Singapore is an important investor and trade partner for
Cambodia. So events like Connect2Grow, where companies, particularly SMEs and
mid-cap companies, can meet and network for business partnerships are
important, said Ung Molyvann, Representative of the Council of Ministers, Royal
Government of Cambodia.
‘Exploring the Kingdom of Opportunities,’ an event saw more than
a dozen companies from Singapore attending. Some of them like A2000, Platt
Consultancy already had business units in Cambodia, while others like Elion
Network, EN Seeds, Sameer Trading Enterprises hoped to set up shop in Cambodia
with Cambodian businesses as their partners or clients.
Government representative Ung Molyann said the Cambodian
government has created an environment for ease of doing business. The
government is providing tax incentives, streamlining business regulations and
setting up special economic zones. Increasing urbanization, will also ensure
investment yields and capital appreciation for any investment from countries
like Singapore, he said.
Andrew Tay, president, Singapore Chamber of Commerce (SCC)
talked about the similarities in the economy of Singapore and Cambodia. “While
Cambodia has a lot of SMEs, Singapore too has about 288,000 SMEs in various
sectors such as services, IT, construction, etc. Both our economies are
dependent on the growth of not just large conglomerates, but also mid-cap and
small-cap companies.”
“We can learn from each other. And possibly use this event to
best network,” said Dave Tan, director, Asia Group Pte Ltd.
Sorn Seap, president, Cambodian Valuers And Estate Agents
Association (CVEA) talked about the potential for investing in the Cambodian
real estate market as it has seen an “annual growth of 7 percent.” We have an
expanding middle class and increasing demand for quality housing and commercial
projects, he said.
CVEA president Seap also talked about the surge in
infrastructure development in the country with new roads, bridges, airports,
seaports and public transportation systems. “We’ve seen the real estate value
of properties around the upcoming Preah Sihanouk airport soar,” he said.
On why it would make sense now to invest in Cambodia, Seap said
that compared to neighbouring countries, property prices here are relatively
low. “You can find land and housing at reasonable cost with the potential
benefit from future price appreciation,” he said. He also talked about the
progress in foreign ownership rights in the last few years that would make it
attractive for Singaporeans to invest here.
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