Cambodia has been nicknamed the “Asian New Tiger Economy” by the Asian Development Bank (ADB) due to its growth in Southeast Asia. The economy has been high, stable and fast for many years.
Cambodia has four key sectors that are pushing Cambodia’s economic growth to become an “Tiger Economy” in the ASEAN region. The main sectors that are the backbone of the economy are:
- Construction and real estate
In addition to the above four areas, there are also other key elements that make Cambodia strong in Leading to strong economic growth in the region.
Economists say Cambodia could become an economic tiger in Asean. This claim is due to the fact that the experts see that Cambodia has tightened reforms in the legal system, human resource development and infrastructure. The structure and business environment are good, especially the economic growth in Cambodia is growing every year around 7% .
The growth rate is determined based on key factors such as political stability and a better business environment. Last year, which gave investors confidence. Disseminating information on a wide range of investment opportunities to foreign investors and ASEAN economic integration is also a good point for Cambodia.
Related: Why Is Cambodia The Best In The Region For Foreign Investment?
In particular, foreign investors are seeing more openness to investment with stronger legal procedures. The previous years and the development of human resources with the core strength of young population, many of these points that make foreign investors are turning to investing in Cambodia.
“Cambodia’s large supply of inexpensive, low-skilled labor has attracted substantial foreign direct investment into the production of garments and footwear for export.” Source: Asian Development Outlook 2016
However, despite all these positives, economists still have some concerns. On regional economic factors, political factors and global economic factors as well.