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3 rising economic cities in Cambodia
The continuous growing economy of Cambodia makes Cambodia one of the countries where entrepreneurs or foreign investors interested in expanding the business there. This is because of the labor wages that are not very high, friendly culture & environment and rich natural resources. Moreover, the government policies and economic measures are also attractive for foreign investors. Those make an entrepreneur and investors see high opportunities for trading and investment. Today we will take you to know 3 rising economic cities of the Kingdom of Cambodia that will be an opportunity for Thai entrepreneurs who are planning to do business and looking for new investments right now in order to make decisions in making expand business in the future.
1. Phnom Penh
The capital and largest city of Cambodia. It is a growth center for business, industry, politics, education, economy, cultural heritage, and diplomacy of the country It is located in the central south of the country at the confluence of the Basak River. The Tonle Sap River and the Mekong River, these three rivers, are important sources of fresh water and ecosystems for the city.
Phnom Penh has a special economic zone or Phnom Penh Special Economic Zone (PPSEZ) located in Kandal Province in southern Cambodia. It is a project developed by the Japan Cambodia Development Corporation with the aim of attracting foreign investors to establish production bases in the labor industry. They would diversify investment in many business sectors such as the automobile industry, electronics, feed production including the food and beverage business. Phnom Penh's important goods include textiles and garments, shoes, processed food, furniture, bicycles and other consumer goods, etc. The Special Economic Zone is also convenient for PPSEZ transportation as it is located on Highway 4, far from Phnom Penh international airport only 8 km. In addition to the economic zone that is conducive to entrepreneurs, Phnom Penh is also the country's important distribution center and is an important tourist attraction such as the Grand Palace, Chatumuk Glory, Wat Phanom and Wat Ounalom, etc., These make it suitable for doing business tourism because it is an important city that supports people from both domestic and foreign countries.
2. Sihanoukville
The city is the center of transportation in the southern part of the country. It is home to a deep seaport for large ocean liners, used for importing and exporting goods. It’s connected to the railway station and on the main road, 25 km from the international airport. Sihanoukville has outstanding tourism significance, has a beautiful beach. It is a source of oil and natural gas. Because there are many industrial estates, there is also an international airport. It handles more than 600,000 passengers a year, making about 40 flights a day. Domestic flights are linked to Phnom Penh and Siem Reap. As for international flights, it will link Thailand, Vietnam, China and Malaysia, as well as upgrade the provincial airport to become the country's third international airport to support trade, investment and tourism.
In the part of economy, it is the second largest production base after Phnom Penh. Sihanoukville's attractions for investors is that the Cambodian government has developed 3 coal-fired power plants with a total capacity of 20% of the country's production capacity, invested by Cambodia, China and Malaysia, and also has an approved industrial estate to be a special economic zone (Special Economic Zone: SEZ) 6 locations, which is the location of more than 300 industrial factories, that is, Sihanoukville SEZ, the largest settlement. There are many investors who are interested in investing in coal-fired power plants, followed by Sihanoukville Port SEZ, which is outstanding in investment in the logistics industry. The Cambodian government has given special privileges to entrepreneurs investing in special economic zones, such as granting long-term rental contracts for 50 years, exemption of import taxes on goods and raw materials. Production machinery and tools 9-year capital gains tax exemption, including granting permanent visas to investors making it suitable for investment and commercial activities
For the agricultural industry, more than 30,000 hectares of palm plantations have been invested by joint ventures between Thai-Cambodian companies. resulting in an output of more than 25,000 tons per year.
Currently, Sihanoukville is of great interest among large and foreign investors, especially real estate investments in Cambodia. Due to the development of the fishing village into the center of playing casinos. and is expected to continue to develop into a modern city in the future This makes the development of more affordable housing still in high demand. especially retirement residences, information centers, and student dormitories, etc.
