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Cambodia Definitions and sources of data Data on foreign direct investment (FDI) in Cambodia are reported by the National Bank of Cambodia (NBC) as part of the balance-of-payments statistics. The Bank collects FDI data on the financial sector and uses data reported by the Cambodian Investment Board (CIB) of the Council for the Development of Cambodia (CDC) in estimating FDI flows to non-financial sector. FDI data are collected through surveys conducted by the Bank on financial sector and through estimation on non-financial sector. Under the August 1994 Law on Investment, which governs all investment projects in Cambodia, investors are required to submit their proposals to the CDC for review and approval. The 1994 Law was recently amended by the Law on the Amendment to the Law on Investment of the Kingdom of Cambodia on 3 February 2003. Cambodia is a very liberal and open economy for investment. The CDC is a one-stop service agency and the sole organization responsible for defining the overall framework of investment strategies, coordinating intergovernmental activities, and approving projects. The CIB, an operational arm of CDC, submits its project evaluations to CDC and provides foreign investors with the necessary information and assistance for obtaining the required authorization and facilities for the setting up of business. There are no sectors in which foreign investors are denied national treatment (except for land ownership). In a drive to encourage private sector investment, incentives are provided in various sectors, including tourism, infrastructure and power generation, and enterprises located in the Special Promotion Zone. The privatization of state-owned enterprises together with the country's signing of various international treaties and bilateral agreements is expected to help improve the investment climate. For instance, Cambodia joined the WTO in 2003 and is a contracting party to various ASEAN economic agreements, including the Framework Agreement on the ASEAN Investment Area. Inward FDI flows data are available from the NBC and approval data are available from CIB. The NBC reports inward FDI data based on the data it collects on the financial sector and estimates it made on the non-financial sector. The latter are based on approval data of the CIB. The NBC reports data on the three components of FDI (i.e. equity, reinvested earnings and intra-company loans), and by geographical origin and industrial sector breakdown. Approval data are available by geographical origin and industrial sector breakdown, and include a component of domestic investment. No data on outward investment are available officially. Inward stock data are not available as such, but are estimated as accumulated inflows since August 1994. The International Monetary Fund reports data on FDI flows to Cambodia, with a breakdown on equity investment, reinvested earnings and intra-company loans. No information is available concerning outflows.

Statistics on FDI and the operations of TNCs

Table 1. Summary of FDI

Variable Inward Outward

1. FDI flows, 1999-2002 (annual average) 145 ..

2. FDI flows as a percentage of GFCF, 1998-2001 (annual average) 42.0 ..

3. FDI stocks, 2002 1 503 2

4. FDI stocks as a percentage of GDP, 2002 41.0 0.1

Source : Based on tables 3a and 4a and UNCTAD, FDI/TNC database.

Table 2. Summary of international production

(Number)

Variable Home-based TNCs

Affiliates of foreign TNCs in Cambodia

Foreign affiliates of

home-based TNCs abroad

1. Number, 2002 .. 782 ..

2. Employees, 2002 337 205

Source: Based on table 22 and Cambodian Investment Board, Phnom Penh, unpublished data.

(Millions of dollars)

Notes : The figure for number is based on cumulative investment projects approved between 1994 and 2002, andincludes joint-venture projects with local investors. The number of employees refer to the cumulative number ofemployment in approved projects from 1994 to 2002.

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UNCTAD WID Country Profile: CAMBODIA page 3 of 18

Table 3a. FDI flows, by type of investment, 1992-2002


Inward investment Outward investment

Year EquityReinvested

earnings Other Total EquityReinvested

earnings Other Total

1992 .. .. .. 33.0 .. .. .. ..1993 .. .. .. 54.1 .. .. .. 2.01994 .. .. .. 68.9 .. .. .. ..1995 .. .. .. 150.7 .. .. .. ..1996 .. .. .. 293.7 .. .. .. ..1997 .. .. .. 168.1 .. .. .. ..1998 .. .. .. 271.9 .. .. .. ..1999 .. .. .. 232.0 .. .. .. ..2000 .. .. .. 148.8 .. .. .. ..2001 .. .. .. 148.3 .. .. .. ..2002 .. .. .. 53.8 .. .. .. ..

Source : Based on Table 6a; ASEAN Secretartiat, ASEAN FDI database; and UNCTAD, FDI/TNC database.

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Table 3b. FDI flows, by type of investment, 1992-2001






1992 33.0 .. .. 33.0 .. .. .. ..1993 55.6 - 1.5 .. 54.1 .. .. .. ..1994 72.9 - 4.0 .. 68.9 .. .. .. ..1995 154.6 - 3.8 .. 150.8 .. .. .. ..1996 131.8 1.6 160.2 293.6 .. .. .. ..1997 51.6 1.1 151.0 203.7 .. .. .. ..1998 34.3 - 1.6 88.0 120.7 .. .. .. ..1999 51.0 8.6 84.0 143.6 .. .. .. ..2000 26.8 8.9 76.0 111.7 .. .. .. ..2001 50.7 2.4 60.0 113.1 .. .. .. ..

Source: Inward FDI flow data were retrieved from the balance-of-payments tape of the International Monetary Fund inAugust 2003.

