Chinese Investors Commit USD 2 Billion to Transform Kampong Speu Province

• 24 December 2024
• Local News
• 823 Views

Chinese investors have pledged a transformative USD 2 billion investment into Kampong Speu Province, aiming to invigorate its economy, expand manufacturing capacity, and create approximately 30,000 job opportunities. This landmark announcement was made by HE Cheam Chansophoan, Governor of Kampong Speu, during a high-profile visit to Hong Kong on 21 December 2024.

This significant financial commitment will bolster multiple sectors, including garments, footwear, travel accessories, furniture, and home decor, solidifying Kampong Speu as a growing industrial hub. Highlighting the province’s surging economic potential, HE Chansophoan noted that 25 additional companies are showing strong interest in establishing operations within the province.

This interest comes from opening 30 new factories in the first half of 2024, further underscoring the province’s growing allure for foreign investment. Kampong Speu is home to 423 factories and nearly 1,000 small and medium enterprises employing over 200,000 workers, with approximately 90% of investments linked to Chinese entities.

The surge in Chinese investment reflects a broader trend in Cambodia’s economic landscape. According to the Council for the Development of Cambodia, 2024 has approved 414 investment projects, representing a 54% increase from the previous year. These projects collectively amount to USD 6.9 billion and are expected to generate around 330,000 jobs nationwide.

Kampong Speu’s manufacturing and economic powerhouse trajectory is reinforced by this influx of foreign investment, particularly from China. The province’s growing industrial base, coupled with increasing investor confidence, points to a promising future of economic growth, job creation, and enhanced regional connectivity. Local leaders remain optimistic as they prepare for this significant investment’s vast opportunities.

• Investment and Funding
• Cooperation and networking