Enterprising Malaysian Investors Testing Cambodia’s Promising Economy

By Vijian Paramasivam

PHNOM PENH, Oct 19 (Bernama) -- A new generation of young and industrious Malaysian entrepreneurs is turning Cambodia into a testbed to forge new and exciting careers in its modern economy.

Equipped with strong academic qualifications and multiple skills, these market-ready professionals and non-professionals are exploring the Southeast Asian market to shape their career path.

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​​Established companies and aspiring individuals from financial, tax advisory, manufacturing, information technology, public relations, food and beverage, and social media have invested in the Kingdom.

But the fundamental groundwork for the present-day career journey was paved by some older Malaysian entrepreneurs, even before the new generation arrived.

“I believe that the early investors, including Malaysia, have contributed constructively and significantly, and continue to contribute, to the development of Cambodia.

“I believe that these early investors, through their determined presence and success in Cambodia, provided the confidence and impetus to later investors to invest in the country,” Malaysian Ambassador to Cambodia Shaharuddin Onn said at the 67th Malaysia Day delayed reception recently.

The veteran Malaysian investors boldly explored Phnom Penh at a time when Cambodians were still struggling with the aftermath of the civil war and Cambodia did not flicker on many foreigners’ radar.

Some of the brave men who are in their late 60s or 70s now arrived in Cambodia in the early 90s after the end of the conflict to sell tobacco products, soft drinks, mosquito coils, beer and cleaning detergents, and even started restaurants serving Malaysian cuisines, a few are still surviving in the city after three decades.

Today some 5,000 Malaysians work and live in Cambodia and have gladly made it their second home.

But the younger Malaysians are changing the business landscape,  shifting to new age businesses such as softwares, digital technologies and payment systems, electric vehicles, medical services and fund management.

In Southeast Asia, Cambodia remains a welcoming host, then and now, offering friendly investment policies, Asian hospitality and the dollarised economy is another major pull factor for foreign job-seekers.

Modern amenities from luxury condominiums, digital banking and fast food, cafes to vibrant nightlife offer irresistible attractions to young tech-savvy foreigners.

“The success, viability and sustainability of these investments would not have been possible without the robust and forward-looking policies and stability provided by the Royal Cambodian Government to create a welcoming and conducive environment for Malaysian and other foreign investors” said Shaharuddin.

Malaysia as a staunch proponent of the “prosper-thy-neighbour” policy has contributed to Malaysia’s own progress and development. Malaysians were one of the very early investors in post-conflict Cambodia, he said.

“Malaysian companies believed and had confidence in the development potential of the country and made a conscious and calculated decision to invest in Cambodia.

“I am proud to say that Malaysia has a significant economic interest and presence in Cambodia, in the form of investments and businesses, with a very active and dynamic Malaysian business community in the country,” said Shaharuddin.

-- BERNAMA