Dear members, partners, and friends of EuroCham Cambodia,
It was an absolute pleasure to interview three remarkable individuals who are driving our mission to improve exports to international markets as part of our Sourcing From Cambodia Series. Our dedication to fostering small and medium-sized enterprise (SME) development remains steadfast, as we strive to address the challenges entrepreneurs face. Through these interviews, we have uncovered both the obstacles that lie ahead and the success stories that inspire us.
As we forge ahead, we eagerly anticipate collaborating with esteemed partners like Swisscontact, with whom we have established a Memorandum of Understanding (MoU), and other upcoming projects. I’d also like to mention the success of our Waste Management trade mission, which shined a light on an important sector that really affects us all. Join us tonight at Toast 2024, where we can further exchange ideas and insights, and don't forget to mark your calendars for the upcoming blood drive. Together, we can shape a brighter future for all. |
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| Interview with Mr. Sergei Bakulin, CEO of AIQAR Cambodia |
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This week, we interviewed Mr. Sergei Bakulin, CEO of AIQAR Cambodia, one of the newest companies to enter the electric vehicle (EV) market in Cambodia. AIQAR appears poised to make its mark in the fast-growing sector with a diverse lineup that caters to different lifestyles and budgets. Mr. Bakulin has a unique perspective on the industry, starting as a racer in Russia and eventually collaborating with Chery while he was still racing -- the company that now produces AIQAR EVs. Read on to find out more about Sergei's journey to Cambodia and AIQAR's aspirations in Cambodia! |
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"Our vehicles are designed to provide increasing benefits as they are used. For instance, while some cars use cheaper, potentially toxic materials for their interiors, our AIQAR models incorporate the latest technologies, ensuring that every dollar spent delivers tangible advantages for the driver and passengers." |
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According to data released by the General Department of Customs and Excise of Cambodia, exports of the five main categories of products from the Garment, Footwear, and Travel Goods sector fell by 13.3% year-on-year in 2023. These exports represented 49% of the total exports from Cambodia in 2023.
The news comes amid a sector in transition, with the country pushing for economic diversification, HREDD guidelines being instilled upon the industry, and supply chain shakeups affecting demand. The private sector has also been calling for eased regulations regarding rooftop solar on the industry. Earlier this year, minimum wages for factory workers increased to $204.
Exports that saw an increase in 2023 include electrical machinery, rubber products, vegetables, furskins, and salt, sulphur, and plastering materials. Read more coverage below, with analysis from Massimiliano Tropeano. |
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Courtesy Meeting with H.E. Prof. Bundit Sapheacha Dr. SOK Siphana |
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On 10 January, EuroCham Chairman Tassilo Brinzer and the EuroCham team met with H.E. Prof. Bundit Sapheacha Dr. SOK Siphana, Senior Minister in Charge of Special Mission (Multilateral Trade and Economic Affairs) at the Peace Palace to discuss a range of economic topics, highlighting recent progress made by the Royal Government of Cambodia and identifying areas where improvements could be made. |
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Report highlights obstacles and opportunities for more foreign investment from the EU |
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We're proud to announce the release of the Survey Report: Cambodia's Attractiveness for EU Foreign Direct Investments under ARISE Plus Cambodia, co-funded by The European Union and the German Federal Ministry for Economic Cooperation and Development (BMZ) with content provided by EuroCham.
The report looks at the obstacles and challenges of encouraging more FDI from Europe, which currently lags behind FDI from America and China. The qualitative study unveils key factors influencing European investment in Cambodia, the European private sector’s investment priorities, and the challenges they face. The key factors explored include policy and investment climate, labour market, energy and logistics infrastructure, market promotion, and stakeholder support.
Mr. Till Ahnert, Head of ARISE Plus Cambodia Project, said: "In an era where global investment dynamics are rapidly changing, we believe this comprehensive survey will serve as a valuable knowledge asset for European businesses aspiring to broaden their horizons and tap into Cambodian markets. This report will enable businesses to make informed decisions, navigate the investment landscape with confidence and seize the unique opportunities that Cambodia presents.” |
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The 2024 Guidebook on Alternative Manufacturing and Special Economic Zones (SEZs) in Cambodia has been published by EuroCham as part of a grant provided by the Business Scouts for Development Programme of Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH.
