Cambodia records 11,506 new business establishments in first 11 months

PHNOM PENH: Cambodia issued operating licences to 11,506 new companies and enterprises in the first 11 months of 2023, up 14.5 per cent over the same period last year, the Ministry of Commerce said in a report on Thursday (Dec 21).

The Ministry of Commerce's Secretary of State and spokesman Penn Sovicheat said those new business establishments were operated by locals and foreigners from China, South Korea, Japan, Thailand, Malaysia and Vietnam, among others.

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

"It also reflects the country's better business environment in the post-Covid-19 pandemic era," he said.

According to the report, some 967 companies and enterprises were closed down during the January-November period this year, a rise of 21.7 per cent over the same period last year. - Xinhua