Economy

Located in Phnom Penh Posted by pheara

Double-digit economic growth rates in recent years have triggered an economic boom, with new hotels, restaurants, bars, and residential buildings springing up around the city. Phnom Penh's wealth of historical and cultural sites makes it also a very popular tourist destination. The main economy is based on commercial such as garments, trading, small and medium enterprises. The property business is booming since the past few years. Real estate is now getting very expensive. The two new sub-cities are under construction, where investors from Korea and Indonesia join with Cambodian investors. The investment project of Camko-city is estimated about more than 200 millions and will be finished in 2018.

Because of its budget airlines flying from nearby countries directly to Phnom Penh, the leisure and business travellers are coming to enjoy themselves or to look for investment opportunities in Cambodia. So also the hotel business is likely more and more improving.

As Kandal province is around Phnom Penh it serves as an economic belt of the capital. For instance Cambodia has become the sixth largest garment exporter in the world in 2007 (most of these factories are in Kandal Province). The industry created job opportunities for about 0.5 million Cambodians and generated some 0.3 billion U.S. dollars of monthly payment for the employees. Also agricultural exports flourished in 2007, as palm oil, peanuts, rice, pepper and other rural products became ever more popular in the international markets.
Finally, luxury real estate project like the Longing Resort in Kandal province was demolished on July 31, as it expanded its land illegally and in effect constituted menace to the safety of the capital. The Asia Development Bank put Cambodia's economic growth rate for the past year at 9.5 percent and nine percent in 2008, while the Cambodian government gave a conservative estimation of seven percent both in 2007 and 2008.

 

 

 

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