Approvals of new business investment in Cambodia have continued at a record pace in 2005, The Cambodia Daily reported on Saturday.

A preliminary report on investment through Oct. 31 shows approvals for projects approaching 1 billion US dollars in fixed assets.

According to newly obtained data from the Council for the Development of Cambodia (CDC), it has unofficially approved 976 million dollars worth of investments, with 621 million dollars of that coming as foreign direct investment. The potential job creation from these investments is pegged at 82,350, according to the CDC.

In 2004, 216 million dollars worth of investment projects were approved involving 141 million dollars in foreign direct investment in 2003, FDI was 63 million dollars; in 2002 it stood at 145 million dollars and in 2001 at 140 million dollars.

A CDC official, speaking on condition of anonymity, said that the October report is not yet official, but finalized September data also show high levels of investment.

Through September, the official said, 631 million dollars in projects had been approved, including 442 million dollars in FDI.

"I have seen that FDI increased 2.7 times compared to the same period last year," the official was quoted as saying of the September figure.

In the October report, China remains the top investor with 442 million dollars, followed by Thailand with 66 million dollars and China's Taiwan with 41 million dollars.

The report lists 14 garment factories investments this year, a sign of increased confidence in an industry that one year ago contemplated the end of worldwide garment quotas with dread. The official said 19 of the investments are expansions.

Though Economist Kang Chandararot warned that some approved projects often fall through in Cambodia, he also acknowledged that 2005 is turning out to be a very positive one for businesses.

Source: Xinhua