The meeting, held in Beijing, focused on enhancing cooperation in key sectors such as infrastructure, industry, the digital economy, and agriculture, building upon a previous Memorandum of Understanding between the two countries. Cambodia has seen significant progress in infrastructure, with projects spanning land, air, and waterways, which are critical for trade and socio-economic growth.

A major topic of discussion was the Funan Techo Canal Project. DPM Sun Chanthol, who was accompanied by Minister of Public Works and Transport Peng Ponea and Secretary of State of the Ministry of Economy and Finance Meas Soksensan, briefed his Chinese counterpart on the latest developments. He stated that the project has completed its boundary demarcation and detailed mapping for the first phase, with excavation and construction set to begin during the dry season in late 2025.

DPM emphasized the project’s long-term vision, which he attributed to former Prime Minister Hun Sen, now President of the Senate. He also noted that the project is receiving continued attention from Prime Minister Hun Manet and has the full support of Chinese President Xi Jinping, who expressed his backing during a visit to Cambodia in April 2025.

In a move to attract further investment, Cambodian DPM aslo asked the NDRC to encourage Chinese investors to explore opportunities in Cambodia, particularly in the infrastructure and logistics sectors. He highlighted the 174 projects outlined in the Comprehensive Master Plan for the Cambodian Intermodal Transport and Logistics System 2023-2033, which require an estimated investment of approximately US$36.6 billion.

In response, Vice Minister Zhou Haibing praised the strong bilateral relations and Cambodia’s support for the one-China policy. He acknowledged the successful collaboration between Cambodian and Chinese technical teams in completing the feasibility study for the Funan Techo Canal. Zhou confirmed that China will continue to support the project to ensure its progress and planned completion in 2028.

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From January to October this year, the Kingdom exported 507,029 tonnes of milled rice to 66 foreign countries and territories, earning more than US$376 million, stated the report.

Twenty-six (26) countries in Europe bought a combined amount of 254,945 tonnes of milled rice from Cambodia worth approximately US$197 million, it added.

At the same time, it continued, seven countries in the ASEAN bloc imported 100,996 tonnes worth US$66.61 million, while China purchased 93,197 tonnes worth US$61.48 million.

Cambodia also shipped almost 58,000 tonnes of milled rice to other destinations, generating a total income of US$51.61 million, said the source.

Rice varieties the country exported included fragrant rice, long-grain white rice, parboiled rice, and organic rice, among others.
The CRF’s report pointed out that some 4.03 million tonnes of paddy rice worth US$1,184 million were traded across the border to neighbouring countries during the said ten-month period.

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The launch ceremony, held at the ministry early this week, was presided over by H.E. Mrs. Cham Nimul, Minister of Commerce, and attended by foreign ambassadors, representatives from relevant ministries and institutions, the private sector, and development partners.

A joint initiative of the Ministry of Commerce and the Centre for the Promotion of Imports from Developing Countries (CBI), the ESC aims to stimulate Cambodia’s exports, equip traders with export readiness, and instill confidence in their ability to compete internationally.

Through the ESC, exporters will gain access to training on export procedures and networking opportunities with experts and potential buyers in target markets, the ministry emphasized.

Cambodia’s export performance has been strong in the first three quarters of 2024, with goods valued at approximately US$19.8 billion, representing a 17 percent increase from the same period last year, according to the General Department of Customs and Excise of Cambodia.

The United States remains the largest market for Cambodian products, accounting for 38 percent of total exports with a value of US$7.6 billion. Vietnam follows as the second-largest market, with imports from Cambodia reaching US$2.7 billion, a 33.8 percent year-on-year increase. China is the third-largest market, with exports valued at US$1.27 billion, a 20 percent increase.

Cambodia’s primary export products include garments, machinery, electrical equipment, footwear, leather goods, grain, furniture, rubber, fruits, vegetables, pearls, toys, and textiles.

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To answer this, let’s explore the key areas where Cambodia is showing rapid progress and development that hint at a similar path Singapore took.

1. Economic Growth and Development

According to the world bank, Cambodia’s economic landscape has undergone significant transformation over the past two decades. Between 1995 and 2019, the country achieved an average annual GDP growth rate of 7.6%, positioning it among the fastest-growing economies globally. This economic progress has been sustained by strategic investments in sectors such as real estate, tourism, manufacturing, and the growing digital economy.

Foreign direct investment (FDI) has been pivotal, with China as a primary contributor, investing significantly in infrastructure projects, real estate developments, and manufacturing since 2005. As of 2022, Cambodia’s FDI inflows were approximately $3.58 billion, a testament to the country’s growing appeal as an investment destination (Statista, 2022). Other countries, such as South Korea and Japan, have also made substantial contributions, particularly in real estate, agriculture, and finance. This flow of FDI has created job opportunities, expanded Cambodia’s middle class, and fueled demand for urban infrastructure in rapidly developing cities like Phnom Penh and Sihanoukville.

Additionally, Cambodia’s strategic location in Southeast Asia provides easy access to major sea lanes which provides easy access to essential trading routes, enhancing its appeal as a regional hub. In a way similar to Singapore, Cambodia is leveraging its geographical location to attract foreign investments and foster economic integration within ASEAN.

