A new business consultancy firm focused on bringing small and medium enterprises (SMEs) investments to Cambodia has opened.
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WS Asia Pacific Co Ltd had its opening on Saturday attended by prominent individuals from Cambodia, Singapore, Malaysia, Indonesia, Vietnam, the United States, France, China, India, and other countries.
The new office of WS Asia Pacific Co Ltd along Mao Tse Tung Boulevard in Phnom Penh was full on Saturday as close to 100 attendees celebrated the occasion.
In an interview, Peter Lim, CEO of WS Asia Pacific Co Ltd, said their launching reflects growing confidence in Cambodia’s development. Cambodia prides itself on being one of the fastest-growing economies, not only in Asia but globally, he said.
“There are many opportunities for investment here, especially for SMEs,” he noted.
Mr Lim said they have a wide network of SMEs from all over Southeast Asia and outside that they can bring here to explore and invest. He said these SMEs are involved in blockchain technology, agriculture, education, and other fields in many countries, including Singapore, Malaysia, Indonesia, Thailand, Japan, Vietnam, South Korea, and the Philippines.
“We are targeting to bring in more than 10,000 SMEs here in the next five years,” said Mr Lim, who is also the chief strategy officer of PLMP Fintech Pte Ltd. PLMP Fintech, which opened its Cambodia branch a few months ago, described itself as “Asia’s biggest blockchain technologies centre”.
According to Mr Lim, their company would facilitate the visit of SMEs and advise and help process the paperwork for licensing and incorporation if they decide to invest in Cambodia.
Recently, according to him, two large groups of SME investors from Singapore came to see and explore business opportunities in the Kingdom.
In his message during the opening ceremony, Prince Norodom Thanora, group president of WS Asia Pacific Co Ltd, pointed to Cambodia’s economic development and potential and thanked his business partners and other attendees for the trust they placed in the Kingdom.
“Thank you for your trust in us and in Cambodia,” he said.
Cambodia has a vibrant SME sector, but the country’s rapid growth has opened more opportunities for foreign investments in that sector. Foreign SMEs are also valued for their economic contribution and the knowledge and expertise they share with their local counterparts.
The Ministry of Trade and Handicrafts estimated earlier that more than 90 percent of the 510,000 registered companies in the Kingdom are SMEs.