It serves as a comprehensive reference for entrepreneurs, investors, and industry stakeholders who seek to delve into the realm of alternative manufacturing within the context of Cambodia’s SEZs. It provides a wealth of information on the legal and regulatory frameworks, investment incentives, and infrastructure facilities available within these zones. |
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NCAC Celebrates 10-year Anniversary |
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The National Commercial Arbitration Center Cambodia celebrated its 10-year anniversary this week, with EuroCham Executive Director Martin Brisson in attendance (pictured above from L-R: EuroCham's second representative to the NCAC Board BUN Youdy, Martin Brisson, EuroCham's current representative to NCAC VANN Yuvaktep, and EuroCham's first-ever representative to NCAC Blaise Killian).
Mr. Brisson said: "Reflecting on the past ten years, we can see that Cambodia has made significant progress in creating a better environment for resolving commercial disputes, thanks mainly to NCAC's work.
However, in light of the decreasing level of FDI inflows, it is crucial for us to recognise the pivotal role that internationalisaton can play in attracting more foreign businesses in the country. Embracing a more global perspective for NCAC's arbitration processes is key to creating an attractive and trustworthy business environment." |
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Khmer Enterprise continues to champion local SMEs |
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CEO of Khmer Enterprise (KE) Chhieng Vanmunin is featured in a recent KiriPost article, where he talks about his vision for SME development in the Kingdom. Among the topics discussed are the need to provide ongoing support to local SMEs, including easing access to finance and creating supportive policies.
Read the full interview below. |
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| Founded in 1991, Enfants d'Asie is a French non-profit organisation aiming at supporting disadvantaged children building their future. Its action is strictly humanitarian, apolitical and non-confessional. Enfants d'Asie is involved in four countries in Southeast Asia: Cambodia, Laos, Vietnam and the Philippines.
The primary goal is to provide children with an education, access to appropriate skills, and eventually a job to help them escape poverty. We are creating a global strategy to accomplish this goal by putting social, medical, and educational assistance into place.
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| Millennium Destinations (MD) was founded in 2010 in Seoul, South Korea, by Catherine Germier-Hamel. The company is an impact organization that offers small businesses and organizations in the travel, tourist, and hospitality sectors creative consulting services and cutting-edge solutions. They assist companies engaged in responsible tourism by helping them establish connections with pertinent market groups through: - Advocating for responsible travel policies and practices
- Providing training, capacity-building, data and resources to tourism
- Promoting responsible travel through our marketing and communications efforts
- Connecting travelers with responsible travel businesses through social media platforms
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The Digital Age and Eye Health
In today's digital-centric world, the impact of prolonged screen time on our eyes is a growing concern. At Bumrungrad International Hospital, we are dedicated to helping you maintain optimal eye health with exceptional care from our Ophthalmology Department.
Digital screens emit blue light, which, in excess, can lead to eyestrain. Symptoms such as dry eyes, blurred vision, and headaches are increasingly common, a phenomenon often referred to as Computer Vision Syndrome. This condition affects both adults and children who spend significant time on digital devices.
The cause of eyestrain from blue light is twofold. Firstly, blue light consists of high-energy, short wavelengths that flicker more than longer wavelengths. This flickering creates glare, reducing visual contrast and clarity. Secondly, focusing on screens often leads to a decreased blinking rate, causing dry eyes and irritation. |
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- The Ministry of Labour and Vocational Training (MLVT) issued Notification No. 038 dictating that foreigners working in Cambodia must apply for a work permit renewal before March 31, 2024. Enterprises employing foreigners who do not apply for renewals before this time may be subject to a fine. Read full analysis by KPMG below (Work Permits).
- KPMG also released a guide on Annual Tax, Accounting, Labor, and Regulatory Compliance Reminders for 2023-2024, available below, a convenient list of all important dates and timeframes for company to follow to stay in compliance with government regulators.
- The MLVT also revealed a new holiday for 2024 in a recent Prakas, the Peaceful Ceremony for Cambodia, which will fall on 29 December Each Year
Click the link below to read for more details! |
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Join EuroCham's Digital Technology Committee's latest Breakfast Talk on "Banking Beyond Borders: The Fintech Effect" held on Thursday, 18 January 2024 at Oakwood Premier Phnom Penh from 9AM to 11AM.
Participants learn: - The current state of the Cambodia Digital Banking Market
- The transformative journey from the traditional banking system to the dynamic realm of digitalisation
- The National Bank of Cambodia (NBC)'s perspective on the digital banking market and its current projects
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