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Table 4. FDI stocks, by type of investment, 1990-2002






1990 .. .. .. 37.7 .. .. .. ..1991 .. .. .. 37.7 .. .. .. ..1992 .. .. .. 70.7 .. .. .. ..1993 .. .. .. 124.9 .. .. .. 2.01994 .. .. .. 193.8 .. .. .. 2.01995 .. .. .. 355.9 .. .. .. 2.01996 .. .. .. 941.8 .. .. .. 2.01997 .. .. .. 927.2 .. .. .. 2.01998 711.2 - 8.1 496.0 1 199.1 .. .. .. 2.01999 804.8 0.6 626.1 1 431.5 .. .. .. 2.02000 914.1 9.5 656.3 1 579.9 .. .. .. 2.02001 1 058.4 11.8 658.0 1 728.2 .. .. .. 2.02002 1 106.5 15.6 661.0 1 783.1 .. .. .. 2.0

Source : National Bank of Cambodia staff estimates; ASEAN Secretartiat, ASEAN FDI database; and UNCTAD, FDI/TNC database.

Notes: FDI st ocks are based on an accumulation of flows. Data for 1998-2002 were from data in table 6a, which were provided by the Council for the Development of Cambodia, and National Bank of Cambodia staff estimates. Outward FDI flows data were obtained from UNCTAD, FDI/TNC database. The 1998-2002 data are provisional and could subject to chang

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Table 5. Approved FDI flows in the host economy, by industry, 1994-2002


Sector/industry 1994 1995 1996 1997 1998 1999 2000 2001 2002Total 504.3 2 032.0 714.9 674.3 736.6 248.0 181.4 146.1 155.1

Primary - 33.2 107.3 13.3 61.6 38.8 1.3 - -Agriculture, hunting, forestry and fishing - 7.7 102.3 13.3 51.6 38.8 1.3 - -

Agriculture and hunting - 7.7 102.3 13.3 51.6 38.8 1.3 - -Growing of crops, market gardening, horticulture - 1.3 102.3 12.6 51.6 38.8 1.3 - -

Growing of cereals and other crops n.e.c - 1.3 12.9 6.6 51.6 20.2 1.3 - -

Growing of vegetables, horticultural specialties, nursery products - - 89.4 6.0 - 18.6 - - -Farming of animals - 6.4 - 0.7 - - - - -

Farming of cattle, sheep, goats, horses, asses, mules and hinnies; dairy farming - 6.4 - 0.7 - - - - -

Mining, quarrying and petroleum - 25.5 5.0 - 10.0 - - - -Secondary 79.4 197.8 409.4 519.3 336.9 148.9 46.1 80.7 68.9

Food, beverages and tobacco 58.9 41.1 49.4 8.5 16.4 2.0 3.5 5.9 -Textiles, clothing and leather 19.1 25.7 47.6 95.0 115.9 118.5 38.2 18.6 27.5

Textiles - 0.0 8.7 - - 57.8 4.1 - 14.0Clothing 19.1 24.3 38.0 94.4 115.9 60.8 34.1 18.6 13.6Leather and leather products - 1.4 0.9 0.6 - - - - -

Wood and wood products - 5.3 189.0 51.3 192.0 5.6 1.4 2.3 -Paper and paper products - 5.3 189.0 4.8 192.0 5.6 1.4 2.3 -

Coke, petroleum products and nuclear fuel - - 22.4 7.6 1.0 - - - -Manufacture of refined petroleum products - - 22.4 7.6 1.0 - - - -

Chemicals and chemical products 0.4 0.3 7.0 5.2 - - 1.0 - -Manufacture of basic chemicals - 0.3 2.6 5.2 - - - - -Manufacture of other chemical products 0.4 - 4.4 - - - 1.0 - -

Manufacture of pharmaceuticals, medicinal chemicals and botanical products 0.4 - 4.4 - - - 1.0 - -

Rubber and plastic products - 3.3 4.0 3.7 1.3 0.7 2.0 2.1 0.8Non-metallic mineral products - 1.6 7.0 205.4 - 6.4 - - -

Manufacture of non-metallic mineral products n.e.c. - 1.6 7.0 205.4 - 6.4 - - -Manufacture of cement, lime and plaster - 1.6 7.0 205.4 - 6.4 - - -

Metal and metal products - - 0.8 80.9 2.1 - - - -Machinery and equipment - - - 2.2 - - - - -Electrical and electronic equipment - - - - - - - 50.0 -Other manufacturing 0.6 120.5 82.3 59.5 8.3 15.6 - 1.9 40.5

Tertiary 424.9 1 801.0 198.1 141.6 338.1 60.3 134.1 65.3 86.2Electricity, gas and water 4.2 43.3 - - 17.5 - - - 4.0Construction 393.0 197.1 33.6 50.0 14.5 17.9 9.2 - -

Building of complete constructions or parts thereof / civil engineering 391.7 197.1 33.6 50.0 14.5 17.9 9.2 - -Hotels and restaurants 23.7 137.2 100.9 38.3 55.4 5.0 65.9 48.5 2.0Transport, storage and communications - 10.0 41.8 53.1 14.2 24.4 - - 64.4

Transport and storage - 4.1 41.8 - 10.5 24.4 - - -Post and communications - 5.9 - 53.1 3.7 - - - 64.4

Business activities - - 3.0 - - - - - -Education - 98.4 - - - - - - -Health and social services - 0.4 - - - 7.7 - - 1.0Community, social and personal service activities 4.0 - 0.9 - - - 2.9 - -

Recreational, cultural and sporting activities 4.0 - 0.9 - - - 2.9 - -

Motion picture, radio, television and other entertainment activities 4.0 - 0.9 - - - 2.9 - -Other services - 1 314.7 18.0 0.3 236.5 5.3 56.1 16.9 14.8

Source : Cambodian Investment Board, Phnom Penh, unpublished data.

