Cambodia has great value as a developing country in ASEAN with recent growth. Once you look for business opportunities, this country must be the best option to choose.
However, market research in Cambodia has a great influence on export market activities. There must be perfect strategies to apply since this country is located strategically in the middle of another great developing country.
How Was the Cambodia Market Situation Recently?
Strategically, Cambodia is a country located between Vietnam and Thailand in ASEAN. Before, trouble and violence did happen in this country as the 20th century problem. However, this country finds their recovery solutions and becomes one of the global economic players in business as the most investment destination.
Reportedly, from 2018 to 2019 Cambodia has a significant growth for their economy sector. Reaching 7 percent and keeping on steady to develop further improvement.
They become the highest growth country in ASEAN as the fastest economic growth in the business sector. Thus, the government does need a high level of rules and regulations to maintain this growth and lead to competitive market readiness.
Market research Cambodia does need to pay attention with their FDI inflow. It has been increased during 2018, reaching 832 million Dollar with their constant growth over the last decade.
On the other hand, their successful neighbor in terms of the economy put Cambodia in the shadow. They are having an advanced economy but also quite hard to catch up with their neighboring country.
What is the Best Investment Strategy in Cambodia?
Garment industry still promising
Once you look for promising business in Cambodia, the garment industry must be promising to reach valuable profit. During 2018 this business sector has been expanded in the country.
It happened because of the rising wages in China including couples of factory incidents in Bangladesh. For the first time during 2018, the garment export increased by 11 percent as the valuable business sector.
Dominated by the garment sector, increased around 16 percent of national GDP and 80 percent of the total exports. Along with their strategic location, competitive labor force, and easiest western access for EU countries and the US.
Thus, the EU is the largest, reaching around 40 percent of total exports. The US comes with 30 percent, and the Chinese market demand is still increasing.
Tourism can be the best investment options
Except to look for industrial business in Cambodia, you need to pay attention to their tourism sector. It has a significant growth for the couple of years with approximately 11 percent increase. They are attracting people to come to see their traditional culture. Since there are a lot of tourism destinations in Cambodia.
Find the best ways to cut corruption
Even though Cambodia is the fastest economic growth country in ASEAN, the number of corruption is still higher. Once you would like to invest, try to take a look at this point and make sure if everything is safe.
Governments have no significant rule for corruption and lead to losing profit for some companies. Cambodia can be the best market options for investment and other business purposes.
However, market research in Cambodia would be affected by the industrial business. Including garment production that is one of the biggest businesses and exports in the country. Government projects also focus on how to add more value to their tourism sectors through their cultural uniqueness.