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Cambodia: Business community wants peace and stability, says CEO
Sear Rithy, CEO of the Worldbridge Group, sits down with Khmer Times May Kunmakara to discuss the economic situation as well as current trends in the real estate and construction sectors. Mr Rithy stressed that the business community wants, above all, peace and political stability in the country.
Khmer Times: Based on your experience, how is the economic situation in Cambodia after the elections in July?
Sear Rithy: When we talk about the 2018 elections, we have to compare it to the 2013 elections. Before the 2013 general election, there were major concerns among the business community and the investors. The economy was under pressure and business activities and trade were constrained. However, there were no changes in the economy and the business atmosphere before or after the general elections this year. It was business as usual. With these elections, the major concerns have disappeared.
Khmer Times: Regarding consumer confidence, why are people not afraid of spending this time around?
Sear Rithy: For common people and for investors, the important thing is political stability. The absence of the opposition in the elections this time around contributed to the lack of fear or instability. In fact, the opposition parties caused serious concerns among the common people and the investors who thought that the 2013 events would happen again. But they did not take part in the elections. When there is political stability, investors and businessmen dare to spend money because they are not worried of unexpected circumstances.
Khmer Times: A healthy economic growth if predicted this year for Cambodia. What are the factors supporting this growth?
Sear Rithy: I think economic growth will be high because there are few constraints that could undermine our economy. We can see the rapid growth in the tourism sector. The real estate is also growing fast, as well as agriculture and garments. If the four main sectors of the economy have such growth rates, then what has been predicted for Cambodia’s economic growth will materialise.
Khmer Times: What is your view on the local construction sector?
Sear Rithy: In the first six or seven months of the year, investment in the sector has increased. There may have been a decrease in the size of projects, but investment in these areas has grown, so we can say there is growth in the construction sector. This shows the confidence from investors who believe nothing negative will happen as a result of the elections in July.
Khmer Times: As a result of the elections, did you notice delays this year in the work of the ministries’ processing documents or approving projects?
Sear Rithy: In the 2013 elections there was a slowdown in document and permit processing. That wasn’t the case this time around.
Khmer Times: Will the one-party government have an impact on business and investment in Cambodia?
Sear Rithy: As an investor in Cambodia, I want political stability and peace. I don’t care about those who claim the elections were unfair. Yes, we have a one-party government, but if it can guarantee peace and stability, I don’t care – I will continue to invest here.
Khmer Times: Do you think the new government will succeed in its goal of bolstering the private sector to achieve solid economic growth?
Sear Rithy: I believe that the one-party government will try its best, even more so than previous ones. The combination of experienced politicians and new, creative leaders will help the country achieve strong economic growth.
Source: https://www.khmertimeskh.com/50537966/business-community-wants-peace-and-stability-says-ceo/