Cambodia Investment Board (CIB) secretary-general Chea Vuthy addresses the Singapore Business Fair on Aug 16, 2024 in Phnom Penh. – The Phnom Penh Post
PHNOM PENH: A senior official called on existing Singaporean financiers in Cambodia to expand their business and encouraged the country’s potential investors to consider Cambodia as their next destination.
The remarks were made by Chea Vuthy, secretary-general of the Cambodia Investment Board (CIB) of the Council for the Development of Cambodia (CDC) at the opening ceremony of the Singapore Business Fair Friday (Aug 16), in Phnom Penh with the participation of about 120 investors and businesspeople.
Vuthy noted that Singapore is an important trade and investment partner for Cambodia. Citing data from the CDC, he highlighted that Singaporean financing is among the top 10 sources of foreign direct investment (FDI) in Cambodia, with a total of approximately US$400 million invested over the past five years.
Vuthy said that Singapore’s investment has played an important role in the development of the Cambodian economy, especially in manufacturing, real estate and hospitality, adding that the presence of Singapore’s big companies including Keppel Infrastructure and Changi Airport International, as well as well-known brands such as Charles & Keith, Ya Kun and 800 Super, show that Singapore's investment has significantly boosted Cambodia's development.
The secretary-general highlighted several factors that have attracted Singaporean investors to Cambodia, including the country’s strong economic base, young and skilled workforce, strategic location in the heart of the Greater Mekong Subregion and South-East Asia and bilateral and multilateral trade agreements with major markets.
“Investors benefit from the ease of access to clean, green energy, with about 57 per cent of Cambodia’s electricity supply coming from renewable energy sources,” he said.
He added that the government has invested heavily in major infrastructure projects, such as the ongoing Phnom Penh-Sihanoukville Expressway and upcoming projects like the Phnom Penh-Bavet Expressway and the Phnom Penh-Siem Reap-Poipet Expressway, which connect Cambodia to Vietnam and Thailand, respectively, and will facilitate the implementation of businesses’ “plus country” strategy.
According to Vuthy, the country currently has 26 special economic zones (SEZs) in operation, attracting more than 700 projects with a total investment of more than US$28 billion and creating more than 180,000 jobs.
He said the forum provides opportunities for Singaporean businesses to showcase innovative products and services, seek cooperation with Cambodian business partners and strengthen Cambodian-Singapore relations.
According to a report of the General Department of Customs and Excise (GDCE), in the first seven months of 2024, the country’s exports to Singapore amounted to US$59 million, a year-on-year increase of 126 per cent, and imports totalled Us$511 million, up 17 per cent. Trade volume between the two countries was US$570 million for the period, up 23 per cent from the same interval in 2023. – The Phnom Penh Post/ANN
