PHNOM PENH, Jan 7 (Reuters) - Foreign direct investment in Cambodia probably fell in 2008 and, given the dire state of the world economy, may drop again in 2009, but it could pick up the following year, the World Bank said on Wednesday.
Cambodia's investment agency said projects worth nearly $6 billion were approved last year but the value of actual inflows will not be known for some time.
Many of the approved projects were island resorts and construction projects largely invested in by Chinese and South Korean firms, said Soun Siththy, Deputy Director of the Council for the Development of Cambodia (CDC).
The World Bank has projected FDI inflows at around $800 million last year and World Bank economist Huot Chea said they could fall further, 'probably to below $600 million', in 2009.
Cambodia said foreign investment of some $2.667 billion was approved in 2007 but the World Bank said the actual inflow was only $866 million.
The widespread economic slowdown, 'not political risk', was the main factor behind the drop in foreign investment, Huot Chea said.
However, the Bank expected inflows to recover in 2010 if the global economy bounced back.
China, Cambodia's biggest aid donor, has also been the leading investor in the country, followed by Malaysia and South Korea, according to World Bank data covering 1995 to the first half of 2008.
(Reporting by Ek Madra; Editing by Alan Raybould)
Cambodia's investment agency said projects worth nearly $6 billion were approved last year but the value of actual inflows will not be known for some time.
Many of the approved projects were island resorts and construction projects largely invested in by Chinese and South Korean firms, said Soun Siththy, Deputy Director of the Council for the Development of Cambodia (CDC).
The World Bank has projected FDI inflows at around $800 million last year and World Bank economist Huot Chea said they could fall further, 'probably to below $600 million', in 2009.
Cambodia said foreign investment of some $2.667 billion was approved in 2007 but the World Bank said the actual inflow was only $866 million.
The widespread economic slowdown, 'not political risk', was the main factor behind the drop in foreign investment, Huot Chea said.
However, the Bank expected inflows to recover in 2010 if the global economy bounced back.
China, Cambodia's biggest aid donor, has also been the leading investor in the country, followed by Malaysia and South Korea, according to World Bank data covering 1995 to the first half of 2008.
(Reporting by Ek Madra; Editing by Alan Raybould)
5 comments:
All investment were faked!
No real investment will go into the country if ah kwak Hun XEn 's goverment is currupted like right now!
Systematic corropted to kill Cambodia as a Nation!
May lighning strike the mother fuckers!!!!!
What do you mean " are faked"? I saw the pictures and the prototype of CamKo city, the gold tower, anf the financial building, with my one eye!$#^?
HUN XEN, PhD/Hanoi
No surprise when Pouk Ah Scam Rainxy constantly pushing our investors out of the country for their own political gain. They don't give a shit about Khmer people.
11:29,
Shut ta fuck up Ah Mok Krass undersea begger! go screws your Viet whore mother in the ass! Ah thork tiep begger!!
If business stability is to be narrowly defined as a complete lack of change...all progress and invention must be ruled out as factors in our economic well-being.
I would like to see Camko City and Gold tower build in the Kingdom of Cambodia.Thank you!!
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