Cambodia’s economy, buoyed by real estate, high vaccination coverage, and FTAs
High vaccination coverage has allowed Cambodia to reopen its borders, welcoming fully vaccinated travellers without the need for quarantine
Khmer Times noted that Cambodia’s GDP for 2022 is slated to go up by 5.3 percent. Despite COVID-19 setbacks, the Kingdom has been deemed the most attractive investment location in Southeast Asia.
One of the key drivers taking the economy forward is the real estate sector.
Tom O’Sullivan, CEO of realestate.com.kh, stated in an exclusive interview with Khmer Times that despite taking the brunt of the COVID pandemic, the sector is on the path to recovery.
More: Cambodia prepares to welcome foreign investors back to the real estate market
“But we are still waiting for China to fully reopen and definitely hope that in the second half of the year we will see some aggressive buying in the real estate sector. More investors from Europe, the United States, Korea, Japan, Singapore, and Malaysia have also evinced interest in buying property in Cambodia. This has also boosted the confidence of local buyers,” he said.
Other factors buoying Cambodia’s economy are the High COVID-19 vaccination rates and free trade agreements (FTAs), specifically the Cambodia-China FTA (CCFTA) and the Regional Comprehensive Economic Partnership (RCEP).
Because of the Kingdom’s high vaccination coverage, it has reopened its borders, welcoming fully vaccinated travellers without the need to undergo quarantine since last November, according to Xinhua.
“The government’s living with COVID-19 strategy has allowed Cambodia to reopen, enabling economic recovery,” Maryam Salim, World Bank country manager for Cambodia.
Furthermore, the new investment law in Cambodia, along with RCEP and the CCFTA, has boosted trade and investments, according to Ly Sodeth, senior country economist at the World Bank.
He added that Cambodia will gain the most from RCEP after Vietnam and Malaysia. For CCFTA, he said that the Kingdom has exported agricultural commodities such as banana, cassava, and mango to China via tariff concession.
Sodeth claimed that despite the pandemic’s disruptions, trade and investment relations between China and Cambodia have continued to grow.
The Property Report editors wrote this article. For more information, email: [email protected].
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