Search form

Login - Register | FOLLOW US ON

Logo of Phnom Penh Post newspaper Phnom Penh Post - Steady rise for business registration in Kingdom

Steady rise for business registration in Kingdom

Despite ongoing protests over the minimum wage in the garment industry and the political deadlock that lasted well in to July, Cambodia registered over 3,000 new businesses from January to September this year.

The latest data from the Ministry of Commerce reveal there were 3,025 newly registered businesses representing a 36 per cent increase from the 2,220 registered in the same period last year.

Some 1,330 of this year’s new business were foreign registered, a 20 per cent increase, while 1,690 were registered by Cambodians, up 46 per cent.

Ministry of Commerce spokesman Ken Ratha said the rise suggested increasing business confidence.

“The surge reflects the business community’s confidence as we are still building a very investment and business [focused] environment,” Ratha explained.

The World Bank projected this month that Cambodia’s economic growth will reach 7.2 per cent, citing the garment and construction industries as key engines of growth.

ANZ Royal CEO Grant Knuckey told the Post that while business registration data can be a little volatile, the scale of the increase is a clear sign that both domestic and foreign investors have put prior political turmoil behind them and are prepared to take more risks.

“This is fairly consistent with measures like the ANZ Royal Business Confidence Index, which has displayed a high overall level of confidence and belief in growth,” said Knuckey. “The 40 per cent increase in domestic registrations is particularly interesting, as it may suggest the rise of a larger and broader entrepreneurial class in Cambodia.”

0

Comments

Please, login or register to post a comment

Latest Video

ACLEDA President In Channy on the key to the bank’s success

Post Khmer Editor-in-Chief Kay Kimsong sat down with Dr In Channy, President and Group Managing Director of ACLEDA Bank Plc, to explore the main principle guiding Cambodia’s biggest bank.

A taste of Phnom Penh's first container night market

At the launch of Phnom Penh's newest market, The Post spoke to customers and stallholders about what the hub of bars, food stalls, shops and live music will add to the city's nightlife.

Directors discuss the 'rebirth' of Cambodian cinema

"I believe that Cambodian people have creativity in their blood ... There will come a time where a Golden Age of cinema will come back."