Cambodia

Economic Profile

Cambodia has achieved high economic growth and poverty reduction in the last two decades, mainly driven by the garment exports and tourism industries. Despite that, challenges still lie ahead as the country aspires toward a more competitive economy, as well as increasing productivity, building strong and effective institutions and expanding opportunities for all Cambodians.

SG X KH
Given the relatively small market size of 16 million and evolving business landscape, SMEs tend to be nimbler in identifying the niche opportunities and navigating the Cambodian market. There is much potential for Singapore SMEs to contribute to Cambodia’s growth and development, especially in the areas of agriculture, education, healthcare and tourism.

Key Industries

Agriculture
Agriculture accounts for 22% of Cambodia’s GDP, and employs about 3 million people.  Agricultural exports, e.g. rice, cassava, maize, pepper, fresh mango, and raw palm oil, reached 4.2 million tonnes in 2018.

Textile
Cambodia’s major source of hard currency is its textile industry. It accounts for approximately 80% of Cambodia’s exports. Overall, Cambodia contributes around USD 6,719.84 million in textile exports annually.

Up-and-Coming

Technology: COVID-19 has accelerated the growth of Cambodia’s digital infrastructure and increased the use of e-commerce platforms and social media. The Cambodian government also plans to focus on developing tech startups and SMEs, with a view to prepare the country for the digital economy by 2023.

Education: Recognising the importance of education in securing better employment opportunities, demand for higher education has been growing rapidly with considerable private sector and international-donor investments.

Places of Interest

Bayon Temple
Built late 12th century

The Bayon is a richly decorated Khmer temple. It’s most distinctive feature is the multitude of serene and smiling stone faces which jut out from the upper terrace and cluster around its central peak.

Angkor Wat
City of temples

The largest religious monument in the world, this temple complex was built in early 12th century. It displays the classical style of Khmer architecture and remains a prime attraction for visitors.

Local Food

Fish Amok
Cambodia’s signature dish, comprising creamy curry, diced fish fillet in egg, fish sauce and palm sugar.

Kuy Teav
A popular street food. Noodle soup made from pork or beef bones and rice vermicelli, with pork/fish balls added.

Beef Loc Lac
This dish consists of stir-fried beef strips atop lettuce, tomatoes, cucumbers, raw onions with a lime juice & pepper dip.

Major Festivals

Khmer New Year
Khmer New Year, or Choul Chnam Thmey, is one of the largest celebrations in Cambodia. Falling on either the 13th or 14th of April, it spans across three days to mark the safe collection of the harvest and the welcoming of the rainy season. During this time, the majority of Cambodians return home to spend time with their loved ones. Traditional practices are carried out, such as lighting candles and incense at family shrines, giving charity to the poor, and washing the elders to cleanse and bring good luck.

Pchum Ben
Also known as Ancestors’ Day, this festival is celebrated on the 15th day of the tenth month in the Khmer calendar. Cambodians believe that during this period, their deceased relatives that are unable to move on to their next life return to roam the Earth. Food offerings are given to monks who will then pass them on to the hungry souls to ease their suffering.