Cambodia Investment Review
The Singapore Business Federation (SBF), representing a diverse membership of over 30,000 companies, has earmarked tourism, food, logistics, and e-commerce as sectors with significant investment potential in Cambodia. This identification followed a strategic delegation visit to Cambodia on March 21, 2024, signaling a concerted effort to bolster bilateral trade and investment ties between Singapore and Cambodia.
The delegation featured prominent figures, including H.E. Hem Vanndy, Cambodia’s Minister of Industry, Science, Technology, and Innovation, H.E. Sok Khoeun, the Cambodian Ambassador to Singapore, Mr. Michael Tan, CEO of Aquarii BD Cambodia, and a former Singapore Ambassador to Cambodia.
“Cambodia: An Overlooked Destination for Business and Investment,” delegation visit that received support from key stakeholders such as Khmer Enterprise, Swisscontact, and Phillip Bank, with the endorsement from both the Cambodian Ministry of Industry, Science, Technology and Innovation (MISTI) and the Ministry of Commerce (MOC). The event sought to correct prevailing misconceptions about the Cambodian investment environment, emphasizing the country’s socio-economic advancements and its receptiveness to foreign direct investment (FDI).
Exchanges Between The Business Communities Of Both Countries
Kok Ping Soon, Chief Executive Officer of the SBF, acknowledged the Cambodian government’s role in facilitating a constructive exchange between the business communities of the two countries and lauded Aquarii for its organizational efforts. He reflected on the positive feedback from SBF members who had previously visited Cambodia, praising the business and investment opportunities they encountered. Kok Ping Soon outlined the SBF’s mission to support Singaporean firms in scaling their operations globally, covering a wide spectrum of markets and sizes.
In his remarks, His Excellency Hem Vanndy expressed appreciation for the opportunity to engage with SBF members. He discussed Cambodia’s development trajectory towards becoming a high-income country by 2050, a vision supported by the country’s recent political leadership transition and the establishment of strong investment frameworks. He highlighted the government’s initiatives to improve infrastructure connectivity and to enhance the skill levels of the Cambodian workforce, addressing one of the challenges faced by foreign investors.
During the seminar’s roundtable discussion, the Singaporean business community pinpointed tourism, food, logistics, and e-commerce as the key sectors for investment, reflecting the depth of analysis and mutual interest in deepening economic cooperation between Singapore and Cambodia.
Singapore & Cambodia Increases Avenues For Collaboration
The bilateral trade between the two nations amounted to nearly $920 million in 2023, marking a more than 7% increase from the previous year. This growth demonstrates the ongoing economic relationship that exists between Singapore and Cambodia and highlights the increasing avenues for collaboration.
The delegation’s visit, characterized by insightful seminars and strategic discussions, shed light on Cambodia’s evolving economic landscape and investment climate. It highlighted the importance of continued dialogue and cooperation between Singapore and Cambodia, focusing on sectors identified as having substantial growth potential.
Singaporean firms interested in exploring opportunities in Cambodia are encouraged to engage with Aquarii BD Cambodia or the Singapore Business and Investment Forum (SBIF) for insights and support, paving the way for future business endeavors in the Kingdom of Cambodia.
