In a landmark development for Cambodia’s economic landscape, Toyota Tsusho Corporation has announced a $37 million investment to establish a car assembly factory in the country. The announcement was met with enthusiasm during the opening ceremony of the Toyota factory in Cambodia, held on May 2nd, 2024. Prime Minister Samdech Thipadei Hun Manet addressed the gathering, underlining the strategic significance of this investment in attracting further large-scale investors to Cambodia.

Prime Minister Samdech Thipadei Hun Manet underscored Toyota’s meticulous research and deliberate consideration before selecting Cambodia as the site for their new factory. He emphasized that Toyota’s decision to invest in Cambodia not only signifies the country’s growing appeal as an investment destination but also serves as a catalyst for encouraging other major investors to explore opportunities in Cambodia’s burgeoning market.

Moreover, Prime Minister Samdech Thipadei Hun Manet highlighted the tangible benefits that this investment would bring to the Cambodian people. He announced that cars produced in the Toyota factory would be exempt from import taxes, translating into cost savings for consumers and contributing to the government’s strategy to manage inflation effectively, ensuring that economic growth translates into tangible improvements in living standards for all Cambodians.

Furthermore, Prime Minister Samdech Thipadei Hun Manet outlined the long-term vision for the Toyota factory, emphasizing its role in both the domestic and international markets. He stated that the factory would initially focus on supplying cars to meet local demand, thus reducing reliance on imported vehicles. However, he also expressed confidence in Cambodia’s potential to become a regional automotive hub, with plans to explore export opportunities in the near future.

In addition to Toyota’s investment, Prime Minister Samdech Thipadei Hun Manet revealed that there are currently six companies investing in the automotive sector in Cambodia. Four of these companies are already operational, contributing to the country’s industrial growth, while two others are in the testing phase, indicating further expansion and development in the sector.

The establishment of the Toyota factory in Cambodia represents a significant milestone in the country’s journey towards economic diversification and sustainable growth. It not only creates job opportunities and facilitates technology transfer but also positions Cambodia as a competitive player in the global automotive industry. With Toyota’s investment paving the way, Cambodia is poised to attract further investments, driving economic development and prosperity for its people while enhancing its standing in the global marketplace.