Notes: Data refer to approved investment projects, involving both domestic and foreign investors. Data for 1994 cover the period August to December only.

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Table 6a. FDI flows in the host economy, by geographical origin, 1998-2002


Region/economy 1998 1999 2000 2001 2002Total world 271.9 232.0 148.8 148.3 53.8

Developed countries 73.2 57.1 13.3 11.3 - 20.4Western Europe 60.5 52.0 5.4 9.8 - 25.0

European Union 60.5 51.8 5.0 9.8 - 25.0France 10.9 10.6 2.0 8.8 - 14.1Netherlands 16.1 16.0 - - 3.3Portugal 0.8 0.8 0.6 - -United Kingdom 32.7 24.4 2.4 1.0 - 14.2

Other Western Europe - 0.2 0.4 - -Switzerland - 0.2 0.4 - -

North America 9.7 4.1 3.6 6.3 2.7Canada 5.1 0.5 1.2 5.0 2.5United States 4.6 3.6 2.4 1.3 0.2

Other developed countries 3.0 1.0 4.3 - 4.8 1.9Australia - 1.2 0.7 0.2 - 2.6 -Japan 4.2 0.3 4.1 - 2.2 1.9

Developing economies 231.5 149.2 150.0 110.1 32.4Latin America and the Caribbean 0.4 0.1 0.5 - -

South America 0.4 0.1 0.5 - -Argentina 0.4 0.1 0.5 - -

Asia 231.1 149.1 149.5 110.1 32.4South, East and South-East Asia 231.1 149.1 149.5 110.1 32.4

China 36.4 9.5 20.0 2.9 2.1Hong Kong, China 28.4 32.1 25.4 8.0 - 7.1India - 0.8 0.3 0.3 - -Indonesia 1.2 1.0 - 7.2 1.2 -Macau - 0.5 0.5 - -Malaysia 24.2 32.3 45.9 10.9 6.9Philippines - - 0.1 0.2 -Republic of Korea 7.3 1.9 3.0 2.2 19.6Singapore 43.8 18.1 19.3 21.6 2.8Taiwan Province of China 62.9 20.6 29.2 59.8 4.2Thailand 27.6 32.3 12.0 3.3 3.1Viet Nam 0.1 0.5 1.0 - 0.8

Central and Eastern Europe 0.2 0.7 0.4 - -Bulgaria 0.1 - 0.1 - -Russian Federation 0.1 0.7 0.3 - -

Unspecified - 33.0 25.0 - 14.9 26.8 41.8

Note: Data are provisional, subject to change.

Source: Data provided by the Council for the Development of Cambodia, and NBC (National Bank ofCambodia) staff estimates.

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Table 6b. Approved FDI flows in the host economy, by geographical origin, 1994-2002


Region/economy 1994 1995 1996 1997 1998 1999 2000 2001 2002Total world 504.3 2 032.0 714.9 674.3 736.6 248.0 181.4 146.1 155.1

Developed countries 197.4 348.4 95.2 141.0 21.4 27.0 36.9 7.9 6.9Western Europe 3.9 198.7 68.8 21.1 8.1 4.4 21.9 2.0 1.6

European Union 3.9 198.7 62.9 21.1 2.6 3.9 21.9 2.0 1.6France - 174.8 10.0 0.7 0.8 1.3 5.2 - -Germany - - 0.1 0.1 - - - - -Netherlands - - 13.6 - - - - - 1.0Portugal - 1.0 0.1 1.4 1.4 0.4 - - -Sweden - - - 12.0 - - - - -United Kingdom 3.9 22.9 39.2 6.8 0.4 2.2 16.7 2.0 0.6

Other Western Europe - - 6.0 - 5.5 0.6 - - -Norway - - - - 0.2 - - - -Switzerland - - 6.0 - 5.3 0.6 - - -

North America 193.2 148.1 7.5 97.0 10.7 20.0 12.7 5.9 3.2Canada - 39.2 2.7 11.3 6.1 0.4 1.2 - -United States 193.2 108.9 4.8 85.8 4.6 19.6 11.5 5.9 3.2

Other developed countries 0.3 1.7 18.9 22.9 2.6 2.5 2.2 - 2.2Australia 0.3 1.1 7.9 22.2 1.2 0.0 2.0 - -Israel - - - 0.4 - - - - -Japan - 0.6 11.0 0.3 1.4 2.5 0.2 - 2.2New Zealand - 0.0 - - - - - - -

Developing economies 306.9 1 683.5 619.7 533.2 712.9 221.1 144.5 138.1 148.2Latin America and the Caribbean - - - - 0.2 - - - -

South America - - - - 0.2 - - - -Argentina - - - - 0.2 - - - -

Asia 306.9 1 683.5 619.7 533.2 712.6 221.1 144.5 138.1 148.2South, East and South-East Asia 306.9 1 683.5 619.7 533.2 712.6 221.1 144.5 138.1 148.2

