Phnom Penh Is Becoming an International Trade Center

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by : Vutha

Since 40 years ago, Phnom Penh City was called a ghost city, but in the last decades, this city was not a duck city any more, it is going forward fast development and become an international economic and trade center.

Phnom Penh city started growing many sky buildings everywhere in recently year instead of old and broken buildings which left from civil wars and it is going to cover new things step by step.

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The continuing of arriving of national and international investors, businessmen, and famous state leaders into Cambodia, especially during World Economic Forum on Asian in May which was hosted by Cambodia, which was the most important event to make Cambodia showing its potential and strong economic development in the country and Phnom Penh city to the world which is the city growing fast in kind of sectors.

The growing of sky buildings in Phnom Penh City is not likely to finish, in particularly; Thai Bunrong Twin Tower which is the highest building in Asian will spend 5000 million dollars to build sky building in this city. It is going to become more attractive and offering more reliable for many international investors coming to this country in the future.

The arriving of Korean, Chinese, Singaporean, and Malaysian investors in Cambodia which have mad this country become “Tiger of Economy” which was named by Asian Development Bank (ADB) last year. Within this context, ADB ranked this country from lower development to higher incomes in the last two years.

Ann Sothida, associate director of CBRE Cambodia, said that Cambodia is going forward and will become international trade center in the next 5 to 10 years; it is according to her research.

“Until now Cambodia has 70 international standards companies are operating in Cambodia among 500 companies, we expect there will 50 percent of among those will come into Cambodia because  Cambodia now  is turning  into destination of international investors” she said “recently Cambodia has not yet became international trade center but in the next 10 years it will reach its goal”.

“In order to turning Cambodia into international trade center, this country needs to have more human resource, development ideas, good knowledge, and experiment” she asserted “As you have known Cambodia has lacked of those things”. ​

She went on that in the past Cambodia had not known by the world but now because of the growing fast of economy making the Phnom Penh and country are well known.

It is true and it cannot be denied that in the last few decades, Cambodia has received a thousand million dollar capital to invest in Cambodia.

In particularly, the capital investment in construction sectors in 2016, there was amount 8.534 million dollar, increasing 155.68 % comparing to 2015  and the capital investment from Foreign Development Investment invested in Cambodia for 20 years, since 1994 O 2014, there was amount 19.2 million dollar, 44 % was the money from Chinese investors.

According to report of Ministry of Land Management Urban Planning and Construction (MLMUPC) showed that there are now 700 sky buildings with five to 40 story and other sky buildings have started constructing with more than 63 story.

Within this goal, Cambodia also reached its higher incomes in recent year, in particularly; according to the report of Economist Newspaper reported that the amount of Cambodian income in the city is around 10.900 US last year and will increase 32.200 US in the next 2030.

According to the report of Ministry of Commerce reported that Cambodia exported to the world around 12 thousand of million dollar last year.

“In 10 year ago, I do not expect that Phnom Penh city is development like this but now many sky buildings are growing everywhere” Kim Heang, president of the Cambodian Valueers and Estate Agent Association (CVEA) said “ when the foreigners arrive in Cambodia, they will see supper market, sky buildings, and modern cars ect. they will be happy to live and invest in Cambodia”.

The development in this country cannot be separated   from peace, political stability and keeping strong economy. In particularly, just only two decades, Cambodia reached the economic growth around 7.7 since 1994 to 2014 and will keep the economic growth more 7 % for the next few year.

With this continuing economic growth, the capital investment in construction sector for 4 months at the beginning of this year, there were more than around 4000 million dollar, increasing 40 percent, compared to same months last year.

Mey Kalyan, senior adviser to the Supreme National Economic Council said that Cambodia is truly growing fast among materials and economy which in the last 10 years, Cambodia did not have such as nowadays but this development without quality of life because the city should not have many drinking place, it should have gardens, museums, art halls and international exhibition.

“if we compare to age of people, i think that Cambodia is like young age of people from 13 to 14 year old” he said.

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