Construction Investment Up 79% In 2019
PHNOM PENH, Dec. 25 (Xinhua) — Cambodia’s construction sector attracted a total investment of 9.35 billion U.S. dollars in 2019, up 79 percent from 5.22 billion dollars in 2018, according to an official report on Wednesday.
Released by the Ministry of Land Management, Urban Planning and Construction (MLMUPC), the report said the ministry had granted licenses to 4,446 construction projects this year, up 55 percent from 2,867 projects last year.
Key investors in the kingdom’s construction and real estate are from China, South Korea and Japan.
MLMUPC’s Minister Chea Sophara attributed the remarkable growth in the construction sector to peace, political stability, favorable law and incentive policy for investors, and sound macroeconomic stability.
“Peace and political stability are the most important factors that attract more investment to Cambodia,” he said during the ministry’s annual conference.
MLMUPC’s secretary of state Theng Chansangvar said the Southeast Asian country currently had 1,624 high-rise buildings (between five and 54 floors) and 298 locations of new towns and residential complexes.
He said most of the high-rise buildings and new towns are located in Phnom Penh, capital of Cambodia.
Construction is one of the four pillars supporting the Cambodian economy. Other three are garment industry, tourism and agriculture.
According to the report, some 1,081 construction and home design companies are operating in the country, generating approximately 150,000 jobs. XINHUA