Cambodia 222.0 122.4 96.5 96.1 180.9 51.8 21.2 6.5 10.5China 7.0 2.9 38.2 36.2 104.7 46.0 28.4 5.0 24.1Hong Kong, China 3.4 12.4 24.1 68.7 90.9 29.8 4.9 1.2 1.6India - 0.3 - - - - - - -Indonesia 25.7 0.7 13.5 1.3 7.9 0.8 15.1 - -Macau - - - 0.7 - 1.2 - - -Malaysia 0.4 1 411.1 193.6 65.8 124.6 13.9 2.2 50.6 1.0Philippines - - - - - - 0.3 1.0 -Republic of Korea - 0.5 4.6 177.6 4.6 - 19.4 2.1 79.0Singapore 42.2 104.5 32.8 15.1 20.9 1.0 8.1 - 1.0Sri Lanka - - 0.3 - - - - - -Taiwan Province of China 0.6 10.0 163.7 44.4 144.3 55.4 18.9 57.0 6.8Thailand 5.6 18.6 52.4 27.3 33.4 20.7 26.0 14.7 -Viet Nam - 0.2 - - 0.4 0.5 - - 24.2

Central and Eastern Europe - - - - 2.3 - - - -Bulgaria - - - - 0.5 - - - -Russian Federation - - - - 1.8 - - - -


Notes: Data refer to approved investment projects, both domestic and foreign. Amounts recorded under 'Cambodia' includes investment from foreigners living in Cambodia. Data for 1994 coverthe period August to December only.

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Table 11a. FDI stocks in the host economy, by industry, 1998-2002


Sector/industry 1998 1999 2000 2001 2002Total 1 199.2 1 431.5 1 579.9 1 728.2 1 782.0

Primary 16.0 7.4 13.2 18.1 20.7Agriculture, hunting, forestry and fishing 16.0 7.4 13.2 18.1 20.7

Agriculture and hunting 16.0 7.4 13.2 18.1 20.7Secondary 530.8 629.4 756.3 793.6 808.0

Food, beverages and tobacco 83.9 86.6 99.5 112.5 112.5Food products and beverages 59.9 62.5 75.1 86.6 86.6

Manufacture of beverages 59.9 62.5 75.1 86.6 86.6Tobacco products 24.0 24.1 24.3 25.9 25.9

Textiles, clothing and leather 150.7 207.5 269.6 289.8 302.9Clothing 142.0 192.8 244.4 264.0 277.1Leather and leather products 8.7 14.7 25.2 25.8 25.8

Manufacture of footwear 8.7 14.7 25.2 25.8 25.8Wood and wood products 220.3 258.7 310.5 314.2 315.5

Manufacture of wood products, cork, straw and plaiting materials 220.3 258.7 310.5 314.2 315.5

Coke, petroleum products and nuclear fuel 75.9 76.6 76.7 77.1 77.1Manufacture of refined petroleum products 75.9 76.6 76.7 77.1 77.1

Tertiary 546.6 666.1 627.0 658.5 648.2Hotels and restaurants 261.4 316.7 268.1 271.8 286.7

Hotels, camping sites and other provision of short-stay accommodation 261.4 316.7 268.1 271.8 286.7

Transport, storage and communications 95.6 129.6 129.9 130.2 130.2Post and communications 95.6 129.6 129.9 130.2 130.2

Telecommunications 95.6 129.6 129.9 130.2 130.2Finance 180.9 204.5 208.2 235.2 208.8

Financial intermediation 180.9 204.5 208.2 235.2 208.8Monetary intermediation 180.9 204.5 208.2 235.2 208.8

Other monetary intermediation 180.9 204.5 208.2 235.2 208.8Business activities 8.7 15.3 20.9 21.3 22.5

Other business activities 8.7 15.3 20.9 21.3 22.5Business activities n.e.c. 8.7 15.3 20.9 21.3 22.5

Packaging activities 8.7 15.3 20.9 21.3 22.5Unspecified 105.8 128.6 183.4 258.0 305.1


Source: Data provided by the Council for the Development of Cambodia, and NBC (National Bank of Cambodia) staffestimates.

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Table 11b. Approved FDI stocks in the host economy, by industry, 1994-2002


Sector/industry 1994 1995 1996 1997 1998 1999 2000 2001 2002Total 504.3 2 536.3 3 251.2 3 925.4 4 662.0 4 910.0 5 091.4 5 237.5 5 392.6

Primary - 33.2 140.5 153.8 215.4 254.2 255.5 255.5 255.5Agriculture, hunting, forestry and fishing - 7.7 110.0 123.3 174.9 213.7 215.0 215.0 215.0

Agriculture and hunting - 7.7 110.0 123.3 174.9 213.7 215.0 215.0 215.0Growing of crops, market gardening, horticulture - 1.3 103.6 116.2 167.8 206.6 207.9 207.9 207.9

Growing of cereals and other crops n.e.c - 1.3 14.2 20.8 72.4 92.7 93.9 93.9 93.9

Growing of vegetables, horticultural specialties, nursery products - - 89.4 95.4 95.4 114.0 114.0 114.0 114.0Farming of animals - 6.4 6.4 7.1 7.1 7.1 7.1 7.1 7.1

Farming of cattle, sheep, goats, horses, asses, mules and hinnies; dairy farming - 6.4 6.4 7.1 7.1 7.1 7.1 7.1 7.1

Mining, quarrying and petroleum - 25.5 30.5 30.5 40.5 40.5 40.5 40.5 40.5Secondary 79.4 277.2 686.7 1 206.0 1 542.9 1 691.8 1 737.8 1 818.5 1 887.4

Food, beverages and tobacco 58.9 100.0 149.4 157.9 174.3 176.4 179.8 185.7 185.7Textiles, clothing and leather 19.1 44.8 92.4 187.4 303.2 421.8 460.0 478.6 506.1

