August 4, 2023
SINGAPORE – Minister of Economy and Finance Aun Pornmoniroth recently welcomed delegates from the Singapore Business Federation (SBF) for talks aiming to explore the market potential and investment opportunities in Cambodia.
Pornmoniroth, who is also a deputy prime minister, was upbeat, confident that the Cambodian economy would continue to grow.
The delegation, led by SBF country director Gary Lim, comprised 23 members representing various companies. The goal of their meeting with Pornmoniroth was to deepen their understanding of the market potential and investment landscape in Cambodia.
They were especially interested in business cooperation and opportunities within the Kingdom.
An August 2 ministry press release said the delegates’ visit following Cambodia’s July 23 general election symbolised their trust in the country’s political maturity.
This trust, it said, extended to the Cambodian people, who are committed to safeguarding the Kingdom’s hard-won peace, development and sovereignty.
“The visit from the SBF delegates signals optimism for businesspeople and Singaporean investors in Cambodia,” Pornmoniroth was quoted as saying.
“With Covid-19 under control in Cambodia, there are now open opportunities for investors and international travellers to return and contribute to the economic recovery,” he emphasised.
Pornmoniroth shared his forecast that Cambodia’s economy would grow by 5.6 per cent this year and 6.6 per cent next year, expecting inflation to remain at 2.5 per cent this year and in 2024.
He also predicted stability in exchange rates and the national reserve. He highlighted agriculture, tourism, and non-garment manufacturing as sectors with high growth potential.
Hong Vannak, an economics researcher at the Royal Academy of Cambodia’s International Relations Institute, spoke about Singaporean investors’ interest in the Cambodian market. He said their intention to invest in the Kingdom contributes to ensuring long-term sustainability of the local economies.
“The government has the responsibility to instil confidence in domestic and international investors. This involves holding clear dialogues and fostering cooperation with local investors who can express a positive view of Cambodia”.
Additionally, the ministry has put forward a five-year plan designed to reshape Cambodia’s socio-economic development. The ultimate ambition of this plan is to elevate the Kingdom to the status of a high-middle income country by 2050.