A business matching event between Cambodian and Thai companies held yesterday in Phnom Penh brought to the kingdom more than 30 Thai enterprises looking to capitalise on locals’ expanding incomes and the surging economy.
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The business event is taking part on the sidelines of the Cambodia-Thailand Joint Trade Commission (JTC), held on February 21 and 22 and bringing together public officials from both countries to discuss ways of enhancing bilateral trade and investment.
Speaking during the event, Jirawuth Suwanna-arj, minister councilor of commercial affairs at the Thai Embassy in Phnom Penh, said a growing number of Thai companies and investors are eyeing the kingdom to expand their businesses.
“They are not just interested in selling their products in Cambodia. They are also looking for local partners that can help them establish Cambodian branches,” Mr Jirawuth said.
Vicky Voranuj, consultant for Vega Natural Co., Ltd, a Thai firm that specialises on cosmetics, said Thai investors are turning to the kingdom because people are enjoying higher levels of disposable income.
“We see great potential in this market. It’s growing really fast, and we would like to open a branch here,” she said. “With higher incomes, Cambodians now have more money to spend on our products.”
Lim Heng, vice president of the Cambodia Chamber of Commerce, said both countries enjoy solid diplomatic and commercial ties, which plays a key role in attracting Thai investors.
“Thai investors are coming because they see a stable country that is growing really fast,” he said.
In 2018, bilateral trade is forecast to grow 10 percent year-on-year, Mr Jirawuth said
Last year, trade between Cambodia and Thailand was valued at $5.5 billion.