Cambodia Investment Review
The American Chamber of Commerce (AmCham) in Cambodia recently orchestrated a significant gathering of policymakers, industry leaders, and stakeholders to scrutinize the future of Cambodia’s tourism sector. Themed “Where is Cambodia’s Tourism Industry Heading?”, the forum offered a dedicated space to explore strategies for post-pandemic recovery while identifying new opportunities for sectoral growth.
Kicking off the event, H.E. Sok Soken, Cambodia’s Minister of Tourism, illuminated the Cambodian government’s current efforts to revamp the industry. “We have assembled a fresh team and redefined our priorities for a more robust engagement with stakeholders,” he revealed. Speaking on expert projections, Sok Soken expressed optimism that tourism in Cambodia could return to pre-pandemic levels by the years 2024-2025. To this end, the government launched a tourism recovery roadmap in 2021 that focuses on four essential pillars: Cultural Heritage, Coastal Tourism, Eco-Tourism, and Cambodianess.
Govt Says The “Visit Cambodia Year 2023” Campaign A Success
The minister unveiled some uplifting statistics that showcase the sector’s resilience. “In the first eight months of 2023, Cambodia welcomed approximately 3.5 million international touristsa dramatic 250% rise compared to the same period in 2022,” said Sok Soken. He also noted a surge in domestic tourism, with around 12.38 million domestic tourists so far in 2023, showing a robust growth rate of 62.5%. He attributed some of this success to the “Visit Cambodia Year 2023” campaign, which centers on “MICE and Sports,” and to the successful hosting of the SEA Games and ASEAN Para Games.
Read more: New Culinary Beach Destination Kep West Boosts High-End Tourism in Cambodia
He also unveiled the BUILD initiative, a multifaceted strategy encompassing five strategic pillars: Brand Management, Unique Selling Points (USPs) Marketing, Inbound Design Quality Travel, Leverage on Tourism Endowment and Diversification, and Develop Competitive Tourism Sites. Alongside BUILD, three priority areas were introduced under the umbrella of the 3Ds: Designing Institutional Structure, Digital Transformation, and Developing Capability. “The aim of the BUILD plus 3Ds strategy is to fortify institutional capacity, extend partnerships, and heighten competitiveness, sustainability, and inclusiveness in our tourism offerings,” Sok Soken elaborated.
Critical Role of Collaboration and Innovation in Reviving Tourism
Ivana Tranchini, Board Member of the American Chamber of Commerce in Cambodia and Country Manager of Visa Cambodia, pinpointed changes in the touristic landscape. “The rise in the use of digital payments over cash by 2.7% among tourists across Asia signals the necessity of modern payment options in Cambodia,” Tranchini asserted. She also highlighted a growing demand for eco-friendly and sustainable options, pointing out that 63% of Asia-Pacific tourists prefer such accommodations and transportation options and that 71% use online platforms for bookings. “This is where Visa can help to become an enabler for tourism globally, extending its utility beyond just hospitality,” she added.
Echoing the sentiment, Mr. Somethearith Din, President of the Cambodia Tourism Federation, emphasized the critical role of collaboration and innovation in reviving tourism. “Involving business leaders and entrepreneurs in creative tourism projects is key to success,” he stressed. Din spoke on the necessity to engage with newer trends such as working with both local and international influencers, devising incentives for investors like special tourism development projects, and contemplating honorary tributes to long-stay expatriates who could serve as ambassadors for Cambodia.
Best Align Human Resources with Governments New Policy Direction
The forum also included expert commentary from other industry leaders like Mr. Hy Sothea, President of the Cambodia Hotel Association, Mr. Arnaud Darc, President of the Cambodia Restaurant Association, and Mr. Cyril Girot, CEO of Cambodia Airports. Together, they took part in a joint panel discussion that delved deeper into various challenges and opportunities such as human capital development, difficulties in recruiting managerial talent, effective marketing strategies, and the diversification of tourist demographics.
Arnaud Darc was particularly vocal about the need for a renewed approach to capacity building. “With the government now advocating for increased social support and security, the onus of training, which was 90% on the private sector before, must now be reconsidered. We must strategize on how best to align our human resources with this new policy direction,” Darc said.
The event concluded on a note of unified purpose, as attendees reinforced the importance of multi-stakeholder collaboration, adaptability, and innovation to set the course for a flourishing Cambodian tourism sector in the years ahead.
