China’s direct investment in Cambodia reached 860 million USD in the first 11 months of last year, up 70 percent year-on-year, the Phnom Penh Post cited data from the Chinese Embassy in Phnom Penh as saying on January 5.

A Chinese development in Cambodia (Photo: Internet)

The bulk of the direct investment went to construction, apparel, electric and electronic components and agriculture, according to the embassy.

General Manager of the Cambodia Constructors’ Association Chiv Sivpheng said Chinese investment in the construction sector has been on the rise, especially in large-scale construction projects - a lynchpin of national economic growth over the past few years.

Vice President of the Cambodia Chamber of Commerce Lim Heng said the country’s peace, political stability and average annual economic growth of seven percent have attracted many international investors.

With the recent signing of the Cambodia-China Free Trade Agreement (CCFTA) and the Regional Comprehensive Economic Partnership (RCEP), he expressed optimism that more investors from China, Europe and the US will venture into Cambodia.

Bilateral trade between Cambodia and China was worth 9.42 billion USD in 2019, up 27.29 percent from 7.4 billion USD in 2018, according to the embassy.

Source: VNA