PHNOM PENH — Cambodia’s government is moving to steer new money toward its sparsely developed northeastern arc, reviewing investment proposals valued at about RM500 million (roughly US$123 million) across Kratie, Stung Treng, Mondulkiri and Ratanakiri. The projects, clustered around agriculture, tourism, and coffee and rubber plantations, are expected to create nearly 1,700 jobs, according to regional reporting that cited Cambodian state media.

The push fits within Cambodia’s Special Programme for Investment in the Northeast (SPIN), an incentive framework meant to pull private capital into provinces that are rich in land and rivers but historically short on infrastructure and formal employment.

Trade Numbers Put ASEAN at the Center of the Story

The northeast drive comes as Cambodia’s trade statistics underscore how tightly the country’s fortunes are tied to the region. In 2025, Cambodia’s trade with ASEAN was reported at about US$16.37 billion — a figure that aligns with the original claim of roughly RM67 billion when converted at typical recent exchange rates.

Broader commerce expanded as well: Cambodian officials and regional outlets have put total international trade in 2025 at roughly US$65 billion, with exports rising and imports climbing alongside investment-led activity.

The External Squeeze: Diversifying Beyond China While Keeping the U.S. Market

Yet Cambodia is trying to grow in a world that is becoming less predictable. International coverage has described Phnom Penh’s effort to reduce overreliance on China and diversify investment partners even as the country remains deeply integrated with Chinese supply chains.

At the same time, Cambodia’s export-heavy model faces pressure from trade politics: U.S. tariff threats and negotiations have become a major concern because the United States is a key destination for Cambodian manufactured exports.

Tourism as Jobs Policy — and a Test of Credibility

Officials and analysts have also been framing tourism not just as a rebound sector but as a jobs engine — particularly outside Phnom Penh and Siem Reap. Cambodian commentary on the country’s 2026 tourism roadmap has emphasized rebuilding confidence and broadening destinations, a narrative that dovetails with the northeast’s pitch: cooler highlands, river ecotourism, and plantation-linked visitor circuits.

A Regional Tailwind, If ASEAN Can Deliver

All of this unfolds as ASEAN leaders pursue a new, multi-year plan to deepen economic integration — an agenda designed to make cross-border trade smoother and investment flows more resilient in an era of geopolitical shocks. For Cambodia, whose trade growth increasingly runs through the region, that promise is not abstract: it is the infrastructure beneath the headline numbers.  (zai)