Logo of Phnom Penh Post newspaper Phnom Penh Post - WorldEx aims to woo foreign investors to promote the Kingdom as a business hub

WorldEx aims to woo foreign investors to promote the Kingdom as a business hub

Content image - Phnom Penh Post
Soo (above) says the expo will promote Cambodia as an investment destination. Supplied

WorldEx aims to woo foreign investors to promote the Kingdom as a business hub

Cambodia continues to remain as a favourite destination for foreign investors due to its stable investment climate.

The signals are clear as more international companies and exhibitors eye the Kingdom to promote their products and services.

The hosting of the Asia Entertainment and Investment Expo 2018 in Phnom Penh this week, where industry experts will update latest technology advancements in property, gaming, hotel and franchise industries, and with world-class exhibitors ‑ again reflects foreign investors’ confidence in the domestic economy.

The conference themed “Realizing Opportunities and Gearing Gaming Market for Future” will be held from November 28 to 30 (from 10 am to 6pm).

“We are inviting foreign investors from property, hotel, entertainment and gaming sectors, and help them build their network with the business community in Cambodia.

“This business to business trade expo is a good platform for suppliers, especially foreign players to promote their services,” Jerel Soo, Group Chief Executive Officer of Worldex Trade Media Sdn Bhd, which organises the event, told The Post.

Foreign investors and businessmen continue to envy Cambodia’s steadfast economic growth that has been growing at an average rate of 7.7 percent between 1995 and 2017, rated the sixth fastest-growing economy in the world, according to the World Bank.

It’s economy is largely driven by garment and tourism sectors, two key revenue earners for the economy, with tourism contributing $3.63 billion in revenues last year, said the Ministry of Tourism.

While the garment sector generated about $4.5 billion in revenues last year.

According to the National Bank of Cambodia, FDI inflow was $1.32 billion in the first half of 2018, a 14 percent jump from $1.16 billion in the same period last year.

“We chose Cambodia because of its strong GDP (gross domestic product) growth which is the highest in Southeast Asia and many investors and suppliers from various sectors are eyeing the market,” he added.

Organisers are expecting to conclude about $50 million in sales during the three-day trade expo.

The event will further boost Cambodia’s tourism sector, said Soo, which has already attracted about three million people in the first half of the year.

The Kingdom is enjoying a surge in tourist arrivals and targeting to woo six million tourists this year, higher than last year’s 5.6 million arrivals.

The government had legalised gaming in Cambodia and 60 gaming outlets are operating in 13 cities at present.

According to media reports, in 2016 the government collected $48 million in levies from the casino industry.

Cambodia is also fine-tuning its tax laws for casinos that will fix tax rates between four percent and five percent, which will be on par with other regional gaming destinations.

The expo is supported by the Kingdom’s Minsitry of Commerce and the Ministry of Economy and Finance.

International speakers will touch on topics like blockchain, crypto currency and issues related to the gaming industry at the event to be held at Sokha Phnom Penh Hotel.

WorldEx Trade Media Group is a Malaysian company that organises trade events for various industries.

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