Textiles - 0.0 8.7 8.7 8.7 66.5 70.6 70.6 84.5Clothing 19.1 43.4 81.4 175.8 291.6 352.4 386.5 405.1 418.7Leather and leather products - 1.4 2.3 2.9 2.9 2.9 2.9 2.9 2.9

Wood and wood products - 5.3 194.3 245.6 437.6 443.2 444.6 446.9 446.9Paper and paper products - 5.3 194.3 199.1 391.0 396.7 398.0 400.3 400.3

Coke, petroleum products and nuclear fuel - - 22.4 30.0 31.0 31.0 31.0 31.0 31.0Manufacture of refined petroleum products - - 22.4 30.0 31.0 31.0 31.0 31.0 31.0

Chemicals and chemical products 0.4 0.7 7.7 13.0 13.0 13.0 14.0 14.0 14.0Manufacture of basic chemicals - 0.3 2.9 8.1 8.1 8.1 8.1 8.1 8.1Manufacture of other chemical products 0.4 0.4 4.9 4.9 4.9 4.9 5.9 5.9 5.9

Manufacture of pharmaceuticals, medicinal chemicals and botanical products 0.4 0.4 4.9 4.9 4.9 4.9 5.9 5.9 5.9

Rubber and plastic products - 3.3 7.3 11.1 12.4 13.0 15.0 17.1 17.9Non-metallic mineral products - 1.6 8.6 214.0 214.0 220.4 220.4 220.4 220.4

Manufacture of non-metallic mineral products n.e.c. - 1.6 8.6 214.0 214.0 220.4 220.4 220.4 220.4Manufacture of cement, lime and plaster - 1.6 8.6 214.0 214.0 220.4 220.4 220.4 220.4

Metal and metal products - - 0.8 81.7 83.8 83.8 83.8 83.8 83.8Machinery and equipment - - - 2.2 2.2 2.2 2.2 2.2 2.2Electrical and electronic equipment - - - - - - - 50.0 50.0Other manufacturing 0.6 121.0 203.4 262.9 271.1 286.7 286.7 288.6 329.1

Tertiary 424.9 2 225.9 2 424.0 2 565.6 2 903.7 2 964.0 3 098.1 3 163.5 3 249.7Electricity, gas and water 4.2 47.5 47.5 47.5 64.9 64.9 64.9 64.9 68.9Construction 393.0 590.0 623.6 673.6 688.1 706.1 715.3 715.3 715.3

Building of complete constructions or parts thereof / civil engineering 391.7 588.8 622.4 672.4 686.9 704.8 714.0 714.0 714.0Hotels and restaurants 23.7 160.9 261.8 300.1 355.5 360.5 426.4 474.8 476.8Transport, storage and communications - 10.0 51.8 104.9 119.0 143.4 143.4 143.4 207.8

Transport and storage - 4.1 45.9 45.9 56.4 80.8 80.8 80.8 80.8Post and communications - 5.9 5.9 58.9 62.6 62.6 62.6 62.6 127.0

Business activities - - 3.0 3.0 3.0 3.0 3.0 3.0 3.0Education - 98.4 98.4 98.4 98.4 98.4 98.4 98.4 98.4Health and social services - 0.4 0.4 0.4 0.4 8.1 8.1 8.1 9.1Community, social and personal service activities 4.0 4.0 4.9 4.9 4.9 4.9 7.8 7.8 7.8

Recreational, cultural and sporting activities 4.0 4.0 4.9 4.9 4.9 4.9 7.8 7.8 7.8

Motion picture, radio, television and other entertainment activities 4.0 4.0 4.9 4.9 4.9 4.9 7.8 7.8 7.8Other services - 1 314.7 1 332.7 1 333.0 1 569.5 1 574.8 1 630.9 1 647.8 1 662.5


Note: Data refer to cumulative approved capital investment plans, both domestic and foreign, accumulated since 1994.

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Table 12a. FDI stocks in the host economy, by geographical origin, 1998-2002


Region/economy 1998 1999 2000 2001 2002Total world 1 199.1 1 431.1 1 579.9 1 728.2 1 782.0

Developed countries 277.2 334.3 347.6 358.9 338.5Western Europe 192.7 244.7 250.1 259.9 234.9

European Union 192.7 244.5 249.5 259.3 234.3France 53.9 64.5 66.5 75.3 61.2Netherlands 38.8 54.8 54.8 54.8 58.1Portugal 3.2 4.0 4.6 4.6 4.6United Kingdom 96.8 121.2 123.6 124.6 110.4

Other Western Europe - 0.2 0.6 0.6 0.6Switzerland - 0.2 0.6 0.6 0.6

North America 33.6 37.7 41.3 47.6 50.3Canada 5.8 6.3 7.5 12.5 15.0United States 27.8 31.4 33.8 35.1 35.3

Other developed countries 50.9 51.9 56.2 51.4 53.3Australia 41.2 41.9 42.1 39.5 39.5Japan 9.7 10.0 14.1 11.9 13.8

Developing economies 849.4 998.6 1 148.6 1 258.7 1 291.1Latin America and the Caribbean 0.4 0.5 1.0 1.0 1.0

South America 0.4 0.5 1.0 1.0 1.0Argentina 0.4 0.5 1.0 1.0 1.0

Asia 849.0 998.1 1 147.6 1 257.7 1 290.1South, East and South-East Asia 849.0 998.1 1 147.6 1 257.7 1 290.1

