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Prime Minister Hun Manet sought on Wednesday to ease concerns over Cambodia’s investment climate, addressing the country’s reputation for online scam operations during a ceremony marking new infrastructure projects in the northern province of Stung Treng.
“They say our country has a war, our country has scams, no one comes to invest,” Hun Manet said. “Whether big or small issues, we must accept and resolve them, and investment continues to be attractive,”
The government would offer investment incentives in the northern provinces, including tax and customs benefits and low-interest loans, he added.
The 48-year-old leader also called for greater investment in agriculture, agro-industry and tourism in Stung Treng and the neighboring provinces of Kratie, Mondulkiri and Ratanakiri.
Cambodia’s economy has slowed in recent months, hit by border closures with Thailand following last year’s conflict, an energy crunch linked to war in the Middle East, and reputational damage tied to the country’s online scam industry. Hun Manet pointed to billions of dollars in existing investment despite the headwinds.
The government received over 70 project proposals in the four provinces in the first six months of this year, he said, representing a total investment of $2.7 billion and expected to create around 80,000 jobs. More than 95% of proposed investment projects in the area became operational within three years, he added.
Hong Vannak, an economist at the Royal Academy of Cambodia, said the northern provinces needed clear master plans to attract investment and tourism, including infrastructure development and designated community and border development zones.
Investment plans must be backed by practical procedures and regular monitoring and evaluation, he said.
“I think investment projects have to thoroughly consider farmland where people have been cultivating along the border and ensure it is protected,” Vannak said. “Development should not mean that investors or powerful people can abuse people’s land, as these disputes cannot be resolved endlessly.”
