Phnom Penh (FN), Jan. 9 – The Chinese Embassy in Cambodia claimed that China has been Cambodia’s major source of investment, citing the recent report released the National Bank of Cambodia (NBC).

“According to recent figures released by the National Bank of Cambodia, in 2019, Cambodia attracted a total of USD 3,500 million foreign direct investment (FDI), an increase of 12 percent over the same period in 2018,” the Chinese Embassy in Cambodia wrote on its Facebook on Thursday.

“China is the leading source of FDI, accounting for 43 percent of the total figure,” the embassy underlined.

According to the recent NBC’s Macroeconomic and Banking Progress 2019 Report and 2020 Outlook showed that some USD 2.3 billion worth of FDI was poured into the financial sector, and the other USD 1.2 billion into non-financial sector.

Data by country showed that Chinese FDI made up 43 percent of the total investment, the Republic of Korea 11 percent, Vietnam seven percent, Japan and Singapore six percent, and other countries 27 percent.

The NBC report also indicated the Kingdom’s economic growth rate reaching 7.1 per cent last year, with an inflation approximately 1.9 percent. It also forecasts economic growth to be at seven percent with an inflation rate of some 2.3 percent in 2020.

Cambodian Prime Minister Hun Sen pledged to improve investment climate, giving credits to peace and political stability, effective macroeconomic and transparent legal institutional frameworks.