PHNOM PENH, Nov. 6 (Xinhua) -- About 1,273 industrial factories, or 54.7 percent of Cambodia's total industrial factories, have been invested by China, Cambodia's Ministry of Industry, Science, Technology and Innovation said on Tuesday.
"As of October 2024, Cambodia has 2,326 industrial factories, with 1,273 receiving investments from China, amounting to 9.086 billion U.S. dollars, or 45.49 percent of Cambodia's total investment capital," the ministry said in a press release.
"Cambodia and China have a long-standing friendship, and our collaboration in industry and technology serves as a key pillar of the Diamond Cooperation between the two countries," Hem Vanndy, minister of the industry ministry, said in the press release.
"China is Cambodia's top foreign investor in manufacturing, a sector that will continue to lead Cambodia's growth in the future," he said. "As we prepare for our graduation from Least Developed Country status in 2029, we look forward to enhancing our cooperation with China, particularly in local raw material production to meet increasingly stringent market requirements."
Neak Chandarith, director of the Cambodia 21st Century Maritime Silk Road Research Center, said Chinese-funded enterprises have played a crucial role in helping boost Cambodia's economy and improving local people's livelihoods.
"Chinese-invested projects under the Belt and Road Initiative such as the Sihanoukville Special Economy Zone, hydropower plants, Phnom Penh-Sihanoukville Expressway, the Siem Reap Angkor International Airport, roads and bridges, among others, have played and will continue to play a vital role in supporting the kingdom's economy," he told Xinhua.■