The tourism sector attracted the highest value of investment applications in the first half of the year, according to figures from the Council for the Development of Cambodia (CDC).

The government's investment arm approved seven tourism-related projects worth a combined $354 million over the period, or a little more than a quarter of all projects approved by value.

It also approved 12 agriculture-related projects, worth $323 million out of a total approval package worth $1.22 billion, involving 53 projects.

Approvals were way down on the same period last year, when 49 projects worth $4.42 billion were approved, according to CDC figures.

Yun Heng, deputy director of the Evaluation and Incentive Department at the Cambodian Investment Board, an arm of the CDC, blamed the global financial crisis for the smaller average size of project approvals.

Opposition lawmaker Son Chhay, who used to head parliament's finance committee, said the government should develop policies to attract more local investors.