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According to the latest trade data released by the General Administration of Customs of Cambodia (GDCE), the total export value of Cambodian clothing, footwear, and travel goods (GFT) increased by 23.33% year-on-year in the first eight months of this year, generating $9.08 billion in foreign exchange for Cambodia.
The Cambodian Development Council (CDC) announced on September 14th that under the leadership of Prime Minister Hun Maan, the seventh Royal Government of Cambodia (RGC) has attracted $7.5 billion in investment capital within a year, an increase of 161% compared to the same period of the previous government.
According to data released by the General Administration of Customs of Cambodia, the total export value of Cambodia in the first eight months of this year reached 17.58 billion US dollars, a year-on-year increase of 16.7%, and the total import value reached 18.9 billion US dollars, a year-on-year increase of 16.2%. In addition, Cambodia's international trade volume (imports and exports) reached 36.48 billion US dollars, a year-on-year increase of 16.5%, with a trade deficit of 1.32 billion US dollars. China continues to be Cambodia's largest trading partner, and the United States remains its largest export destination.
Recently, in order to address the challenges faced by local micro, small, and medium-sized enterprises (MSMEs), the Cambodian Ministry of Industry, Science, Technology, and Innovation (MISTI) held a forum event. The event was chaired by Hem Vanndy, Minister of Industry, Science, Technology and Innovation, and attended by 260 delegates, including representatives from the private sector, development partners (including United Nations agencies), and officials from multiple government agencies.
Vice Premier and First Vice Chairman of the Development Council, Sun Zhantuo, stated that the "CDC Investment Project Management System" (CDCIPM) aims to simplify the investment process through digital means and further stimulate economic growth. This system will allow enterprises to apply for and register investment projects through online platforms, replacing traditional paper document submission methods and greatly improving the convenience and efficiency of applications.
According to a latest report released by the Cambodian Ministry of Commerce, Cambodia's trade volume with Regional Comprehensive Economic Partnership (RCEP) countries reached 19.87 billion US dollars in the first seven months of 2024, a synchronous increase of 16.8%. During this period, Cambodia's bilateral trade volume with RCEP accounted for 62.9% of Cambodia's total trade volume.
Some economic commentators believe that due to the gradual shift of China's supply chain to Southeast Asia, it is expected that Chinese companies' foreign direct investment (FDI) in Cambodia's manufacturing industry will continue to increase in the near future. According to Michael Glancy, the regional head of Jones Lang LaSalle in Thailand, as enterprises implement the "China+1" strategy, that is, to establish more manufacturing bases outside Chinese Mainland to mitigate the impact of supply chain disruption, Southeast Asian countries are expected to benefit from it.
According to a report from the National Bank of Cambodia, in the first half of this year, the Cambodian government raised approximately $62 million from domestic investors through the issuance of government bonds to support public investment projects. This data highlights the increasing confidence of domestic investors in Cambodia's economic prospects and government financial management.
During Prime Minister Hun Manet's first visit to China after taking office last year, the two countries signed an action plan (2024-2028) on building a community with a shared future for China and Cambodia in the new era. Chinese Ambassador to Cambodia Wang Wenbin stated in a joint interview with mainstream Cambodian media such as the Cambodia China Times that cooperation in various fields between China and Cambodia will move towards higher quality, higher level, and higher standards. There is great potential for cooperation between the two countries, and the future is promising.
Phnom Penh, July 8 (Xinhua) -- The Cambodian Development Council recently released a report stating that from January to June this year, the agency approved a total of 190 new investment and production expansion reinvestment projects, with a total investment of over 3.2 billion US dollars, expected to create over 168000 job opportunities for local residents.
By 2050, nearly 40% of Cambodia's population will be concentrated in urban areas. It is expected that in the next 35 years, the country will urbanize at an average rate of 2.5% per year, with this trend particularly evident in its capital Phnom Penh, which has nearly 2.8 million residents and is not only the most populous city in Cambodia, but also attracts nearly three-quarters of the country's industrial investment in its surrounding areas.
According to the Khmer Times, in order to become a member of developing countries, the Cambodian government has launched the "2023-2033 Comprehensive Master Plan for Cambodia's Transit and Logistics System" to improve the trade convenience of the manufacturing industry and reduce the overall cost of economic and trade logistics.