China’s FDI to Cambodia surges in 11 months of 2020
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)
Phnom Penh (VNA) – China’s direct investment in Cambodia reached 860million 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 sayingon January 5.
The bulk of the direct investment went to construction, apparel, electric andelectronic components and agriculture, according to the embassy.
General Manager of the Cambodia Constructors’ Association Chiv Sivpheng said Chineseinvestment in the construction sector has been on the rise, especially inlarge-scale construction projects - a lynchpin of national economic growth overthe past few years.
Vice President of the Cambodia Chamber of Commerce Lim Heng said the country’speace, political stability and average annual economic growth of seven percenthave attracted many international investors.
With the recent signing of the Cambodia-ChinaFree Trade Agreement (CCFTA) and the Regional Comprehensive EconomicPartnership (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 in2019, up 27.29 percent from 7.4 billion USD in 2018, according to theembassy./.
Chinese President Xi Jinping has pledged to encourage Chinese investors to do business in Cambodia, contributing to the kingdom’s economic development.
Cambodian Deputy Prime Minister Hor Nam Hong said on July 23 that Cambodia and China will sign a free trade agreement before August 12 ahead of the European Union’s partial withdrawal of the Everything-but-Arms (EBA) trade status.
China has extended 140 million USD worth of grant aid on Cambodia’s urgent development projects, freshnewsasia.com cited a Facebook post of Cambodian Deputy Prime Minister Hor Namhong as saying.
China and Cambodia signed a free trade agreement (FTA) in Phnom Penh on October 12, with Cambodian Prime Minister Hun Sen and visiting Chinese State Councilor and Foreign Minister Wang Yi attending the signing ceremony.
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A Chinese development in Cambodia (Photo: Internet) 
