The Singapore Business Expo 2024 opened its doors at Olympia Mall on Friday, featuring over 40 prominent businesses and marking a significant milestone in the bilateral relationship between Singapore and Cambodia. The event, which coincided with the first anniversary of the Singapore Business Investment Forum (SBIF), was presided over by Chea Vuthy, Secretary-General of the Council for the Development of Cambodia (CDC).
The two-day expo, held under the theme “Celebrate Business and Culture,” offered a platform for businesses from various sectors to exhibit their products and services. The event featured cultural dance performances, an official launch ceremony, and speeches by key figures, highlighting the growing economic partnership between the two nations.
Significance Of Singapore As A Key Trade And Investment Partner
Chea Vuthy, in his address, extended his congratulations to Singapore on its 59th year of independence, emphasizing the strong bond that has developed between the two countries over the decades. “Singapore’s progress is truly inspiring,” Vuthy remarked. He also noted that Cambodia was among the first countries to recognize Singapore’s independence, underscoring the historical ties that have laid the foundation for the current economic cooperation.
Vuthy highlighted the significance of Singapore as a key trade and investment partner for Cambodia. “Singaporean investment has played a vital role in the development of Cambodia’s economy, particularly in sectors such as manufacturing, real estate, and hospitality,” he stated. He pointed to major Singaporean companies like Keppel Infrastructure and Changi Airport International, as well as well-known brands such as Charles & Keith, Ya Kun, and 800 Super, as examples of how Singaporean investment has positively impacted Cambodia’s economic landscape.
The secretary-general also underscored the factors that have made Cambodia an attractive destination for Singaporean investors. These include Cambodia’s robust economic foundation, a young and skilled workforce, and its strategic location within the Greater Mekong Subregion and Southeast Asia. “Investors benefit from Cambodia’s strong economic base and the ease of access to clean, green energy, with about 57 percent of the country’s electricity supply coming from renewable sources,” Vuthy noted.
Facilitating The Implementation Of Businesses’ “Plus Country” Strategies
Vuthy also highlighted the Cambodian government’s commitment to infrastructure development, citing ongoing projects such as the Phnom Penh-Sihanoukville Expressway and upcoming initiatives like the Phnom Penh-Bavet and Phnom Penh-Siem Reap-Poipet expressways. These projects, he explained, will enhance connectivity between Cambodia, Vietnam, and Thailand, facilitating the implementation of businesses’ “plus country” strategies.
The expo featured a diverse range of offerings from property dealers, showcasing the latest real estate deals, to vendors providing household items, imported food and beverages, aromatherapy products, traditional Chinese medicine, and specialized logistics solutions for freight and cargo. The event also attracted attention with a special appearance by celebrated Singaporean actress Patricia Mok, who entertained the audience with anecdotes about her experiences in Cambodia and performed a lively song.
Call For New Members To Join The Growing SBIF Community
Albert Tan, President of SBIF, used the occasion to call for new members to join the growing SBIF community. “The future is bright for SBIF, and I am confident that we will achieve even greater heights,” Tan stated in his opening address. He emphasized the forum’s role in providing opportunities for Singaporean businesses to showcase innovative products and services, seek partnerships with Cambodian counterparts, and further strengthen the bilateral relationship.
In his closing remarks, Chea Vuthy urged existing Singaporean investors in Cambodia to expand their operations and encouraged potential investors to consider Cambodia as a promising destination. “Singaporean financing is among the top 10 sources of foreign direct investment (FDI) in Cambodia, with a total of approximately $400 million invested over the past five years,” Vuthy said, highlighting the significant contribution of Singaporean capital to Cambodia’s economic growth.
According to the General Department of Customs and Excise (GDCE), trade between the two countries has seen notable growth in 2024. In the first seven months of the year, Cambodia’s exports to Singapore reached $59 million, marking a 126 percent year-on-year increase. Imports from Singapore totaled $511 million, up 17 percent from the previous year, with the overall trade volume between the two countries amounting to $570 million, a 23 percent increase compared to the same period in 2023.
The Singapore Business Expo 2024 serves as a testament to the deepening economic ties between Singapore and Cambodia, with both nations poised to continue building on this foundation in the years to come.
