After years of political turmoil that slowed down economic growth, Cambodia made a stellar start to the 21st century, establishing itself as one of Southeast Asia’s “new tiger” economies. The country has become one of the world’s fastest-growing economies, with the 10th- highest rate of GDP growth in 2019. In 2016, Cambodia graduated from ''lower” to “lower-middle” income status, following the World Bank upgrading its classification of the economy as a result of successful poverty alleviation programmes and rising income levels. The Kingdom has now set its sights on achieving “upper-middle” income status by 2030 and “high-middle” income by 2050.The United States is the largest individual destination for Cambodia’s exports; collectively, however, the EU economic bloc exceeds it.Nearly a third (30.1%) of all Cambodian exports are bound to EU countries. The European Commission valued Cambodia’s 2019 exports to the EU at €4.6 billion (approximately US$5.38 billion), growing at 4.7% annually.13 86% of these exports were garment and footwear products. Fuelling trade, some 1,089 garment factories were operating in Cambodia in 2019, mostly owned and managed by foreign investors from other Asian nations. These firms have successfully implemented a strategy of targeting the Western market for higher-quality items. The Royal Government is conscious of the need to protect the legal rights of foreign-owned companies and places very few restrictions on foreign corporate ownership. Cambodia imposes no legal constraints on establishing a 100% foreign-owned company, valid across almost every sector. Foreign businesses can engage in almost all the same business activities as Cambodian-owned companies, with the exception of owning land and other niche areas. In general, Cambodian authorities welcome dialogue with the private sector through various platforms including regular consultations for new legislation, and the Government-Private Sector Forum (G-PSF), in which EuroCham is actively participating.