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Market Overview
Economy
Cambodia has been one of the top-performing economies in Asia. As the country emerges from the social and economic effects of the Covid crisis, a rapid return to the high levels of growth experienced before the pandemic is anticipated.
From 2024 to 2028, Cambodia will benefit from Free Trade Agreements (FTAs) with China and South Korea, as well as the Regional Comprehensive Economic Partnership (RCEP), a major regional trade agreement.
The country boasts a strong labor protection regime, and while wages are rising in line with economic development, Cambodia remains competitive within the region. In response to global trade challenges, the government has implemented various measures to lower production and supply costs, thereby encouraging further foreign investment.
Sustainability
Cambodia is one of the ASEAN countries with the lowest levels of CO2 emissions (measured in metric tons of CO2 emissions per capita).
As part of the Kingdom's commitment to sustainable and inclusive economic growth, the Ministry of Environment launched the five-year Partnership for Action on Green Economy (PAGE) Cambodia on May 12, 2023.
Prominent examples of Cambodia’s commitment to green-economy objectives include the National Strategic Plan on Green Growth (2013-2030) and the Long-term Strategy for Carbon Neutrality (LTS4CN), which was submitted to the UN Framework Convention on Climate Change (UNFCCC) in 2021.
Cambodia has pledged to reduce greenhouse gases by up to 42% and to reduce deforestation by 50%. At COP28 in 2023, the country made additional commitments to increase the use of clean and renewable energy by 2030. However, achieving these climate goals will be challenging due to the expansion of manufacturing activities and limitations in renewable energy resources and financing.
About KPMG
Our global reach
KPMG firms operate in 142 countries and territories with more than 275,000 partners and employees working in member firms around the world.
KPMG in Cambodia
KPMG in Cambodia was established in 1994. Today, with over 350 professionals, KPMG is one of the largest professional services firms in Cambodia with a balanced mix of international and local clients. In Cambodia, our local experience, enhanced by the technical and industry knowledge of our global network, means we have the tools and knowledge to gain a deeper understanding of our clients’ businesses. It enables our professionals to turn knowledge into value for the benefit of our clients, our people, and the capital markets.
We have an obligation to support our community – while helping businesses of all sizes to drive sustainable and measurable change. The demand for robust disclosures in Environmental, Social and Governance (ESG) is growing. One of our professional obligations is to work with our clients to deliver ESG services that serves the public interest. This is clearly aligned with our purpose which is to inspire confidence and empower change.
Why Cambodia?
- ASEAN membership offers regional trade benefits
- WTO member since 2004 increasing trade integrations
- Duty free or preferential export access to most developed economies
- Favorable investment environment
- One of Asia’s lowest labor costs and a dynamic workforce
