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Discovering Cambodia – Insight into the Business Opportunities in Cambodia

Tuesday, 26 July 2022 [Singapore] – On 26 July 2022, the Singapore Business Federation (SBF) and the Council for the Development of Cambodia (CDC), with support from the Embassy of Singapore in Phnom Penh and the Embassy of Cambodia in Singapore, organised a webinar on “Discovering Cambodia – Insight into the Business Opportunities in Cambodia” with the participation of H.E. Mr Sok Chenda Sophea, Minister attached to the Prime Minister and Secretary General of the CDC, H.E. Ms Teo Lay Cheng, Singapore Ambassador to Cambodia, and H.E. Mr Sok Khoeun, Cambodia Ambassador to Singapore. The webinar was attended by close to 150 business representatives, including from the Cambodia Chamber of Commerce.

Cambodia Ambassador to the Republic of Singapore H.E. Mr Sok Khoeun highlighted in his remarks that the economic diplomacy strategy for 2021-2023 launched in early 2021 is aimed at promoting trade, investment, tourism and culture to contribute to national economic development and enhance Cambodia’s interest regionally and internationally. Cambodian diplomats have done their part and intensified their efforts to implement and promote such economic diplomacy to bring more investment and tourists to Cambodia.

In her Opening Remarks, Singapore Ambassador to Cambodia H.E. Ms Teo Lay Cheng said that Singapore is amongst Cambodia’s top five foreign investors. Investments span sectors such as real estate, energy, trading and distribution, food/consumer, education, and finance. The two countries also enjoy easy connectivity with 35 passenger services per week. Ambassador Teo added that as Cambodia emerges from the COVID-19 pandemic following a successful COVID-19 vaccination campaign, a return to earlier high levels of growth is anticipated.

H.E. Mr 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. The Minister further elaborated on the important role of Singapore’s FDI in Cambodia and called for more quality investments from prospective investors from Singapore that will contribute to the fast recovery and development of Cambodia’s economy. The Minister 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 more than 50 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.

As of June 2022, 127 of Singapore’s investment projects were approved by the CDC in the tourism, manufacturing, infrastructure and other sectors with investment capital reaching about USD1.53 billion.

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