Thanks to extensive efforts by the government and private sector to create an attractive investment climate, Cambodia successfully attracted many investment projects in 2024. 

Notably, in the past year, nearly 400 industrial sector investment projects were approved.

According to the Council for the Development of Cambodia (CDC), in 2024, the council set a new annual record by approving a total of 414 investment projects. This included 387 new projects and 27 expansions, with a total investment capital of $6.9 billion. They are expected to create nearly 320,000 jobs. 

The number of approved projects surpassed the 2023 total by 146, while investment capital rose by nearly $2 billion, or almost 40%. 

The vast majority of the projects were in the industrial sector, with nearly 400 of the 414 projects falling within this category. In addition, there were 8 in the agriculture and agro-industry, 4 in tourism and 8 in infrastructure and other sectors.

“In 2024, the industrial sector continues to be the most prominent, attracting 394 investment projects, which account for approximately 95% of all investment projects. The total investment capital in this sector is about $4.8 billion, representing 69% of total investment capital, marking a 110% increase compared to 2023,” said the CDC.

Some of the major industrial projects approved in 2024 include the expansion of production at a gold mine, a tyre manufacturing plant, beverage production facilities, Christmas light production plants, aluminium processing factories, machinery assembly and mechanical equipment plants, and dairy product and food processing factories.

Lim Heng, vice-president of the Cambodia Chamber of Commerce(CCC), told The Post on January 15 that after over two decades of efforts to improve the investment legal framework, develop human resources, transportation infrastructure and new markets, Cambodia has now become an attractive destination for investors in all sectors.

“What stands out most recently is that both domestic and international investors are showing strong interest in starting businesses in Cambodia, a country with good political stability and many policies which offer incentives to investors,” he said.

“Investment projects in Cambodia are no longer just limited to light industry. We are now seeing large factories that use advanced technology and require skilled human resources,” he added.

He explained that in the past, most industrial projects in Cambodia were garment factories or simple product manufacturing plants, but now they include large factories for the production and assembly of heavy machinery, such as vehicle assembly plants, electronic equipment factories, electrical products, construction materials, cement and mining projects.

Heng believed that more global-scale manufacturers will invest in the Kingdom in the future.

Sam Soknoeun, president of the Global Real Estate Association and Chairman of SAM SN Group, shared Heng’s optimism.

He also noted that he and his foreign investment partners are currently exploring the possibility of establishing more special economic zones (SEZs) to prepare for foreign companies opening factories in Cambodia.

“Although Cambodia has high potential in agriculture, the industrial sector is also showing bright prospects. Many foreign investors have met with me to explore partnership opportunities,” he told The Post.

He explained that industrial investments typically occur in SEZs, while agriculture, tourism and mining projects do not.

“The number of investment projects in Cambodia’s SEZs is steadily increasing. As more SEZs are established, industrial factory investments will also rise,” he added.

The Ministry of Commerce reported that as of the end of 2024, the CDC had approved 49 SEZs, with 26 of them operational.