The Great Treasure Awaiting Discovery: Cambodia

The common power of Southeast Asia, the ASEAN, with a population of 650 million and a market size that has been increased from $2 trillion to $3.1 trillion in the last 10 years has been included in Turkey’s agenda in line with the Asia Anew goals. Although it was negatively affected by 2020, the market is expected to grow by six per cent in 2021, and it is widely accepted to be quite valuable for our country. Cambodia is one of the countries with the highest investment rate due to its geographical advantage, convenient business opportunities compared to other ASEAN countries, profit transfer, and investment incentives. Also, since the country became a member of the ASEAN in 1999 and the World Trade Organization in 2004, it has been considered an investment-friendly country. According to the World Bank, the Foreign Direct Investment (FDI) in Cambodia increased to $2.7 billion in 2020, while it was $118 million in 2008. Most FDI inflows in the region have been to Cambodia with a significant number of investors from Asia (China, Japan, South Korea), ASEAN (Malaysia, Thailand, Vietnam, etc.), European Union countries, and the USA.

Cambodia is also the golden key to entering the ASEAN for Turkish investors targeting that market. The country has significant potential with its relatively cheap and trained young skilled workforce , and steady growth every year, especially in the fields of construction, tourism, textile, and organic agriculture. Despite the economic contraction experienced in the country due to the novel coronavirus (COVID-19) outbreak, Cambodia is expected to have a 6.8 per cent growth in 2021, and it is almost like the greatest treasure of Southeast Asia waiting to be discovered by Turkish investors.

Chairperson, Turkey- Cambodia Business Council Volkan Öztürk