3. Koh Kong
Although Koh Kong is not very popular with foreign businessmen, there are still many investment opportunities for Thai entrepreneurs. Because Koh Kong Province has a border with Trat Province of Thailand. It takes only 6 hours from Bangkok and able to travel across borders “Ban Hat Lek Border Checkpoint”, Khlong Yai District, Trat Province, and almost all people in Koh Kong Province can speak Thai. Strengths of Koh Kong Province that the government uses for economic development is a deep seaport by sea which has an area of more than 360 square kilometers and 2 international airports that are the first to renovate the old airport and the airport in the Dara Sakor project of UDG Group from China is the second.
In addition, there are also interesting investment sources for Thai entrepreneurs to expand their business, namely Stung Tatai Power Plant and Stung Russei Hydroelectric Power Plant. from building dams to get water from the river It is Cambodia's largest power plant invested by Chinese investors. Which Thai entrepreneurs can go to set up a factory to produce products for import-export through Thailand or can do an industry related to a power plant There are also industrial estates that have been approved as a special economic zone, namely NeangKokKoh Kong SEZ, which focuses on automobile and parts industries, clothing, sports equipment and electronic products. And two other economic zones, SouyChheng SEZ and KiriSakorKoh Kong SEZ, will promote investment in the province. which is a gateway for Thai-Cambodian trade in the exchange of goods and services Currently, there are 6 factories, of which 4 factories have expanded production bases from Thailand. In addition, Koh Kong also has beautiful natural attractions due to its abundance of nature such as mountains, waterfalls, rivers, seashores and various types of forests. making it convenient to expand the business of hotels, resorts, restaurants, etc. as well.
As mentioned above, Cambodia is considered an attractive country for investment and has many strengths including complete natural resources. It is also a source of oil palm, sugarcane, and sugar factories. aquatic products sea tourism together with the opening of ASEAN free trade Makes traveling across the border more convenient.
In 2022, due to the relieving situation of the COVID-19 epidemic and has opened the country of Cambodia.
In addition, the Cambodian government has prepared measures to stimulate the economy in many ways, such as the promulgation of a new investment law. Improving tax details, promoting investment in activities related to the environment bilateral trade negotiations and multilateral relations with other countries, the Representative Office This makes it very beneficial for investors to expand their businesses in Cambodia.
Benefits for Foreign Investors
1. Have the right to choose between exemption from profit tax or depreciation at a special rate of about 40 percent of the value of assets used for business operations.
2. Exemption from import duty on production equipment construction equipment Materials used to assemble products for export
3. Exempt from export tax Unless the law specifies the type of business separately.
4. Able to own 100% of the company without having to share shares with local people.
5. Lease the land for a period of not more than 50 years, with unlimited renewal options.
6. Able to employ foreign workers, but they must be foreign workers who have specific qualifications and abilities in a specific position that Cambodians cannot do. and comply with various conditions that are required by labor and immigration laws
From the 3 economic cities mentioned above, industries that have opportunities to develop and grow in Cambodia include retail business, tourism and service business, construction and interior business, renewable energy business and agricultural product processing business. This is an opportunity for Thai entrepreneurs in considering expanding trade, investment and distribution of goods to Cambodia through border trade gates including using Cambodia as a production base for domestic sales, send products back to Thailand and easily exported to various countries, ready to receive tax benefits. So Thai entrepreneurs have an advantage in terms of location that is close to Cambodia. In addition to easy access to the market Also understand and recognize changes in the Cambodian market. This will also help unlock businesses more easily.
For customers interested in doing business in CLMV or countries in the Great Mekong Subregion (GMS), including Cambodia, Laos, Myanmar and Vietnam, Siam Commercial Bank has overseas branches that are ready to take care of and provide services. If interested, please contact https: //www.scb.co.th/en/corporate-banking/international-network.html
Thank you for good information from: Cambodia Commercial Bank Cambodia Commercial Bank (Cambodia Commercial Bank – CCB) https://www.scb.co.th/ccb/corporate-banking.html
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