Cambodia Leadership Review
Michael Tan is the Founder and CEO of Aquarii BD Cambodia, a Phnom Penh-based business strategy firm established in 2021. Prior to this, Michael served as the Singapore Ambassador to Cambodia (2016–2020), following postings in Myanmar, South Korea, and Japan.
Aquarii was established to support international businesses and investors in their intended business outcomes in Cambodia by bridging the trust and knowledge gap they may have with local realities. The firm functions as a trusted gateway in a pathfinder role – applying rigorous standards of transparency and accountability to help identify suitable local partners, curate business and investment opportunities, and assist in their market entry and investment plans.
Leveraging his understanding of the local market and the diverse network of strategic partners and contacts (in government and business) established over the past decade, Michael provides facts-based insights, practical strategies, and frank assessments – to help interested parties appreciate the local nuances, navigate Cambodia’s regulatory and operating environment, and to make better informed decisions.
Beyond Aquarii, Michael’s involvement in Cambodia extends to several key advisory roles:
- Advisor to the Board of Trustees of Khmer Enterprise (KE), the government agency supporting the Kingdom’s SME and startup growth.
- Strategic Advisor to Metra BCCJP, a developer pioneering attainable, high-quality housing for Cambodia’s underserved middle-income majority.
- Director of Aqua Crystal Cambodia, a joint venture utilizing Japanese technology to provide affordable, clean drinking water.
Investing in the Fundamentals: Transforming Cambodia from “Overlooked” to “Strategically Relevant”
From new acquaintances to long-time contacts and friends, I am frequently asked: “Why Cambodia”? A short answer would be too cliché; a truly comprehensive response requires a nuanced appreciation of the remarkable socio-economic transformation the Kingdom has undergone over the past two decades. My personal assessment is this: while any emerging economy offers growth potential, the fundamental pillars for long-term investment must be political stability, a resilient economy, and a realistic growth trajectory. I see these pillars firmly in place in Cambodia, and that is why I have anchored myself here.
Aquarii BD was established to address the persistent challenge of misperception that often deters international investment. While growth forecasts may fluctuate, Cambodia’s socio-economic fundamentals remain robust. Cambodia’s resilience is evident in how it has weathered external headwinds and shocks – particularly challenging for an open economy – while maintaining structural momentum: from Covid-19 to global trade tensions to the ebb and flow of regional geopolitical dynamics.
When near-term growth projections are affected, the Kingdom’s response has been mostly strategic: accelerating economic diversification, strengthening domestic production capacity, and deepening regional integration. These provide favorable conditions for businesses and investors who can cut through the market noise to leverage significant opportunities – ranging from 100% foreign ownership in most sectors and a rapidly growing middle class to a youthful population and the swift digitalization of the economy.
For foreign investors, this creates a less crowded landscape with clearer opportunities – particularly in manufacturing, logistics, and services where Cambodia’s comparative advantages remain compelling. The challenge is not whether to engage, but how to navigate an environment where cursory analysis glosses over genuine opportunity.
To fulfill its mission, Aquarii conceptualized the IMPACT program (Investment, Market Promotion, Access, Connections, and Trade), supported by Khmer Enterprise, a government agency that supports SMEs, start-ups, and the entrepreneurial ecosystem – a strategic initiative to raise market awareness of Cambodia and bridge the gap between international business interests and local realities.
One tangible outcome will be evident this year. Following a successful delegation visit in July 2025 by Singapore Business Federation (SBF), the apex business chamber in Singapore, Aquarii and SBF will co-organize a business seminar on Cambodia’s outlook, to be held in Singapore in April 2026. A second business delegation to Cambodia is planned for the latter half of the year.
Ultimately, Aquarii challenges itself by measuring its success through the following benchmarks:
- Connecting Businesses: Serving as a reliable landing point for international enterprises – including those referred by the SBF – to ensure they thrive through ethical, transparent market entry based on candid factual insights.
- Creating Opportunities: Identifying fit-for-purpose projects and matching them with the investment calculus and strategic needs of overseas partners.
- Growing Partnerships: Fostering a trusted, collaborative environment by involving vetted strategic partners, maximizing the probability of success for all stakeholders.
See the full list and download the magazine here. https://cambodiainvestmentreview.com/2026/03/02/50-international-voices-2026/