China 56.6 66.1 86.1 89.0 91.1Hong Kong, China 59.8 91.9 117.3 125.3 118.2India 0.5 0.8 1.1 1.1 1.1Indonesia 11.2 12.2 5.0 6.2 6.2Macau - 0.5 1.0 1.0 1.0Malaysia 316.9 349.2 395.1 406.0 412.9Philippines - - 0.1 0.3 0.3Republic of Korea 17.0 18.9 21.9 24.1 43.7Singapore 146.0 164.1 183.4 205.0 207.8Taiwan Province of China 136.8 157.4 186.6 246.4 250.6Thailand 103.6 135.9 147.9 151.2 154.3Viet Nam 0.6 1.1 2.1 2.1 2.9

Central and Eastern Europe 0.2 0.9 1.3 1.3 1.3Bulgaria 0.1 0.1 0.2 0.2 0.2Russian Federation 0.1 0.8 1.1 1.1 1.1

Unspecified 72.3 97.3 82.4 109.2 151.0


Source: Data provided by the Council for the Development of Cambodia, and NBC (National Bank ofCambodia) staff estimates.

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Table 12b. Approved FDI stocks in the host economy, by geographical origin, 1994-2002


Region/economy 1994 1995 1996 1997 1998 1999 2000 2001 2002Total world 504.3 2 536.3 3 251.2 3 925.4 4 662.0 4 910.0 5 091.4 5 237.5 5 392.6

Developed countries 197.4 545.9 641.1 782.1 803.5 830.4 867.4 875.3 882.2Western Europe 3.9 202.6 271.4 292.5 300.6 305.0 327.0 329.0 330.6

European Union 3.9 202.6 265.4 286.5 289.1 293.0 314.9 317.0 318.5France - 174.8 184.7 185.5 186.3 187.6 192.8 192.8 192.8Germany - - 0.1 0.2 0.2 0.2 0.2 0.2 0.2Netherlands - - 13.6 13.6 13.6 13.6 13.6 13.6 14.6Portugal - 1.0 1.1 2.4 3.8 4.3 4.3 4.3 4.3Sweden - - - 12.0 12.0 12.0 12.0 12.0 12.0United Kingdom 3.9 26.8 66.0 72.8 73.1 75.3 92.1 94.1 94.6

Other Western Europe - - 6.0 6.0 11.5 12.0 12.0 12.0 12.0Norway - - - - 0.2 0.2 0.2 0.2 0.2Switzerland - - 6.0 6.0 11.2 11.8 11.8 11.8 11.8

North America 193.2 341.3 348.8 445.8 456.5 476.5 489.2 495.1 498.3Canada - 39.2 41.9 53.2 59.3 59.7 60.9 60.9 60.9United States 193.2 302.1 306.8 392.6 397.2 416.8 428.3 434.2 437.4

Other developed countries 0.3 2.0 20.9 43.8 46.4 49.0 51.2 51.2 53.4Australia 0.3 1.5 9.3 31.5 32.8 32.8 34.8 34.8 34.8Israel - - - 0.4 0.4 0.4 0.4 0.4 0.4Japan - 0.6 11.6 11.9 13.2 15.7 16.0 16.0 18.2New Zealand - 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Developing economies 306.9 1 990.4 2 610.1 3 143.3 3 856.2 4 077.2 4 221.8 4 359.9 4 508.0Latin America and the Caribbean - - - - 0.2 0.2 0.2 0.2 0.2

South America - - - - 0.2 0.2 0.2 0.2 0.2Argentina - - - - 0.2 0.2 0.2 0.2 0.2

Asia 306.9 1 990.4 2 610.1 3 143.3 3 855.9 4 077.0 4 221.5 4 359.6 4 507.8South, East and South-East Asia 306.9 1 990.4 2 610.1 3 143.3 3 855.9 4 077.0 4 221.5 4 359.6 4 507.8

Cambodia 222.0 344.4 440.9 537.0 717.9 769.7 790.9 797.4 807.9China 7.0 9.9 48.1 84.3 189.0 235.0 263.4 268.5 292.5Hong Kong, China 3.4 15.8 39.9 108.6 199.5 229.3 234.2 235.4 237.0India - 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3Indonesia 25.7 26.4 39.9 41.1 49.1 49.9 65.0 65.0 65.0Macau - - - 0.7 0.7 1.9 1.9 1.9 1.9Malaysia 0.4 1 411.5 1 605.2 1 670.9 1 795.5 1 809.4 1 811.6 1 862.2 1 863.2Philippines - - - - - - 0.3 1.3 1.3Republic of Korea - 0.5 5.1 182.7 187.2 187.2 206.6 208.7 287.7Singapore 42.2 146.7 179.5 194.6 215.5 216.5 224.6 224.6 225.6Sri Lanka - - 0.3 0.3 0.3 0.3 0.3 0.3 0.3Taiwan Province of China 0.6 10.6 174.3 218.7 363.0 418.3 437.2 494.2 501.0Thailand 5.6 24.2 76.5 103.8 137.2 157.9 184.0 198.7 198.7Viet Nam - 0.2 0.2 0.2 0.6 1.1 1.1 1.1 25.3

Central and Eastern Europe - - - - 2.3 2.3 2.3 2.3 2.3Bulgaria - - - - 0.5 0.5 0.5 0.5 0.5Russian Federation - - - - 1.8 1.8 1.8 1.8 1.8


Note: Data refer to cumulative approved capital investment plans, both domestic and foreign, accumulated since 1994.

