Cambodia Investment Review
The first-ever SkyFest 2023, a landmark international kite festival, has marked a notable breakthrough in the Cambodian business and investment sector, attracting over 10,000 enthusiasts to the Bay of Lights in Sihanoukville.
This festival, the first of its kind in Cambodia, was not just an exhibition of kites from around the globe but also an ambitious step forward in the country’s endeavors to boost its international presence, stimulate economic growth, and cultivate unique investment prospects.
The event drew professional kite flyers from China, France, Indonesia, Malaysia, the Philippines, Singapore, Thailand, Vietnam, and host nation Cambodia, demonstrating the immense international interest and potential for collaboration within the region.
Bay of Lights: A game-changer in the Cambodian market
“Khmer Can Fly,” the theme of the event, was unveiled by His Excellency Ly Thuch, Senior Minister of the Royal Government of Cambodia, who represented Prime Minister Hun Sen. Thuch highlighted the significance of the theme in his opening remarks, emphasizing, “The theme ‘Khmer Can Fly’ reflects not only the grace of our kites soaring high above us but also the aspirations and dreams of the Cambodian people, as we continue to make strides towards a brighter future.”
Thuch also spotlighted the commitment of the Prince Holding Group to Cambodia’s growth and social progress, including initiatives like the Chen Zhi Scholarship by the Prince Foundation and the Bay of Lights, a world-class township development spanning 934 hectares, helmed by Canopy Sands Development.
Edward Lee, a senior representative of Canopy Sands Development, echoed Thuch’s sentiments, focusing on the potential of the Bay of Lights project to revolutionize the Cambodian market. “We are confident it will accelerate the country’s growth trajectory further. We envision providing job opportunities and training for young Cambodian professionals and, in turn, injecting enormous momentum into the urban development and national economy of Cambodia, specifically Sihanoukville,” Lee stated.
The success of SkyFest 2023 marks the beginning of a series of international events organized by Canopy Sands Development, fostering greater global exposure for Cambodia. This initiative underscores the country’s readiness to attract foreign investment and tourism, further boosting the nation’s economic growth.
Promoting local culture and attracting international interest
SkyFest 2023 offered a diverse range of activities. From Cambodian traditional kite-making workshops to water activities by the Cambodian Jetski Team, fire shows, and laser light shows. The event also featured the talent of Phare Circus, whose acrobatic performances wowed spectators with their interpretation of the “Khmer Can Fly” theme.
The event concluded with a two-night musical extravaganza featuring renowned Cambodian artists such as Tep Boprek, Suly Pheng, Morm Picherith, Redking X Sopheap, and Kampot Playboys, and international bands including Intan Andriana and Friends, Alli G & TheQuilas, Maki Okestr.
With the full support of the Provincial Government of Sihanoukville, Ministry of Tourism, Ministry of Education, Youth and Sports, and several corporate partners, SkyFest 2023 reflected the strong public-private partnership that is instrumental to Cambodia’s growth.
A new era for Sihanoukville’s real-estate sector
In December 2022, Canopy Sands Development spearheaded a groundbreaking ceremony for its $16 billion, 934-ha Bay of Lights New Township project in Ream City, Sihanoukville. This project aspires to transform the area into a green coastal city housing up to 160,000 residents by 2028, marking a new era for Sihanoukville.
These strategic initiatives, along with the recently concluded SkyFest 2023, underscore the potential and readiness of Cambodia to welcome international investment and collaboration, particularly in the real estate and tourism sectors.
Established in 2019, Canopy Sands Development has been at the forefront of this transformative era for Cambodia. The company has a clear vision to build thriving living and working environments that elevate people’s livelihoods and bring lasting prosperity to local communities. With a team of local and international experts, the company is paving the way for major socio-economic benefits and ensuring long-term prosperity for the nation.
The Bay of Lights project and the successful launch of SkyFest 2023 are prime examples of this vision in action. They are not just business initiatives but strategic moves designed to showcase the potential of Cambodia to the world and emphasize the ample investment opportunities that the country offers.
