Wednesday, 17 July 2024
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Agriculture

Cambodia seeks to invest in technology and agriculture

  • Cambodia’s new investment law has given Chinese investors preference in high-tech industries and the agricultural sector.
  • Within the first nine months of 2023, the CDC approved investment projects totaling almost $4 billion.
  • Cambodia hopes to see more businesses utilizing cutting-edge technology to better meet export demands.

To improve the nation’s investment climate and promote the Kingdom as an investment destination, Cambodia’s new investment law has given Chinese investors preference in high-tech industries and the agricultural sector.

The law lists nineteen priority sectors, the most urgent of which are the high-tech, innovative sectors; the others are the agricultural, agro-industrial, and food processing sectors.

Technology and agriculture

Within the first nine months of 2023, the CDC approved investment projects totaling almost $4 billion, of which approximately $3.04 billion came from Chinese investors, accounting for 76% of the total.

Additionally, to assist Chinese funders, the CDC has set up a “China Desk.” It’s anticipated that investor concerns will be discussed at the 19th Government-Private Sector Forum, which Prime Minister Hun Manet will chair.

Thanks to Cambodia’s strategic location, highly skilled labor force, and favorable tariffs from major international markets, economist Hong Vanak of the Royal Academy of Cambodia emphasized the benefits of the new investment law.

He emphasized how FDI has been steadily increasing in Cambodia over the years, especially from China, and in several different sectors.

While the country continues to prioritize investments in agriculture and the agro-industry, Cambodia hopes to see more businesses utilizing cutting-edge technology to better meet export demands and develop human resources.

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