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Cambodia: Southeast Asia’s Emerging Tiger Economy

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After years of political turbulence, Cambodia entered the 21st century with strong momentum, emerging as one of Southeast Asia’s “new tiger economies.” By 2019, it ranked among the top 10 fastest-growing economies globally, showcasing its ability to rebound and thrive in a competitive regional landscape.

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The country's transformation has been remarkable:

  • In 2016, the World Bank upgraded Cambodia from a “lower” to a “lower-middle income” country, driven by successful poverty reduction and rising income levels.

  • The Royal Government of Cambodia is now targeting “upper-middle income” status by 2030 and “high-income” status by 2050.

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A Magnet for International Trade and Investment

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  • The United States is Cambodia’s single largest export market.

  • However, the European Union as a bloc is Cambodia’s top trading partner, with 30.1% of exports destined for EU markets.

  • In 2019, exports to the EU were valued at €4.6 billion (~US$5.38 billion), with annual growth of 4.7%.

  • Notably, 86% of these exports consisted of garments and footwear—produced in over 1,000 factories, primarily foreign-owned, and oriented toward Western market demand for high-quality goods.

CAMBODIA MARKET

A Pro-Business Legal Framework

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Cambodia’s open investment policies are among the most liberal in the region:

  • 100% foreign ownership is permitted in nearly all sectors.

  • There are few restrictions on foreign companies, aside from land ownership and select niche sectors.

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  • The government actively encourages foreign business through regular public-private dialogue platforms, including the Government-Private Sector Forum (G-PSF), where groups like EuroCham participate directly in shaping policy.

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The Royal Government places strong emphasis on legal protections for foreign investors, ensuring a stable and welcoming environment for capital and entrepreneurship.

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Why This Matters to Partners

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Cambodia is no longer an emerging market to watch—it’s a market to enter and grow in. With favorable trade dynamics, liberal investment laws, strong ties to Western economies, and a government open to dialogue, Cambodia represents a rare combination of high growth, accessibility, and opportunity.

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