From August 16-17, 2024, the Singapore Business Investment Forum (SBIF) organised the first Singapore Business Expo 2024 at the Olympia Mall in Phnom Penh, with the aim of bringing Singaporean businesses in Cambodia together and strengthening economic ties between the two Southeast Asian countries.
Featuring over 40 businesses across various sectors showcasing a diverse range of products and services, the expo attracted high-level participation from the Cambodian and Singaporean business communities, including key government officials.
Presiding over the opening ceremony, H.E. Chea Vuthy, Secretary General of the Cambodian Investment Board, Council for the Development of Cambodia (CIB-CDC), acknowledged the expo’s role in acting as a platform for strengthening bilateral trade and investment ties between Singapore and Cambodia.
“This event not only provides a valuable space for Singaporean businesses to showcase their innovative products and services while exploring collaboration with Cambodia partners, it also serves as a vital platform for enhancing Cambodia and Singapore relations,” said Vuthy.
Albert Tan, President of the SBIF and Deputy Chairman of the Textile, Apparel, Footwear & Travel Goods Association in Cambodia (TAFTAC), also underscored the expo’s goal of bringing Singaporean businesses in Cambodia together to connect with one another and seek opportunities for collaboration.
Watch a snippet of Albert Tan's speech from the
Singapore Business Expo 2024 opening ceremony:
“Many skilled Singaporeans have been in Cambodia for 10 years, 20 years, 30 years or more, but some still don't know each other,” said Tan.
He further told B2B Cambodia:
A lot of [Singaporean businesses in Cambodia], as I know, are sourcing a lot of products from outside of Cambodia, but there are products that they can source here, and even services that are available. So today is an opportunity to make known to every business community here that there are such products and services to help them to do their business better.
Boosting Trade And Investment Between Singapore And Cambodia
While delivering his welcome remarks, Tan spoke of the major development and rise in foreign direct investment (FDI) that he’s observed in Cambodia over the past 30 years.
“I have been in Cambodia for 29 years and have had the opportunity to watch the country’s development from no street lamps, no street lights, and many unpaved roads, to today with most of the infrastructure [in place] with fully paved roads, street lamps, high-rises and electricity that doesn’t cut off,” shared Tan.
This shows that Cambodia has improved and strived to improve and develop for the near future. The CDC has done their part in attracting foreign direct investment (FDI) to invest in Cambodia, and with this investment, it creates opportunities for supporting industries to come in, and other industries to create new technology and new products for the country here.
The CIB-CDC Secretary General also emphasised the ongoing strengthening of bilateral relations between Singapore and Cambodia during his speech, noting a growing engagement of business and trade in emerging industries that respond to timely demands related to climate action.
“Over the past decades, we have witnessed remarkable growth in our bilateral relations, driven by frequent high-level exchanges and a sheer commitment toward mutual development and progress,” he said. “In fact, just two months ago, our Prime Minister… paid his first official visit to Singapore, during which [the leaders of both countries] discussed strengthening cooperation in many areas, including renewable energy and carbon credits, highlighting initiatives like the Keppel Energy project and the MOU on carbon credit collaboration.”
I have observed that Singapore trades carbon credits in quite a big number, with the majority [generated] from Cambodia, in the stock market of Singapore. This development not only underscores the agency of environmental sustainability, but also manifests significant opportunities for innovation and growth in green sectors.
The CIB-CDC Secretary General further emphasised Singapore’s position as a major investor in Cambodia that consistently ranks among the top 10 sources of foreign direct investment (FDI).
“With a cumulative capital of approximately USD 400 million over the past five years, Singaporean investment has been instrumental in Cambodia’s economic progress, particularly in manufacturing, real estate and hospitality,” he shared.
Areas For Future Collaboration And Growth Between Singapore And Cambodia
Vuthy further invited Singaporean developers and investors to look into establishing a special economic zone (SEZ) in Cambodia to be able to benefit from special incentives, reliable power, efficient transportation networks and modern logistics facilities.
“To date, there are a total of 26 operational SEZs, housing, over 700 investment projects with an investment amount of USD 28 billion and operating over 190,000 jobs. Most SEZs are located in border and coastal provinces,” shared Vuthy.
What I would like to convey here is that our industrial assets are very promising, and we would like to invite Singaporean developers to be key partners in shaping our industrial landscapes through establishing new Special Economic Zones or partnering to upgrade and modernise existing ones.
While speaking with B2B Cambodia, Tan also highlighted education as an area with a lot of potential for future partnership and collaboration.
“Education is always key to developing a nation, because once the next generation is developed, they can actually use their skills to help the country grow… Bringing Singapore education here gives [Cambodian] students an opportunity to have an outlook of overseas teachings. At the same time, when they want to further their education, they can have the opportunity to [go to] Singapore to continue their education,” said Tan.
He added that there is an interest among Singaporean investors and businesses in Cambodia to increase the focus on upskilling and training as well, so Cambodian workers can learn more on how to manage and understand requirements of the labour law, for example.
“[Business and education] is part and parcel, it’s a wholesome thing. So for me, education is key, then you can say the rest of business follows along,” Tan concluded.
Marking One Year Of The Singapore Business Investment Forum (SBIF)
The expo also celebrated the one year anniversary of the Singapore Business Investment Forum (SBIF), during which a cake was brought out, speeches were delivered and a special guest, Singaporean actress and comedian, Patricia Mok, gave a short performance.
Mok, who flew in from Singapore to perform at the event, also continued to engage with and entertain visitors on the second day of the expo.
Reflecting on the past year of SBIF’s activities, Tan said he believes the forum has been able to achieve a lot and he hopes to continue seeing the Singaporean and Cambodian business communities grow.
“Our goal is to help the business community grow and hopefully match them all together. I believe after one year, we are all still here with the same goal to continue this process, and we will be able to achieve more for the whole group and business community of Singaporeans here in Cambodia, furthering our growth together with the country,” he concluded.