(Phnom Penh, 20th) Cambodia's automotive industry has achieved a breakthrough, reaching its export target three years ahead of schedule. Deputy Prime Minister and First Vice Chairman of the Council for the Development of Cambodia (CDC), Sun Chanthol, recently stated during the Finance Committee's review of the draft '2023-2024 Automotive and Electronics Industry Development Roadmap Implementation Assessment Report' that since the release of the roadmap at the end of 2022, Cambodia’s automotive industry has developed rapidly, attracting about USD 746 million in investments in 2024 and reaching USD 1.14 billion in exports, both figures surpassing the original targets set for 2027.
He pointed out that the tire manufacturing industry is the key driver behind this investment surge. Currently, Cambodia has introduced seven tire production projects. These projects are deeply integrated with the local rubber industry, not only stabilizing the rubber raw material market but also advancing the localization and scaling up of the automotive parts supply chain.
Alongside the automotive industry, the electronics industry is also experiencing simultaneous growth. Although rising global trade protectionism in 2024 has slightly slowed the growth of Cambodia's electronics sector, its overall development momentum remains robust, with both investment and exports continuing to rise. Diversification of industries and strengthening of local manufacturing capacity are accelerating Cambodia's progress toward its goal of becoming a 'center for automotive parts and electronic equipment manufacturing and export in Southeast Asia.'
He pointed out that the tire manufacturing industry is the key driver behind this investment surge. Currently, Cambodia has introduced seven tire production projects. These projects are deeply integrated with the local rubber industry, not only stabilizing the rubber raw material market but also advancing the localization and scaling up of the automotive parts supply chain.
Alongside the automotive industry, the electronics industry is also experiencing simultaneous growth. Although rising global trade protectionism in 2024 has slightly slowed the growth of Cambodia's electronics sector, its overall development momentum remains robust, with both investment and exports continuing to rise. Diversification of industries and strengthening of local manufacturing capacity are accelerating Cambodia's progress toward its goal of becoming a 'center for automotive parts and electronic equipment manufacturing and export in Southeast Asia.'