Kampong Speu Province has attracted the most investment projects in the last 12 months

Kampong Speu province has become an attractive destination for new business investment from September 2023 to August 2024. Above province received 95 new investment projects approved by the Council for the Development of Cambodia (CDC), the highest total number of investment approvals in provinces across the country during this period.

Newly approved projects in Kampong Speu accounted for a quarter of total project approvals nationwide over the same period, with the CDC approving a total of 391 projects nationwide in the last 12 months.

According to H.E. Dr. Cheam Chansophoan, Governor of Kampong Speu Province, recently, the province has received the highest number of new investment projects in recent years with a total of 95 approved projects. Svay Rieng province was also a prominent province during the same period, with 73 new investment projects approved by the CDC in the last 12 months. Types of investment projects include investment in industry and manufacturing (52%), infrastructure (39%), tourism-related investment (8%) and agriculture and agro-processing (8%).

According to the H.E. governor, the approval of 391 nationwide investment projects between September 2023 and August 2024 represents a total investment of more than US$7.5 billion, as well as the potential for nearly 341,000 new jobs.

He also noted that many new investments are outside the SEZ, which is made up of 261 of the 391 newly approved investment projects outside the SEZ and 130 in Special Economic Zones.

The H.E. Governor also praised the significant growth of new investment throughout the country under the leadership of the Royal Government of Cambodia of the 7th legislature.

In the last 12 months, the governor confirmed that the approval of new investment projects increased by 168 projects, which is 160% higher than the investment approved during the previous year.

The project, which was approved by the CDC last year, also reflects the rapid increase in investment capital to nearly US$4.67 billion during the period.

In terms of sources of investment capital, China is still the dominant force in the inflow of investment markets. More than 60.4 percent of new project investment came from Chinese sources in the last 12 months, while domestic investment accounted for 32.3 percent of the total. This means that about 7% of the investment inflows for new investment projects are from other international destinations.

The ongoing flow of investment in Kampong Speu province shows the continued confidence of large investors who are expected to start projects in the region and in Cambodia as a whole.

Currently, Kampong Speu is the second province after Phnom Penh in terms of the total number of factories and business enterprises in operation, according to a data survey conducted by the Ministry of Labor and Vocational Training in 2023.

By 2023, Kampong Speu province will have a total of 385 factories and enterprises. To run these enterprises, the province has employed more than 155,000 workers.

While traditional manufacturing industries such as garments are still dominant in the province, diversification is rapidly occurring towards this type of manufacturing investment.

Of the 385 operations surveyed in 2023 by the Ministry of Labor and Vocational Training, 191 were garment factories.