Cambodia is expected to attract new investment in industrial sector under the bilateral free trade agreements (FTAs), the Regional Comprehensive Economic Partnership Agreement (RCEP), together with new investment law.
H.E. Heng Sokkung, Secretary of State and Spokesperson for the Ministry of Industry, Science, Technology and Innovation, said on Jan. 23 that the implementation of the trade pacts has given Cambodia an access to larger market.
Despite the global crisis, the war in Ukraine, the energy and financial crisis, Cambodia has the attractiveness and potential for investment because the Kingdom controls efficiently the public health crisis better than other countries in the region, he said.
“For 2023, we are highly optimistic, Cambodia will continue to attract more investment because Cambodia is peaceful along with better control of Covid-19 crisis leading to the full resumption of socio-economic activities,” he underlined.
The Cambodia-China FTA and RCEP came into force in early 2022 and Cambodia-Korea FTA was put into effect in December last year.
The ministry registered 186 new factories in 2022, bringing the total number of active factories in the country to 1,982 with a total investment value of US$16,690 million, up from US$13,811 million in 2021.
In October 2021, Cambodia launched the new investment law, which provides specific incentives and protection to investors in order to attract more investment to the country.
Source: Agency Kampuchea Press