AREAA Global, a prominent US-based organization, has expressed strong interest in the burgeoning development and investment landscape in Cambodia, pledging to highlight these opportunities to its extensive global network of nearly 20,000 members.
This commitment was voiced by AREAA Global’s chairman Allen Chiang and CEO Carmen Chong during their attendance at the “UpClose Cambodia” event in Phnom Penh on February 24. The event, which also featured AREAA (Cambodia) CEO Sor Thida and over 40 local and international investors, aimed to shed light on the nation’s potential for foreign investment through presentations by Cambodian experts. Topics covered included the nation’s overall environment, investment and taxation regulations, transportation infrastructure, and the facilitation of international currency transactions.
AREAA Global, which educates over 18,000 investors worldwide across a diverse range of nationalities and languages, recently expanded its network to include Cambodia in 2024, after more than five years of diligent efforts.
Chong, during her inaugural visit to Cambodia, aimed to evaluate the country’s economic climate and identify investment prospects. She noted that the visit allowed AREAA Global’s leadership to discern the vast opportunities present in Cambodia, which they plan to leverage to bolster confidence among foreign investors, especially their own members, to invest in the country.
Chong remarked on the contrast between the actual conditions observed and the negative perceptions previously encountered, highlighting the favorable political and economic environment in Cambodia. The goal is to promote these positive aspects to attract more foreign investment into the country.
Chiang, leveraging his extensive experience in assessing investment climates across various nations, views Cambodia as an attractive destination for trade and real estate investment. He also noted the organization’s commitment to humanitarian efforts alongside its business objectives.
Thida expressed gratitude for the visit by AREAA Global’s leaders and committed to promoting investment opportunities in Cambodia among their members. She emphasized the significance of this endeavor for national pride and acknowledged the government’s support in making this possible.
Looking ahead, AREAA’s Cambodian branch plans to organize more events to draw additional international investors to the country, fostering economic growth and development.
According to the Ministry of Economy and Finance, the Cambodian government approved a significant number of projects in the period from January to November 2023, indicating a robust increase in development area and capital investment despite a decrease in the number of projects compared to the previous year. The construction sector showed signs of recovery at the beginning of 2023, with growth supported by public infrastructure developments.
The National Bank of Cambodia’s latest report highlighted a modest growth in the construction sector and a slight increase in construction material imports in 2023. Despite a reduction in the overall number of projects, there was an uptick in the area and investment in residential and state projects. The real estate sector saw marginal growth, with a notable decline in home sales but an increase in condo sales. The Residential Property Price Index also experienced fluctuations, indicating varied trends in property prices across different regions.
Source: Phnompenh Post
