Total fixed assets of Singaporean investment in Cambodia last year reached $82.7 million, a 500 per cent increase from $13.8 million in 2011, data from the Council for the Development of Cambodia (CDC) show.
Singaporean entrepreneurs who have already entered the Cambodian market said they expect more Singaporeans to follow. Despite the increase in investment in the country, Cambodia is still relatively new terrain for Singaporean businesses.
“A lot of people still feel that this place is not safe and think that it is still a cowboy town. I would say [Cambodia is] still a very safe place for people to come and to invest,” Singaporean national John Lim, who has run a mechanical and electric company in Phnom Penh for 14 years, told Channel News Asia.
“I would also like to give advice to some Singaporeans whom I feel they should start coming in now or else it’ll be too late.”
According to last year’s investment data, Singapore invested in rice mills, rubber plantations, and garment and plastic bag factories.
The Channel News Asia’s report from February 14 said there are currently about 100 Singaporean-owned businesses in Cambodia.
LSH Cambodia is one of those companies, specialising in supplying and sourcing food as well as non-food products.
The company has been in operation for 14 years and brought about 4,000 products into the country. LSH supplies products to hotels such as Sofitel and Intercontinental, and restaurant chains like KFC and Swenson’s.
Ng Chor Yee, director of LSH Cambodia, said Cambodia is still developing, which means opportunities for business abound.
“Business people just have to, if they’re interested, look into what Cambodia has to offer for them and then come in and invest and make their money,” he said.