Cambodia's new business establishments up 39 per cent in 2022

PHNOM PENH, Jan. 30 (Xinhua): Cambodia issued operating licenses to 10,701 new companies in 2022, up 39 percent from 7,677 firms in 2021, said a Ministry of Commerce's report released on Monday.

Ministry of Commerce's Undersecretary of State and spokesman Penn Sovicheat said the new firms are owned by locals and foreigners from China, South Korea, Japan, Thailand, Malaysia and Vietnam, among others.

He attributed the growth of new companies to the successful control of the Covid-19 pandemic that has allowed the country to resume all socio-economic activities and to reopen its borders since November 2021.

"The significant rise in new business registration clearly shows the confidence of business people and investors in Cambodia's peace, political stability, and favorable opportunities for doing businesses," he told Xinhua.

Meanwhile, Sovicheat expressed his confidence that more Chinese people will come to do businesses in Cambodia after China's optimization of its Covid-19 strategy early this month.

"There is no doubt that China's reopening will not only bring tourists, but also business people and investors to Cambodia again, thanks to close relations between our two countries," he said.

"I would like to say that Chinese tourists, business people and investors are warmly welcome to visit Cambodia. Your presence has greatly contributed to our socio-economic development and poverty reduction," he added. - Xinhua