodia (CDC) approved 70 projects with a total capital investment of $2.428 billion in the first half of this year.

This is according to calculations by The Post based on CDC statements issued via social media throughout the January-June period.

The CDC approved 29 investment projects in textiles, garments, footwear and travel products with a capital investment of $194.71 million.

The council also greenlit 12 electrical and bicycle components factories with a capital investment of $116.5 million, as well as four furniture plants with a capital investment of $55.6 million.

Meanwhile, the CDC has approved three major projects in the energy sector, including a 700MW coal-fired power plant project in Sihanoukville Special Economic Zone, in Preah Sihanouk province’s Stung Hav district, with a capital investment of $1.283 billion.

The other two projects were a $17.6 million 20MW solar farm in Monorom commune’s Monorom village in Svay Rieng province’s Svay Tiep district and a $7.8 million solar panel factory in Koh Kong province’s Kirisakor Special Economic Zone.

In addition, the CDC has approved a number of projects in the hospitality sector, including a five-star hotel, as well as a food processing plant and an agricultural processing plant.

Cambodia Chamber of Commerce vice-president Lim Heng noted that the textile, garment, footwear and travel goods sector accounted for the bulk of the value of the newly-approved investments, followed by electrical components and vehicle parts.

He told The Post that new projects in the textile, garment, footwear and travel goods sector intending to produce for export to the EU were still being announced, despite the bloc partially withdrawing its ‘Everything But Arms’ (EBA) scheme last year.

And trade benefits provided through the UK’s Generalised Scheme of Preferences (GSP) will encourage more foreign direct investment (FDI) inflows to Cambodia, he said.

“The government’s 10-million-vaccinations campaign will also contribute to the growth of investment in Cambodia because investors will not be worried about the impact on their business activities,” Heng claimed.

In 2019, investment approvals logged $9.40 billion, of which China invested $2.75 billion, followed by Hong Kong at $912.55 million and Japan at $298.84 million, according to the CDC.

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