THE Council for the Development of Cambodia (CDC) approved 75 investment projects worth US$5.5 billion between January and July, according to council statistics.

This growth represents a 247 per cent, year-on-year increase in the value of approved investment projects, 60 of which were in the industrial sector.

The value of industrial-sector investments approved during the seven-month period totalled about $2.6 billion, compared with $752.4 million during the corresponding period last year.

Recovering US and Europ-ean economies had absorbed much of the Kingdom’s garment output, leading to more potential investment in the industry, Cambodian Chamber of Commerce director-general Nguon Meng Tech said yesterday.

This boost had drawn investors back to the industry, he said.

“I think there is potential for growth in the garment sector,” Nguon Meng Tech said.

“It will greatly boost the nat-ional income. This is a good indication of the return of investor confidence in the sector.

“I believe Cambodia will receive more investment in the garment sector in the future.”

Cambodia’s policies on garment production were encouraging to investors, Nguon Meng Tech added.

Electricity prices were too high, however, but would be lowered in the future with the building of hydro-electric dams, he said.

CDC officials could not be reached for comment, al- though experts have said that not all the approved projects are built.

A sector-by-sector CDC analysis showed the tourism sector enjoyed a large increase in approved investment.

Four projects worth $2.4 billion were approved in the first half of the year, compared with two projects worth $17.7 million during the corresponding period a year earlier.

The services sector, which includes telecommunications, had two projects worth $192 million, compared with one project worth $85 million in the first half of  last year.

Nine agricultural projects worth $250 million were approved between January and July, whereas 21 projects worth $521 million were approved a year earlier.