Cambodia Attracts Nearly US$20bn in Industrial Investments in Q1-2024

• 4 May 2024
• Local News
• 2495 Views

In a remarkable surge of industrial investment, Cambodia has secured close to US$20 billion in industry-related investments during the first quarter of 2024, marking a substantial increase of 13.55% compared to the same period in 2023. This significant milestone was announced by HE Hem Vandy, Minister of Industry, Science, Technology, and Innovation, during the official inauguration of the Toyota Assembly and Assembly Plant on 2 May 2024, presided over by Cambodia’s Prime Minister Samdech Hun Manet,.

Highlighting the profound impact of these investments, Minister Hem Vandy underscored the pivotal role of the newly inaugurated Toyota car assembly and assembly plant in propelling Cambodia’s automotive industry towards greater economic growth, job creation, and technological advancement.

He expressed optimism that the operation of this facility would serve as a catalyst for attracting more foreign investors to Cambodia’s burgeoning industrial landscape.

Echoing these sentiments, Kashitani Ichiro, President and CEO of Toyota Tsusho Corporation, affirmed the company’s commitment to not only manufacturing vehicles but also to nurturing talent and expertise in the automotive sector. With plans to establish a dedicated school for Toyota training, the corporation aims to contribute significantly to Cambodia’s industrial development.

The Toyota assembly plant, situated within the Phnom Penh Special Economic Zone and valued at over US$36 million, has been officially inaugurated, boasting the capacity to assemble two prominent car models: the FORTUNER SUV and the HILUX brand PICK-UP. This monumental development signals a promising trajectory for Cambodia’s automotive industry and underscores its attractiveness as a prime destination for industrial investment. (Read more)

• Investment and Funding