Powering Progress: Industry Sector Set to Drive 39% of Cambodia’s GDP Growth in 2023

• 4 August 2023
• Local News
• 2458 Views

Cambodia’s industrial prowess continues to surge, poised to shape the nation’s economic landscape with a forecast of contributing 39% to the Gross Domestic Product (GDP) in 2023, a notable increment from the 38% registered in the preceding year.

The industry sector’s ascending trajectory was underscored by HE Heng Sokkung, the Secretary of State and spokesperson for the Ministry of Industry, Science, Technology and Innovation.

HE Heng Sokkung’s insights illuminated the pivotal role of progressive policies, such as the new investment law and strategic free trade agreements, including the landmark RCEP (Regional Comprehensive Economic Partnership). These facets collectively position Cambodia as an increasingly alluring destination for foreign investment, heralding substantial contributions to the nation’s economic expansion.

“In this dynamic economic landscape, we are witnessing a commendable surge in investment growth. With the anticipatory industry sector growth of 39% in 2023, we are set to significantly bolster our GDP,” the secretary of state affirmed.

“This meteoric rise in investment inflow is a testament to the government of Cambodia’s unwavering dedication to transformative reforms, strategically designed to foster a vibrant business ecosystem. The synergy between forward-looking policies and the enticing investment landscape is expected to amplify Cambodia’s global economic standing, stimulating further interest and engagement from international investors,” HE Heng Sokkung added.

In the economic tableau of 2022, the industry sector was already a powerhouse, commanding a significant 38% of the nation’s GDP. The impact of this growth was further augmented by the services and agriculture sectors, collectively steering Cambodia toward a more diversified and resilient economic future.

The fervent pursuit of growth is manifest in tangible achievements as well. The Council for the Development of Cambodia’s data for the first half of 2023 is a testament to this ambition, with the approval of a substantial 113 new investment projects and expansion initiatives, encompassing a formidable total capital of US$1.1 billion.

This decisive leap mirrors Cambodia’s dynamic transformation and its strategic trajectory toward becoming a thriving hub of industrial and economic vitality.

• Economy and Finance