Success tips when doing business in Cambodia in 2024

There are several points about setting up a business in Cambodia that our Client should be aware of:

1. Entrepreneurs must prepare a substantial study of Cambodian markets. It should include i) an understanding of different market demands & changes ii) a strong feasibility study and iii) research on local competition;
2. Always keep in mind the inadequate and time-consuming legal framework when dealing with the Cambodian Government;
3. US dollar is widely used in Cambodia. Average rate is KHR 4,000 to US$1;
4. Etiquette in Cambodia requires you to start a greeting with a bow, but the Western practice for shaking hands is accepted for foreigners;
5. Good businessmen should always be aware of the collective thinking and hierarchy in Cambodia;
6. If possible, business cards should include translated text in Khmer;
7. Important aspect for business meetings in Cambodia is punctuality and respect for the highest ranked professional, who guides the conversation;
8. “Saving face” in Cambodia is important for any formal relations;
9. A way to make good impression in Cambodia is by giving a small gift, presented with the right hand only;
10. Being on time in Cambodia proves you are reliable.

Interesting facts about Cambodia

1. Economic growth in Cambodia is still going strong and the county’s GDP climbed more than 7% per year between 2010 and 2014 according to The World Bank;
2. Located in Cambodia is the temple Angkor Watt, which is the largest religious complex in the world, build during the Khmer Empire rule in the 12^th century;
3. After agriculture, tourism in ranks second as Cambodian main source of income with 4.2 million visitors in 2013;
4. Best temperature-wise months for visiting Cambodia are from December to April;
5. Investment in Cambodia’s textile and garment industry has increased as Cambodia gained 40 new factories valued at US$239 million in the first half of 2012;
6. Cambodian cuisine incorporates eating of insects, which is widely recognized by the UN’s Food and Agriculture Organization as a futuristic means of fighting hunger in the world;
7. The country is considered “mostly unfree” by the Heritage Organization’s Index of Economic Freedom for 2015;
8. With population of over 15 million people, Cambodia ranks as the 69^th most populous country in the world;
9. Cambodia not only has the lowest unemployment rate in the region, but also one of the lowest in the world, with 0.2% for 2012 according to The International Labour Organization;
10. Official religion is Buddhism with 96% of the population;
11. While the riel is the country’s predominant currency, Cambodia assimilated the US dollar and they can be used interchangeably;
12. There is an underwater reserve of oil and gas located between Cambodia and Thailand, which according to The World Bank is the most attractive unexplored area in all Asia.