South Korea-based LG Electronics, in partnership with locally based G-Gear, officially launched its LG Brand Shop in Phnom Penh on Saturday to tap the fast-growing technology industry in Cambodia.
A senior government official said the rise in Cambodia’s GDP per capita was one factor attracting foreign investment.
Cambodia’s GDP per capita had steadily increased from $738 in 2009 to $915 this year and was estimated to reach $1,000 next year, Sok An, minister for the office of council of ministers, said.
“This clearly demonstrates the gradually increasing purchasing power of the Cambodian people, which offers great potential in Cambodia for all companies,” he said.
Michael Jung, managing director of LG Electronics in Thailand, said the company had established sales and marketing activity in Cambodia in 2007 and was working with local partner G-Gear to build a strong business operation in the Kingdom.
“We are trying to be Cambodia’s representative premium brand. In order to be a premium brand, not only are we selling cutting-edge products, but we are also serving landmark shops,” Jung said.
To contact the reporter on this story: May Kunmakara at firstname.lastname@example.org