There is much information that the world must learn about Cambodia and the progress that has been achieved in our country over the past decade, through the hard work of the Cambodian people and the Royal Government.
Over the last decade of peace and stability, Cambodia has achieved high economic growth at an average of 9.4 per cent per annum. Economic growth reached 10.6 per cent per annum over the last 5 years, with a peak at 13.3 per cent in 2005. Economic growth stood at 10.8 per cent in 2006, 10.2 per cent in 2007 and 7 per cent in 2008.
Despite the global economic downturn, Cambodia aims to maintain its economic growth at around 6.5 per cent for 2009. A heavy rainy season, which has boosted rice crops, will assist growth this year. Nevertheless, our country's economy is not immune to the rising global financial and economic crisis. It is clear that if the government does not take timely and appropriate measures to manage the crisis, the effects of the global economic downturn will become a real cause of concern for Cambodia's financial system and economy. While the global crisis has undoubtedly had an impact on direct foreign investment, this is expected to be only temporary, as investors are still showing strong interest in Cambodia.
This is a country that enjoys political stability and has a government that welcomes dialogue with the private sector. It is a very open economy with a business-friendly government. The liberal trade regime means that foreigners are not discriminated against. We allow joint ventures and 100 per cent foreign-owned companies to trade. As long as you are registered at the Ministry of Commerce, you are entitled to import and export. Furthermore, the entry cost and risk in Cambodia is comparatively less than for other developing markets.
This is a country that has enjoyed stable macroeconomic development and has a firm vision for medium and long term economic growth.
Investors have been impressed with the commitment of the Royal Government of Cambodia in getting modern commercial laws in place, as evidenced by the progress that has been made both before and after Cambodia's accession to the World Trade Organisation (WTO).
The Royal Government has been implementing serious reforms in all sectors, including Public Financial Management Reform, Financial Sector Development, Private Sector Development and Governance Reform including land management, administration and legal and judicial reforms. All aimed at improving the business and investment climate through trade facilitation and increased private sector participation in physical infrastructure and the development of small and medium enterprises (SMEs). Having achieved steady growth and successes over the past several years, Cambodia is now confident that we are on the verge of a bright future, full of optimism and hope.
This is a country with great potential. In almost any area you look there are unexploited opportunities to be explored. Our fertile land and favourable natural conditions offer tremendous potential for the development of agriculture and agro-industries. Cambodia’s infrastructure is at an early stage of development and opportunities abound in transport, telecommunications, electricity generation and irrigation. Investment in tourism is particularly attractive not only because of Cambodia’s historical and cultural heritage, but also its national parks, tropical rainforests, white sand beaches and islands. Furthermore, Cambodia’s membership of Asean, WTO and AFTA; our trade agreements with China, EU and the US as well as other development initiatives in the region, provide preferential market access to most countries around the world.
The Royal Government has established Special Economic Zones (SEZs) along the borders with Thailand and Vietnam as well as in Phnom Penh and Sihanoukville in order to attract more investment in Cambodia. A ‘One-Stop Service’ procedure is in place at each location, which is simple, easy to use and saves time. The SEZs offer investors superior infrastructure and facilities, including new road networks, state-of-the-art factory buildings, cheap electricity, plentiful clean water supplies, water treatment plants, skills training, banking services, postal services and telecommunications.
These are all good reasons to invest in Cambodia and we encourage you to come and explore the opportunities for yourself.
This is a country that has risen from the abyss and transformed itself into a peaceful nation with improved social order, stability, cooperation and development. Building on this, the Royal Government has an ambitious vision to transform Cambodia into a fast-growing regional economy based on agriculture and agro-industries, manufacturing, tourism-related industries, and human resource development. Over the next 10-20 years, we expect to realise our vision by mobilising resources from all sources, both domestically and abroad, to invest in human resource development, institutions and infrastructure – including roads, bridges, seaports, airports, railroads, power, clean water supply, irrigation, and technology.
Therefore, we invite all businessmen and investors to come and visit Cambodia in order to carry out feasibility studies for your investment plans.
To Know more about Cambodia Investments, please visit:
Council for Development of Cambodia: www.cambodiainvestment.gov.kh
Indian Chamber of Commerce in Cambodia (InCham Cambodia) http://www.inchamcambodia.org/