Cambodia, slated for steady recovery; China remains top foreign investor

The growth will be supported by manufacturing exports, construction and real estate, agriculture, and tourism

Chea Chanto, governor of the National Bank of Cambodia, mentioned that Cambodia’s economy will see an expansion of 5.3 percent in 2022, an increase from 2021’s three percent, reported TheStar.

The growth will be supported by manufacturing exports, construction and real estate, agriculture, and tourism. 

“Through [Regional Comprehensive Economic Partnership] RCEP and the [Cambodia-China Free Trade Agreement] CCFTA, we’re confident that Cambodia’s export volume to China and other RCEP member countries will be bigger, especially the exports of potential agricultural produce such as rice, cassava, bananas and mangoes, industrial products, and processing goods,” said Penn Sovicheat, undersecretary of state and spokesman of the Ministry of Commerce.

Ultimately, the Khmer Times reported that the country’s economy will steadily recover this year, albeit at a slow pace, with the recovery in tourism largely depending on the global pandemic situation and the resumption of international and regional tourism.

More: Cambodia to be classified as the new Asian Tiger, outpaces its neighbours

Meanwhile, The Council for the Development of Cambodia announced that in H1 2022, China invested USD1.3 billion in fixed assets in Cambodia, reported Xinhua.

According to the report, China continued to be the largest foreign investor in the Southeast Asian nation, contributing 43 percent of the USD3 billion in authorised investments in Cambodia between January and June of this year.

Its investment activities focused on sectors such as agriculture, agro-industry, manufacturing, tourism, and infrastructure.

“Chinese investment has not only brought in new capital, but also advanced technologies for Cambodia’s socio-economic development,” said Heng Sokkung, secretary of state and spokesman for the Ministry of Industry, Science, Technology, and Innovation.

Lim Heng, vice president of the Cambodia Chamber of Commerce, commented that the funding would boost the economy and create jobs in the post-pandemic era.

The Property Report editors wrote this article. For more information, email: [email protected].