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Cambodia attracts investment in construction projects worth 1.96 bln USD in first 9 months

Copyfrom:Xinhua News agencyPost Time:2022-12-02 10:44:31

PHNOM PENH, Dec. 1 (Xinhua) -- Cambodia had provided licenses to 3,176 construction projects with a total investment of 1.96 billion U.S. dollars in the first nine months of 2022, a senior official said here on Thursday.

Leang Monirith, secretary of state at the Ministry of Land Management, Urban Planning and Construction (MLMUPC), said most foreign investors in the kingdom's construction and real estate are from China, South Korea and Japan.

"Over the last decade, investment in construction has grown steadily and will continue to grow, especially in the construction of high-rise buildings such as condominiums, shopping malls, business centers, office buildings, hotels, multi-purpose buildings, schools, hospitals and banks, among others," he said during the opening ceremony of a construction expo in capital Phnom Penh.

The official attributed the progress in the construction and real estate sector to strong confidence from investors in the country's peace, security, and political and economic stability.

Construction is one of the four pillars supporting the Southeast Asian nation's economy. Three other sectors are garment export, tourism and agriculture.

According to the ministry, as of June 2022, the kingdom had 2,472 high-rise buildings (between five and over 40 floors), and 482 locations of new towns and residential complexes, mostly in the capital.



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