The Cambodia Business Insights and Trends 2020, organised by Royal Group Digital Business ICT Division and the Cambodia Chamber of Commerce, saw leaders from different sectors discuss and offer insights into the trends that businesses should look out for in 2020.
The event was held Friday at Hotel Cambodiana in Phnom Penh.
Okhna Lim Heng, vice president of Cambodia Chamber of Commerce, stated in his opening remarks that the construction, garment and footwear sectors have been the major drivers of the economy this year, sustained by a hike in tourism and domestic demand.
“Being a part of various international organisations has allowed Cambodia to enjoy multinational trade agreements,” Mr Lim said.
He said the Kingdom is on its way to becoming a global digital economy by 2020, noting that this will increase opportunities here and create more jobs.
Ian Watson, CEO of Royal Group Digital Business ICT Division, said Cambodians are using more data than ever before and pointed out that social media platforms are influencing the lives of people across the country. As a result, more and more companies are helmed by young minds, he said.
“Companies are becoming increasingly reliant on technology as it allows them to tap into new revenue streams,” said Mr Watson.
He encouraged companies to invest in artificial intelligence and other advanced technology to keep up with the times.
Presenting on the economic and business outlook for Cambodia and the region, Elaine Ng, founder and director of Management Resources Consultants, discussed the increasing number of opportunities Cambodia presents for businesses.
She said the country has experienced significant growth in recent years, which has created more opportunities. However, she noted that the skills gap continues to be an issue, with 45 percent of companies having difficulties recruiting.
“Reskilling is needed and a training budget is a necessity now for companies,” said Ms Ng.
Speaking on the topic of data science in Cambodia, Joseph Telfer, managing partner of Business Development Mekong Big Data (MBD), said the power of data services can highly benefit companies in the Kingdom.
He said data science can make a company’s services and products more valuable.