Cambodia Investment Review
In a move to bolster Singaporean business ventures in Cambodia, the Singapore Business Investment Forum (SBIF) has been officially launched. The inauguration event took place at the Norea Cove Residences Sales Gallery at Koh Pich, marking a new era for Singaporean businesses and potential investors in Cambodia.
The launch event was attended by over 40 corporate and individual members of SBIF, along with members of the local media including Cambodia Investment Review. The attendees represented a diverse range of industries, reflecting the broad scope of the SBIF’s mission.
According to the founding members, SBIF will be more than just a business group; it will be a platform dedicated to supporting and nurturing Singaporean business endeavors in Cambodia. Its primary objective is to foster closer ties with other business chambers, government agencies, and local partners in Cambodia. By doing so, it aims to attract more investors to the country and showcase the potential of Singaporean businesses in the Cambodian market.
Facilitating Singaporean business community & investments in Cambodia
Albert Tan, President of SBIF and Vice Chairman of TAFTAC (Textile Apparel Footwear Travel Goods Association Cambodia), delivered the keynote speech at the event. He emphasized the forum’s commitment to bolstering the Singapore business community and facilitating Singaporean investments in Cambodia. “The inception of SBIF is rooted in our commitment to bridge the information gap and re-establish Singapore’s branding presence in Cambodia. Our mission is clear: to be more attuned to the business pulse in Cambodia and to adapt swiftly,” he said.
Albert also clarified that the SBIF does not aim to replace the Singapore Club Cambodia (SCC), which will continue to play a significant role in social and community service to Singapore families and the wider community in Cambodia. He highlighted the distinct roles of both organizations, stating, “SCC serves as an Official representative and works closely with the Singapore government agencies to support overseas Citizen & PR. SBIF’s objective is to provide support and update on current Government policy and investment in Cambodia.”
The founding members of SBIF include prominent figures from various industries such as banking, logistics, real estate, and education. These include:
- Mr. Ong Tiong Hoon, Director, Phillip Bank
- George Yeh, CEO, Jupiter Logistics Cambodia
- David Sim, Project Director, Masswork
- Cynthia Liaw, CEO, Panda Bank
- Edward Lee, CEO, Prince Real Estate Group
- Kelvin Chua, CEO, Akram Development
- Tan Wee Pin, Managing Director, Singapore (Cambodia) International Academy (SCIA)
- Ng Chor Yee, Founder, LSH Cambodia
- Michael Kwek, Co-Founder and CEO, Deam Cambodia
The inaugural SBIF board and executive positions have been decided upon nomination with the forum reverting towards a traditional membership style election in due course, members do not have to Singaporean nationals but must display a Singaporean business connection to join.
The forum also offers industry committees in areas like Development & Construction, Banking & Insurance, Logistics, Transportation & Warehousing, Hospitality & F&B, Manufacturing & Sustainability, Education & IT, General Trade, and Media, Advertising & Events. These committees are designed to provide focused support and resources to members in their respective industries.
According to data from the General Department of Customs and Excise of Cambodia (GDCE) and Ministry of Commerce, Singapore was Cambodia’s third-largest trade partner in ASEAN during the first half of 2023, with merchandise worth $786.774 million exchanged. This statistic underscores the importance of the SBIF’s mission in strengthening economic ties between the two nations.
Enrich and empower existing and budding Singaporean enterprises
Cynthia Liaw, Vice President of SBIF and CEO of Panda Bank, highlighted the benefits of the SBIF platform. “Each one of us, hailing from diverse industries, brings a unique tapestry of connections, both local and international. This diversity is our strength. Through SBIF, we have the unparalleled opportunity to harness these connections, bridging international communities with Singaporeans. Our collective aim? To enrich and empower both existing and budding Singaporean enterprises here in Cambodia,” Liaw said.
The launch event was made possible by the generous sponsors, including Akram Development Co. Ltd., Dakshin Restaurant, Pernod Ricard, Prawn Paradise, Prince Brewing, LSH Group, and Samba Asia Group.
For Singaporean businesses in Cambodia and Singapore-based companies interested in joining the SBIF or learning more about its activities, they can visit www.sbifcambodia.com. The website provides comprehensive information about the forum’s objectives, activities, and membership details.
