As of June 2022, some 127 Singapore’s investment projects in operation were approved by the Council for the Development of Cambodia (CDC) in the tourism, manufacturing, infrastructure and other sectors with investment capital reaching about US$1.53 billion, according to a press release on the outcomes of a webinar on “Discovering Cambodia – Insight into the Business Opportunities in Cambodia” on July 26.
Organised by the Singapore Business Federation (SBF) and the CDC, with support from the Embassy of Singapore in Phnom Penh and the Embassy of Cambodia in Singapore, the webinar was attended by some 150 business representatives, including from the Cambodian Chamber of Commerce, under the presidency of H.E. Sok Chenda Sophea, Minister attached to the Prime Minister and Secretary General of the CDC, H.E. Sok Khoeun, Cambodian Ambassador to Singapore, and H.E. Ms. Teo Lay Cheng, Singaporean Ambassador to Cambodia.
Speaking on the occasion, H.E. Sok Khoeun highlighted the economic diplomacy strategy for 2021-2023 launched in early 2021 with an aim to promote trade, investment, tourism and culture to contribute to national economic development and enhance Cambodia’s interest regionally and internationally. Cambodia diplomats have done their part and intensified their efforts to implement and promote such economic diplomacy to bring more investments and tourists to Cambodia.
In her opening remarks, H.E. Ms. Teo Lay Cheng said that Singapore is amongst Cambodia’s top five foreign investors. Investments span sectors such as estate, energy, trading and distribution, food/consumer, education, and finance. The two countries also enjoy easy connectivity with 35 passenger services per week.
The Singaporean ambassador added that Cambodia was one of the fastest growing economies in Asia. As the country emerges from the COVID-19 pandemic following a successful COVID-19 vaccination campaign, a return to earlier high levels of growth is anticipated.
For his part, H.E. Sok Chenda Sophea expressed his gratitude in his keynote address to the Singaporean investors and businesspeople for choosing Cambodia as their investment destination over the years. He added that Cambodia’s enabling investment environment has been a cornerstone awaiting Singapore investments to tap on the vast potential in Cambodia’s agri-food industries, services and other manufacturing sectors.
H.E. Minister further elaborated on the important role of Singapore’s FDI in Cambodia and called for more quality investments from potential investors from Singapore that will contribute to the fast recovery and development of Cambodia’s economy. He also emphasised the importance of Cambodia’s Investment Law, adopted in October 2021, that incentivises investors to apply responsible business conduct and inclusive business approaches in their investment and business practices.
The webinar was held under the ambit of the SBF’s FYIstival platform. Following the webinar, SBF will facilitate B2B meetings between the participants and speakers as a follow-up to further discuss Singapore’s business interest in Cambodia.
Other speakers included Emerging Markets Consulting Managing Director Mr. David Totten, Wing Bank Cambodia Chief Executive Officer Mr. Han Peng Kwang, and Lim Siang Huat Commercial Director Mr. Richard Seah.
Source: Agency Kampuchea Press