Singapore Business Investment Forum (SBIF) Launches in Cambodia

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The newly launched Cambodian-based Singapore Business Investment Forum (SBIF) is a business group that aims to support Singaporean businesses in the Kingdom and serve as a platform to network, share and explore business opportunities.

Singapore Business Investment Forum (SBIF) Launches in Cambodia

B2B Cambodia spoke with Mr. Albert Tan, President of the Singapore Business Investment Forum (SBIF). He is also a vice-chairman of the Textile Apparel, Footwear, Travel Goods Association Cambodia (TAFTAC) – formerly named the Garment Manufacturers Association in Cambodia (GMAC).

SBIF aims to be a new engaging platform for Singaporean entrepreneurs and investors looking to enter Cambodia and was officially launched on July 29, 2023, at Norea Cove Residences Sales Gallery on Koh Pich in Phnom Penh. The event launch was attended by 40 corporate and individual members of the SBIF and the media. 

“The inception of SBIF is rooted in our commitment to bolstering the Singapore business community and facilitating Singaporean investment in Cambodia. We recognised we need to bridge the information gap and re-establish Singapore’s branding presence in Cambodia,” said Mr. Tan during the event.

“Our mission is clear: to be more attuned to the business pulse in Cambodia and to adapt swiftly,” he added. 

Mr. Tan said that there’s an increasing demand from Singaporean investors to explore opportunities in Cambodia and as Cambodia has grown (even during the pandemic and more so post-pandemic), he added there are increasing opportunities for investment “We feel that the expansion of opportunities should allow Singapore businesses to take a look at Cambodia.”

He hopes the SBIF can assist Singaporean investors and businesses with information and keep them up to date on policy changes in the Kingdom.

Mr. Albert Tan, President of the Singapore Business Investment Forum (SBIF)
Mr. Albert Tan, President of the Singapore Business Investment Forum (SBIF)

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Mr. Tan said there are a few areas that offer potential for investment in Cambodia: 

  • Hospitality
  • Agriculture Development
  • Manufacturing
  • Transportation and Logistics Hubs
  • Finance
  • Legal 

According to their press release, SBIF will also seek to foster closer ties with other business chambers, government agencies, and local partners in Cambodia. By doing so, it hopes to attract more investors to the country and showcase the potential of Singaporean businesses. 

Cynthia Liaw, Vice President of the SBIF and CEO of Panda Bank, added: “Each of us, hailing from diverse industries, brings a unique tapestry of connections, both local and international. This diversity is our strength,” she said. 

“Through SBIF, we have the unparalleled opportunity to harness these connections, bridging international communities with Singaporeans, to enrich and empower both existing and budding Singaporean enterprises here in Cambodia,” she added.

The founding members of SBIF are: Mr. Ong Teong Hoon (Director, Phillip Bank); George Yeh (CEO, Jupiter Logistics Cambodia); David Sim (Project Director (Masswork); Cynthia Liaw (CEO, Panda Bank); Edward Lee (CEO, Prince Real Estate Group); Kelvin Chua (CEO, Akram Development Co. Ltd).; Tan Wee Pin (Managing Director, Singapore {Cambodia}International Academy); Ng Chor Yee (Founder, LSH Cambodia); and Michael Kwek (Co-Founder and CEO, Deam Cambodia).

SBIF Industry Representation in Cambodia

SBIF Industry Representation in Cambodia

According to SBIF, there are several key industry committees SBIF members can participate in:

  1. Development & Construction
  2. Banking & Insurance
  3. Logistics, Transportation & Warehousing
  4. Hospitality & F&B
  5. Manufacturing & Sustainability
  6. Education & IT
  7. General Trade
  8. Media, Advertising & Events

According to the data published by the General Department of Customs and Excise of Cambodia (GDCE) and Ministry of Commerce, during the first half of 2023, Singapore was the third largest trade partner of Cambodia in ASEAN, with USD $786.77 million worth of merchandise exchanged. Singapore is also Cambodia’s third largest export destination, accounting for USD $415 million. 

Mr. Tan added a message for Singaporeans looking to explore Cambodian business opportunities – “Don’t be afraid to visit and see the opportunities, and we can help them overcome any challenges.”

The SBIF is a separate entity to the Singapore Club Cambodia which already operates in Cambodia.

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