Cambodia has had tremendous economic progress during the last decade. This will allow you to exploit a variety of business prospects in the area.
In 2021, there are several prospects in different areas for people who are searching for company ideas, such as:
- property
- healthcare
- Energy-focused
- tourism/the infrastructure
- clothing
- Transportation and distribution
- engineering and construction
- Food processing and agribusiness
- beverages, fast food
- supplies, equipment, and medications
Why Getting Into These Business Areas Is A Good Idea
For property investors, Cambodia is undoubtedly one of the best Asian frontier markets. Buying property in Cambodia is expected to be one of the finest investment opportunities in the country in 2021.
Several recent property development projects in Cambodia have showcased their designs and construction standards, meeting worldwide standards.
The enterprises are often run by notable Cambodian developers such as Prince Real Estate, part of Chen Zhi Prince Group led by business tycoon Cambodia Prince ChenZhi, who own a number of acclaimed developments, including Prince Central Plaza and Prince Happiness Plaza.
The magnitude and quality of such developments have helped boost investors’ general enthusiasm about Cambodia’s real estate market and their readiness to invest.
A number of intriguing and stunning property development projects are currently under construction, with the potential for great returns on investment.
The textile sector investment in Cambodia is a good business plan for 2021.
Cambodia’s garment industry was established in the 1990s, when expat investors started to develop factories.
By 2018, Cambodia’s garment sector is expected to have 30% of the country’s GDP and 700,000 workers in over 1,000 garment factories.
Foreign-owned manufacturers use Cambodia for the cut, make, and trim (CMT) process as well as to manage textile sourcing from other countries, mainly China.
Cambodia has attracted multinational organizations because of its lower workforce costs, government investment incentives, and access to the European Union and ASEAN markets (Association of Southeast Asian Nations).
Garment exports comprise around 60% of Cambodia’s total exports, with the United States and the European Union as major export destinations for footwear and garments.
Investing in the textile industry in Cambodia is unquestionably profitable.
Logistics is essential to Cambodia’s growth plan due to its increased presence in global and regional supply networks.
Over the next five years, the Phnom Penh port’s capacity will be increased to 500,000 TEU while the Sihanoukville port can handle cargo (deep sea) up to 14 meters.
This would probably certainly be accompanied by logistical breakthroughs. This is beneficial for business in Cambodia, as well as for consultancy and capacity building.
Trucks and trailers in Cambodia have failed to fully adapt to the country’s attributes.
Traffic congestion, road wear and tear, and excessive carbon emissions are being reduced by the government.
Compliance vehicles in Cambodia can be a good business opportunity because of that.
Moreover, in Cambodia, logistical smarts are few. LCL and International VMI have considerable market potential in Cambodia because they can help to cut total logistics costs.
Cambodia’s main crop is rice, which produced 8 million tonnes during the wet season in 2019. Cambodia’s rice milling facilities are excellent for small-scale operations due to a lack of processing capacity in the country.
Cambodia exports its income mostly to nearby countries before sending it to the rest of the world.
Cassava, rubber, and rice are major export goods. Between 2006 and 2015, the production of auxiliary crops nearly quadrupled. There are many choices for farmers, including training, market knowledge, funding, and technology.
Collaboration with these projects, as well as giving agricultural inputs to farmers, is a terrific business plan for Cambodia in 2021.
Household dietary diversity and improved living standards have increased the demand for meat and cattle.
If you have previous animal care and feeding experience, you can make good money working in the Cambodian meat industry’s rectification.
As such, a supply chain company was created to ensure that the Cambodian market can meet its demand for meat.
Cambodia’s energy sector recently showed excellent outcomes. Since the new year, the country’s electrical supply has increased by 11%.
Hydropower accounts for nearly 40% of all electricity consumed in Cambodia. The best business opportunity in Cambodia is hydropower expansion.
You may provide engineering consulting services on the social, legal, and environmental impacts of huge projects, as well.
Solar capacity is high because of the country’s high irradiation levels. Rural homes use off-grid options with solar power accounting for half of the total.
Because there aren’t many solar farms in Cambodia, you can use the limited competition to swiftly enter the industry.
Regardless of the company plan you are interested in, bear in mind a few critical criteria before getting started.
There are many markets in Cambodia. Operating in the region, on the other hand, presents numerous challenges.
Above all, keep in mind where you may confront difficulties. As are commercial barriers, legislation, and culture, languages and all.
Second, to start a business, you need to make a detailed business plan, conduct market research, and set reasonable goals.
Lastly, before signing contracts or other commitments, research thoroughly.
Working on and maintaining commercial ties is crucial in Cambodia (or anywhere else for that matter).
Having access to existing networks and business knowledge enables you to greatly expedite planning processes in the country.
Conclusion
For the aforementioned industries, a company proposal can be successfully executed in Cambodia.
Before you make a hasty decision, it is crucial that you conduct your study and do your homework.
When beginning your research, you should know the dos and don’ts of the local business climate.
