Chinese Investors Set to Inject USD 2 Billion into Kampong Speu Province

• 24 December 2024
• Local News
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In an exciting development for Kampong Speu Province, Chinese investors have committed to an impressive investment of approximately USD 2 billion, poised to invigorate the local economy and create thousands of jobs. This commitment was announced by HE Cheam Chansophoan, the Governor of Kampong Speu, during a high-profile visit to Hong Kong on December 21, 2024.

The investment is set to bolster various sectors, including garments, footwear, travel accessories, furniture, and home decor, leading to around 30,000 job opportunities for local workers. Such a substantial influx of investment highlights the growing interest of foreign investors in Cambodia as a prime destination for manufacturing and production.

During the visit, HE Chansophoan revealed that 25 additional companies are expressing strong interest in establishing operations in Kampong Speu, signalling a robust and expanding business environment. The province has already seen remarkable growth, with 30 new factories opening in the first half of 2024. Currently, Kampong Speu hosts about 423 factories alongside nearly 1,000 small and medium enterprises, employing over 200,000 workers, with approximately 90% of these investments linked to Chinese entities.

This surge in investment is part of a broader trend, as highlighted by recent data from the Council for the Development of Cambodia. In 2024 alone, 414 investment projects have been approved—an increase of 54%—totalling an impressive USD6.9 billion and promising to generate about 330,000 jobs nationwide.

As Kampong Speu positions itself as a burgeoning hub for industry and commerce, the commitment from Chinese investors is a promising indicator of the province’s potential for economic growth and development. Local officials and businesses alike are optimistic about the future as they prepare for the wave of opportunities this investment will bring.

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