[INNEWS Comprehensive Report] Although external crises caused by global challenges continue to impact Cambodia, the country’s ease of doing business has demonstrated strong stability and adaptability.
According to the 2023 Business Confidence Survey Report released by the European Chamber of Commerce in Cambodia (EUROCHAM), 62% of respondents predict that their business will grow in the next 12 months, indicating that business confidence in Cambodia is generally positive. In addition, most companies are optimistic about the future and have achieved their set profit targets, which fully demonstrates the resilience and ability of Cambodian companies to adapt to changes.
However, the report also revealed internal problems faced by businesses, such as reduced access to finance and skilled workers. At the same time, global challenges such as inflation and the war in Ukraine have failed to have a substantial impact on Cambodia.
Despite the challenges posed by these issues, Chea Vuthy, deputy secretary-general of the Council for the Development of Cambodia, spoke at the business forum, demonstrating the huge potential of the Cambodian economy and the important role of the private sector. Compared with other ASEAN member states, Cambodia is in a very favorable position for investment flows. Chea Vuthy pointed out that despite the impact of the epidemic crisis, geopolitical tensions and Sino-US trade tensions, Cambodia has still attracted a large amount of foreign investment.
He particularly emphasized that despite the sharp 40% drop in ASEAN investment in 2020, Cambodia’s investment remained stable at around US$3.6 billion. In addition, he also pointed out that Cambodian investors showed great enthusiasm for foreign direct investment in the first half of the year, with Chinese investment accounting for 42.1%, followed by Thailand (1.09%), Japan (0.98%), and the Cayman Islands (0.52%). ), Samoa (0.5%), South Korea (0.45%), British Virgin Islands (0.32%), Singapore (0.31%) and Malaysia (0.19%).