The Kingdom of Cambodia is a country located in the southern part of the Indochinese peninsula, with an area of 181,035 square kilometers and a population of over 16 million. The country gained independence from France in 1953 and from 1997 has been ruled by the Cambodian People’s party. Over the past decades, the Kingdom of Cambodia has made significant progress both socially and economically. Cambodia is a member of the World Trade Organization, United Nations, the Association of Southeast Asian Nations (ASEAN) since 1995.
Over the past 20 years, Cambodia has witnessed a great economic growth mainly driven by the tourism and textile industries. The country’s economy has sustained an average growth rate of 7.7% between 1995 and 2018, making it one of the top ten countries with the highest GDP growth. Over the same period, GDP per capita grew from $332 in 1995 to an all-time record of $1,510 in 2018. Furthermore, household consumption has increased more than 35 percent. Thanks to this tremendous economic growth, poverty and inequality have largely decreased. In fact, its poverty rate has dropped from over 50 to only 20 percent. According to the World Bank Group, Cambodia ranked fourth in terms of poverty reduction in the 2004 to 2008 period.
The most promising sectors in Cambodia are textile, tourism, light manufacturing, construction and agriculture. The manufacturing industry plays a major role in the economy of the Kingdom of Cambodia. In 2016, the sector accounted for more than 30% of the country’s economy and the growth rate for value added in industry was the highest in Southeast Asia. According to the Asian Development Bank, it is expected that the Cambodia’s manufacturing sector will continue to grow at 9.6% mark.
The country’s tourism industry accounts for a significant part of the country’s economy. According to the World Bank, tourism contributes at least 28% of Cambodia's GDP and provides almost 30% of employment. Over the past decade, the tourism sector has doubled its revenue, and the government now aims to attract seven million tourists by 2020. In addition to that, the agriculture sector also plays a major role in Cambodia’s economy. It currently accounts for about 25% of the country’s GDP, and the industry’s output has been growing at a steady pace over the years.
In March 2015, Brunei’s government has officially introduced an Industrial Development Policy, more commonly known as IDP. The policy aims at developing a competitive industrial sector in Cambodia, while shifting from the large dependence on the garment and footwear manufacturing. The plan will provide solutions to enhance the importance of industry and small to medium enterprises to drive future economic growth in the country.
By 2030 the government aims at transforming Cambodia into a middle income-economy, prior to making it a high-income country by 2050. This country is a prime example of the available potential in Southeast Asia, as many opportunities are now wide open for both local and international businesses to capture and succeed in the Cambodian market.
Market Research Cambodia is an innovative market advisory and growth strategy firm with a strong presence in Southeast Asia, including Cambodia. We provide top-class strategic solutions to enter, grow and capture profitable growth in the Cambodian market. Our team of expert executives and consultants has proved to provide top-class services, as shown by our engagement repeat rate of 90% across multinational companies, Asian conglomerates, as well as SMEs.
At Market Research Cambodia we provide comprehensive B2B services, that help our clients to grow their business in the region, understand the Cambodian economic environment and successfully beat the competitors in the market. Our team is composed by experts with a wide range of skills, ranging from tech, digital and strategy to automation and AI. Our consultants have International experiences in the corporate advisory market, making them adept for a wide range of projects and challenges, as well as capable of understanding the nature of international markets. We provide innovative and clear roadmaps to achieve sustainable growth in the Asian market through real market intelligence.
Market Research Cambodia has a client-focused approach and values transparency in doing business. We always make regular check-ups with our clients to show our progress and to ensure we get their ideas. We understand that each client is unique and we are committed to tailoring our services to meet the specific needs of different clients we serve. Cambodia is a fast-growing economy, with plenty of business opportunities to capture this profitable growth. Market Research Cambodia has the right market knowledge and capabilities to achieve your company's objectives in the region. With our services, we will help your company thrive in both the Cambodian and wider Southeast Asia markets.