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| Commerce minister Cham Prasidh at the Young Entrepreneurs Convention. |
Although the Kingdom’s market is relatively small compared to its neighbours, it has unmet demand for Malaysian products and offers potentially lucrative returns, he said.
“It’s easy for Malaysian companies to penetrate this market because it requires only a small investment of capital in comparison to other Asian markets,” he said.
“The Cambodian market offers lots of opportunities for Malaysian companies.”
Twenty-eight Malaysian companies, ranging from lingerie apparel firms to three-in-one coffee producers, attended the Young Entrepreneurs Convention in Phnom Penh on Saturday and Sunday.
Put on by SQV and MCdi Brand Interactive, the convention aimed to allow Malaysian firms a chance to showcase their products and search for potential franchisees and investors to expand to the Kingdom.
Domestic partners were crucial to plans for expansion in the Kingdom, according to representatives of some Malaysian firms.
“They [Cambodian investors] know what Cambodian consumers want, and the right price to sell our products at,” said Eddy Ch’ng, Director of XKL Worldwide, a health food producer.
“Otherwise, it would be hard to take advantage of the market.”
Cambodian entrepreneurs say they are eager to invest in bringing foreign franchises to the Kingdom, although finding worthwhile projects was the challenge.
The right opportunity was critical for O’stin Design Company Director Virakboth Yoeung. “I am an entrepreneur, I have my own printing and design firm, so I am here to look for good business opportunities and places of investment,” he said.
He said he was particularly interested in becoming the local distributor for Tamrah Sewing Machine company.
Minister of Commerce Cham Prasidh highlighted the ease for firms to export from Cambodia as well as serving the domestic market. Cambodia’s status as a Least Developed Country meant it has quota and duty free access to most markets, he said in a speech.
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