Monday, September 28, 2009

Cambodia Approves USD84 Million Worth Of Investments In August

PHNOM PENH, Sept 28 (Bernama) -- The Cambodian government approved US$84 million in investment applications in August, taking the total value of approvals for the year to date to USD1.56 billion, China's Xinhua news agency said quoting a local media report on Monday.

The new approvals included three agriculture and three industrial projects, the Phnom Penh Post quoted the Council for the Development of Cambodia (CDC), the government's chief investment body, as saying.

In August last year, the government approved US$652 million worth of investments, and the first eight months of 2008 saw the approval of US$8.99 billion worth of investment projects.

The Post said Youn Heng, deputy director of the Evaluation and Incentive Department at the Cambodian invesment Board (CIB), a body of the CDC, said he was too busy to comment Friday.

However, he said last month that although the number and value of applications was falling due to the economic crisis, a few very large project approvals contributed to heavily inflated investment figures last year, including a US$3.8 billion proposal, the largest approval last year, by Chinese company Union Developmem Group Co. to build a coastal development in Koh Kong.

Kang Chandararot, director of the Cambodia Institute of Development Study, said the drop in approvals in tourism and real estate was being offset by investments earmarked for the agriculture, industrial and agro-industrial sectors.

The International Monetary Fund projected Wednesday that foreign direct investment in Cambodia would be worth US$490 million this year, down from US$815 million in 2008.

7 comments:

Anonymous said...

the government keep aproved on million and billion dollar worst of buissiness invesment but hardly see anything.

Anonymous said...

Government needs to have all sort of evidents to prove to the people that they are working hard to rebuilding the country, e.g. new roads, hospitals, schools, Universities, housing and other developments such as; every 1ooo houses a)1 school b)6 police officers c)1 play ground d)1 lake for leisure extra. if you give peace to people, you get peace back in return, all government needs to do is be honest to themselves. in peace my friends

Anonymous said...

4:42PM,
Your ideas are good, but Cambodia with a dictator who himself has no general education, your good ideas can't be applicable.

Every time Hun Sen begs to be invited to preside over any big ceremony, he has no speech about the value of education. Why? because he's not an educated man. But he has plenty of words to exalt himself and to despise his opponents. He arrogantly eloquent at how to get rid of those who dare to challenge him, and at how to provoke his henchmen to suppress the people.

Anonymous said...

Continued progress and an increase in the standard of living requires foreign investment and therefore these projects should be applauded. That having been said, there needs to be a level of transparency which respect to large land transactions to prevent corruption and projects which run in opposition to local residents.

Anonymous said...

let the tiger guard the meat?

Anonymous said...

There should be a co-operate land managements or a watch dog for all the lands that belongs to cambodian people, not for privatisation that is. It should be sub-divided with the approval of the city councils before individual can build a house or a farm or anything to it. Governments have no right to privatise land without people consent because it is not government's land in the first place, it is people's land and it needs to through certain co-operate managements e.g. head of the councils working in conjecttion with other branch committees around the country before land is approval to do anything to it. In addition people have the right to debate based on what is right or wrong because some areas need to be preserved...So, khmer government needs to learn about the law of the land and respect it. Not salling them anytime, anywhere you like...

Anonymous said...

when cambodia implement the rule of law, there is nothing to worry about because we will use the law to deal with those who are doing illegal activity in cambodia, really! that's why we all have to demand the rule of law society in cambodia, really!