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Table 22. The number of affiliates of foreign TNCs in the host economy, by industry, 1994-2002

Sector/industry 1994 1995 1996 1997 1998 1999 2000 2001 2002Total 22 112 161 190 125 74 48 27 23

Primary - 12 20 12 5 7 1 - -Agriculture, hunting, forestry and fishing - 7 19 12 4 7 1 - -

Agriculture and hunting - 7 19 12 4 7 1 - -Growing of crops, market gardening, horticulture - 1 19 10 4 7 1 - -

Growing of cereals and other crops n.e.c - 1 3 3 4 5 1 - -

Growing of vegetables, horticultural specialties, nursery products - - 16 7 - 2 - - -Farming of animals - 6 - 2 - - - - -

Farming of cattle, sheep, goats, horses, asses, mules and hinnies; dairy farming - 6 - 2 - - - - -

Mining, quarrying and petroleum - 5 1 - 1 - - - -Secondary 16 62 109 169 104 55 29 23 18

Food, beverages and tobacco 4 16 16 9 5 3 1 3 -Textiles, clothing and leather 9 27 39 102 77 41 24 13 11

Textiles - 1 1 - - 5 2 - 1Clothing - 24 37 101 77 36 22 13 -Leather and leather products 9 2 1 1 - - - - 10

Wood and wood products - 8 12 11 13 3 1 2 -Paper and paper products - 8 12 6 13 3 1 2 -

Coke, petroleum products and nuclear fuel - - 3 2 1 - - - -Manufacture of refined petroleum products - - 3 2 1 - - - -

Chemicals and chemical products 1 1 7 6 - - 1 - -Manufacture of basic chemicals - 1 4 6 - - - - -Manufacture of other chemical products 1 - 3 - - - 1 - -

Manufacture of pharmaceuticals, medicinal chemicals and botanical products 1 - 3 - - - 1 - -

Rubber and plastic products - 3 6 4 2 1 2 2 1Non-metallic mineral products - 2 1 3 - 1 - - -

Manufacture of non-metallic mineral products n.e.c. - 2 1 3 - 1 - - -Manufacture of cement, lime and plaster - 2 1 3 - 1 - - -

Metal and metal products - - 1 3 1 - - - -Machinery and equipment - - - 1 - - - - -Electrical and electronic equipment - - - - - - - 1 -Other manufacturing 1 5 - 28 5 6 - 2 6

Tertiary 6 38 32 9 16 12 18 4 5Electricity, gas and water 2 5 - - 1 - - - 1Construction 2 3 6 1 4 2 6 - -

Building of complete constructions or parts thereof / civil engineering 1 3 6 1 4 2 6 - -Hotels and restaurants 1 8 10 4 2 1 6 2 1Transport, storage and communications - 6 8 3 2 3 - - 1

Transport and storage - 4 8 - 1 3 - - -Post and communications - 2 - 3 1 - - - 1

Business activities - - 1 - - - - - -Education - 1 1 - - - - - -Health and social services - 2 - - - 3 - - 1Community, social and personal service activities 1 - 1 - - - 2 - -

Recreational, cultural and sporting activities 1 - 1 - - - 2 - -

Motion picture, radio, television and other entertainment activities 1 - 1 - - - 2 - -Other services - 13 5 1 7 3 4 2 1


Notes: The number of foreign affiliates represents the number of approved foreign investment projects, including joint venture projects with local investors. Wholly owned Cambodianprojects are excluded. Data for 1994 cover the period August to December only.

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Table 23. The number of affiliates of foreign TNCs in the host economy, by geographical origin, 1994-2002

Region/economy 1994 1995 1996 1997 1998 1999 2000 2001 2002Total world 22 112 161 190 125 74 48 27 23

Developed countries 7 30 24 18 11 6 7 5 2Western Europe 3 14 10 9 4 2 4 2 -

European Union 3 14 9 9 3 2 4 2 -France - 10 4 2 1 1 2 - -Germany - - 1 1 - - - - -Netherlands - - 1 - - - - - -Portugal - 1 - 1 1 - - - -Sweden - - - 1 - - - - -United Kingdom 3 3 3 4 1 1 2 2 -

Other Western Europe - - 1 - 1 - - - -Switzerland - - 1 - 1 - - - -

North America 3 7 3 5 5 2 3 3 1Canada - 1 - 2 3 1 1 - 1United States 3 6 3 3 2 1 2 3 -

Other developed countries 1 9 11 4 2 2 - - 1Australia 1 7 7 2 1 - - - -Israel - - - 1 - - - - -Japan - 1 4 1 1 2 - - 1New Zealand - 1 - - - - - - -

Developing economies 14 74 117 139 89 56 34 15 17Latin America and the Caribbean - - - - 1 - - - -

South America - - - - 1 - - - -Argentina - - - - 1 - - - -

Asia 14 74 117 139 88 56 34 15 17South, East and South-East Asia 14 74 117 139 88 56 34 15 17China 1 9 22 22 30 21 4 5 5Hong Kong, China 2 5 13 19 13 9 2 1 1India - 1 - - - - - - -Indonesia 1 1 3 - 3 1 1 - -Macau - - - - - 1 - - -Malaysia 1 15 20 15 5 5 2 4 1Philippines - - - - - - - 1 -Republic of Korea - 3 7 10 5 - 4 2 4Singapore 4 20 14 9 5 1 4 - -Taiwan Province of China 1 12 30 55 21 13 13 - 4Thailand 4 8 8 9 5 4 4 2 -Viet Nam - - - - 1 1 - - 2

Central and Eastern Europe - - - - 2 - - - -Russian Federation - - - - 2 - - - -

Unspecified 1 8 20 33 23 12 7 7 4


Notes: The number of foreign affiliates represents the number of approved foreign investment projects, including joint venture projects with local investors. Wholly ownedCambodian projects are excluded. Data for 1994 cover the period August to December only.

