The Council for the Development of Cambodia has approved 53 investment projects in the first half of the year, worth a total of US$1.2 billion
- From: Chim <ChimS1@xxxxxxx>
- Date: Wed, 15 Jul 2009 02:26:24 -0700 (PDT)
http://www.phnompenhpost.com/index.php/2009071527159/Business/govt-approves-12b-in-fdi-in-first-half-down-73-percent.html
FDI in first half, down 73 percent
Wednesday, 15 July 2009 14:01 Ros Dina
Economic crisis blamed for major drop from $4.43 billion in first half
of 2008 amid assurances Cambodia remains attractive for foreign direct
investment
THE Council for the Development of Cambodia (CDC) has approved 53
investment projects in the first half of the year, worth a total of US
$1.2 billion, according to statistics released Monday.
The figures represent a sharp drop from the first half of 2008, when
the CDC approved $4.43 billion in investments, including a $3.8
billion tourist development in Koh Kong by Chinese Union Development
Group.
A CDC official, who declined to be named, said investment had taken a
hit from the global financial downturn, but that in relative terms the
Kingdom remained an attractive destination for investors.
"Today's economic crisis has caused direct influxes of capital around
the world to decline by 50 percent in the first half of 2008, and
cross-border investment to decrease 77 percent," the official said.
Of the investments approved, $354 million went to the tourism sector,
$323 million to agriculture, $303 to industry and $241 million to
other private-sector developments.
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Our FDI is still in a favourable condition despite the world economic
crisis.
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The CDC official added that Cambodia's pre-existing investment
projects had boosted the current economic activity in the country and
would continue to propel private-sector development.
He noted, "If no companies came to invest, many other sectors would be
sure to grind to a halt. But as long as factories are built, workers
are needed.... This will create job opportunities for transportation
service providers and other services. What is more, they will pay
taxes to the government."
Sok Sina, an independent economic analyst, agreed that most CDC-
approved investment projects are now being carried out since the
authority had started vetting them more strictly.
"Generally speaking, we are happy to see that many requested
investment projects are in operation. It is a good sign for Cambodia's
economy, and our FDI is still in a favourable condition despite the
world economic crisis."
According to the CDC, ASEAN countries, including Thailand, Vietnam,
Singapore and Indonesia, were the leading sources of investment money
in the first half, with $389 million in investments. Second to ASEAN
were other Asian investors - including from China, Korea, Taiwan,
Japan and Hong Kong, which have invested a total of $367 million.
.
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