Investment in Cambodia's construction sector to reach $2.6 billion in first half of 2024

Leang Monirith, secretary of state for the Ministry of Land Management, Urban Planning and Construction announced that despite ongoing regional and global economic challenges, investment in Cambodia’s construction sector reached about US$2.6 billion in the first six months of 2024.

Investment in Cambodia's construction sector to reach $2.6 billion in first half of 2024

Leang Monirith made the statement during the seminar on ‘Experience of Urban Planning and Housing in Cambodia and Hong Kong’ on 2 September 2024.

“Cambodia’s construction sector continues to grow, with new projects proposed in the first half of 2024 exceeding those of the same period in 2023,” Leang Monirith stressed.

Mr Monirith also noted that the Ministry of Land Management, Urban Planning and Construction is prioritising final land registration and placing a strong focus on strategic planning, land management and urban planning. This includes the clear definition of economic development poles, core development areas and integrated development axes, as well as plans for coastal land management, provincial land management, land use and urban district land use to ensure sustainable management, development and construction.

He added that the ministry is also committed to developing additional human resources in the field of land management, working with the Board of Architects of Cambodia, the Board of Engineers of Cambodia, associations and universities to bring together talented students in architecture and engineering.

“The aim is to revive Cambodian architecture and contribute to national development through the work of professionals, architects and engineers,” he said.

The Permanent Secretary also stressed that the Ministry is working with public and private partners to improve the beauty of cities, towns and the environment, promoting cleanliness, modernity and family values. The results of land management and urbanisation not only ensure sustainable development, conservation, balance and equity, but also significantly boost Cambodia’s economic growth through annual development.

‘By implementing these policies and regulations, we expect the construction sector to become a key industry contributing to national budget revenues and economic growth,’ he concluded.