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Table 88. Largest affiliates of foreign TNCs in the host economy, 2002(Millions of dollars and number)

Company Home Economy Industry Sales Employees

A. Industrial

Cambodia Haining Group. China Agriculture .. ..Cambodia Beverage Company (Coca-Cola) Singapore Beverages .. ..Cambodia Brewery Singapore Beverages .. ..Cambrew Malaysia Beverages .. ..Oil Palm. Republic of Korea Food .. ..Nestlé Dairy (Cambodia) Switzerland Food .. ..President Foods (Cambodia) Thailand Food .. ..Eastern Steel Industry Corp Japan Metals .. ..Dah Tai Paper (Cambodia) China Paper and packaging .. ..Cambodia Pharmaceutical Enterprise China Pharmaceuticals .. ..YGM Hong Kong, China Textiles .. ..Gennon Garment MFG Hong Kong, China Textiles .. ..June Textiles Malaysia Textiles .. ..King First Industrial Taiwan Province of China Textiles .. ..M&V International Manufacturing Macao, China Textiles .. ..

B. Tertiary

Muhibbah Engineering (Cambodia) Malaysia Construction .. ..Cambodia Utilities Malaysia Electricity, gas and water .. ..Jupiter Power Asia United States Electricity, gas and water .. ..Hotel Cambodiana Singapore Hotels .. ..Micasa Hotel Singapore Hotels .. ..Sunway Hotel Phnom Penh Malaysia Hotels .. ..Diethelm Travel Switzerland Leisure .. ..DFDL United States Other business services .. ..Indochina Research Limited Australia Other business services .. ..Caltex Cambodia Limited United States Petroleum .. ..Shell Company of Cambodia Netherlands Petroleum .. ..Cambodia Samart Communication Malaysia/Thailand Telecommunications .. ..CamGSM/Mobitel Sweden Telecommunications .. ..Siemens AG Rep. Cambodia Germany Telecommunications .. ..Kuehne & Nagel (Cambodia) Switzerland Transport and storage .. ..

C. Finance and insurance Assets Employees

Cambodian Commercial Bank Thailand Finance 92.0 22 a

Cambodian Public Bank Malaysia Finance 0.1 99 a

Cambodia Mekong Bank Public Limited Singapore/United Kingdom Finance .. ..SBC- Singapore Banking Corporation Singapore Finance .. ..Asia Insurance Hong Kong, China/Thailand Insurance .. ..Indochine Insurance France Insurance .. ..

a December 2002.

Sources : The Banker's Almanac, 2003 (London, Reed Information Services, 2003); Thomson Analytics(http://analytics.thomsonib.com/); Who Owns Whom, 2003 (London, Dun and Bradstreet, 2003).

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Sources of information

Official Cambodian Investment Board (http://www.cambodiainvestment.gov.kh/) Council for the Development of Cambodia (http://www.cdc-crdb.gov.kh/) National Bank of Cambodia National Institutes of Statistics (http://www.nis.gov.kh/) Secondary 1. ASEAN Secretariat, Statistics of Foreign Direct Investment in ASEAN: Comprehensive

Data Set, 2002 Edition (ASEAN Secretariat: Jakarta, 2002). 2. ASEAN Secretariat, Facts and Figures: Cost of Investing and Doing Business in ASEAN

(Extended Variables), 2001 Edition (ASEAN Secretariat: Jakarta, 2001). 3. Asian Development Bank, Key Indicators of Developing Asian and Pacific Countries,

2003 (ADB: Manila). 4. Asian Development Bank, "Proceeding of the Third Meeting of the Subregional Working

Group on Investment of the Greater Mekong Subregion", 27-28 February 2001, Ho Chi Minh, Viet Nam (http://www.adb.org/Documents/Events/Mekong/Proceedings/siwg3.asp).

5. Economist Intelligence Unit, Country Profile 2003: Cambodia and Laos (EIU: London,

2003). 6. Embassy of Cambodia, Law on Investment, Washington D.C.

(http://www.embassy.org/cambodia/investment/). 7. International Monetary Fund, Summary Proceedings of Conference on Foreign Direct

Investment: Opportunities and Challenges for Cambodia, Laos, and Viet Nam, Hanoi, Viet Nam, 16-17 August 2002 (http://www.imf.org/external/pubs/ft/seminar/2002/fdi/eng/summary.htm).

8. Hing Thoraxy, The Development of Cambodian Investment: Policy and Practices,

Cambodian Institute for Cooperation and Peace, Phnom Penh, 2002. 9. Hing Thoraxy, "Cambodia's investment potential: challenges and prospects", JICA,

Tokyo, 2003. 10. Hong Kong Trade Development Council, "Cambodia attractive as garment production

export base", TDC News and Speeches, 19 November 1996 (http://www.tdctrade.com/tdcnews/9611/96111902.htm).

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11. Kevin Fletcher, "Tax incentives in Cambodia, Lao PDR, and Viet Nam", paper prepared for the IMF Conference on Foreign Direct Investment: Opportunities and Challenges for Cambodia, Lao PDR and Viet Nam, Hanoi, Viet Nam, 16-17 August 2002.

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