2. Real Estate Boom and Urbanization

Cambodia’s real estate sector is experiencing a period of rapid growth, particularly in its capital, Phnom Penh. High-rise buildings, luxury condominiums, and mixed-use developments are transforming the city’s skyline, indicating a thriving demand for both residential and commercial properties. Districts such as Toul Tum Poung and Boeung Keng Kang (BKK1) have emerged as vibrant hubs for new projects, drawing both local and international investors who recognize Phnom Penh’s potential as a rising urban center (CBRE Cambodia, 2023).

This growth is further supported by major infrastructure projects aimed at enhancing connectivity and accessibility. Notable developments include new road networks, the construction of the Techo Takhmao International Airport, and extensive expressway systems. The Techo Takhmao International Airport, scheduled to open in phases beginning next year, is expected to initially accommodate 13 million passengers, with a projected expansion to 50 million by 2050 (The Sun, 2024).

At the center of this real estate expansion is Realestate.com.kh, Cambodia’s leading online real estate platform. By providing a trusted, accessible marketplace, Realestate.com.kh connects developers, agents, and buyers, facilitating property transactions on a national scale. As the exclusive marketing partner for many major projects, Realestate.com.kh is instrumental in driving awareness and building demand for new developments across Cambodia. This role not only aids in promoting high-quality projects but also strengthens investor confidence by ensuring a streamlined and transparent buying process.

Realestate.com.kh’s Connect Center has also been a game-changer, creating a space where agents and developers receive support, professional training, and access to the best tools for reaching potential buyers. This initiative is enhancing service standards across the industry, helping Cambodia’s real estate sector grow more connected, professional, and investor-friendly.

For buyers and investors, this real estate boom represents a promising opportunity. As property values in Phnom Penh continue to appreciate, developments are emerging that combine luxury living with affordability, attracting both high-end investors and young professionals. New projects are being introduced with attractive starting prices, making the dream of urban living more accessible. From affordable condos to upscale residences, the real estate market in Cambodia is evolving to cater to a diverse range of buyers, much like the early years of Singapore’s property development boom.

With these factors in play, Cambodia’s real estate market is poised for sustained growth. Investors looking for high returns are increasingly drawn to the country’s affordable property prices, strategic location, and rapidly expanding urban infrastructure. Realestate.com.kh’s expertise and influence in the market will likely continue to drive this sector forward, solidifying Cambodia’s place as a future economic and urban powerhouse in Southeast Asia.

3. Tourism and Cultural Appeal

Tourism remains a significant driver of Cambodia’s economy. In 2023, Cambodia welcomed approximately 5.43 million international tourists, marking a notable increase of 139.5% from the previous year’s 2.27 million arrivals, highlighting the resilience and importance of the sector (Tourism Cambodia, 2023). While the iconic Angkor Wat continues to attract global attention, Cambodia is diversifying its tourism portfolio with new developments in eco-tourism resorts, cultural heritage sites, and luxury hospitality projects. For instance, eco-tourism initiatives saw a 250% increase in visitors, with 341,621 domestic and foreign tourists recorded in the first four months of 2022 compared to the same period in 2021 (B Consulting Cambodia, 2022).

Singapore’s success as a tourism destination was also built on a mix of cultural heritage, innovative attractions, and exceptional hospitality. Cambodia is following suit, broadening its tourism appeal and creating sustainable tourism experiences that highlight its cultural and natural assets.

4. Emphasis on Digital Transformation

The digital economy is a priority for Cambodia’s government as it works toward a more connected future. Initiatives to promote digital literacy, expand internet access, and encourage technology startups are gaining momentum. Programs like the Cambodia Digital Economy and Society Policy Framework 2021–2035 set ambitious targets for digital transformation, aiming to make Cambodia a leader in Southeast Asia’s digital landscape.

Singapore’s own transformation into a digital economy powerhouse was driven by government support for technology adoption, education, and infrastructure. Cambodia’s current path mirrors this with a focus on digital skills development, e-commerce growth, and tech innovation.

5. Special Economic Zones (SEZs) and Free Trade

Cambodia has established several SEZs, which offer tax incentives and infrastructure support to attract foreign companies. These zones are part of Cambodia’s strategy to create a competitive manufacturing base, particularly in garment manufacturing, electronics, and automotive parts. With the signing of free trade agreements with China and South Korea, Cambodia is positioning itself as a gateway for goods and services into ASEAN markets.

Singapore’s economic success was largely based on its ability to leverage trade agreements and offer business-friendly environments for foreign companies. Cambodia is pursuing a similar strategy, striving to create a more open and efficient economy that attracts global investment.

6. Commitment to Education and Skill Development

Singapore’s rise was fueled by investments in education and a focus on skills development. Cambodia is beginning to make strides in this area as well. The government, with the support of international partners, is investing in education reforms aimed at improving literacy, digital skills, and vocational training. New universities and technical institutes are emerging to meet the needs of a growing workforce that is increasingly connected and tech-savvy.

While Cambodia’s education system still faces challenges, these efforts show a commitment to building a skilled workforce. As more young Cambodians enter the job market with relevant skills, the country’s economy will benefit from a talent pool that supports its growing industries.

7. Future Outlook

In the years ahead, Cambodia has the potential to emerge as a competitive player in Southeast Asia’s economy. With the right mix of government policies, foreign investments, and local initiatives, Cambodia could indeed chart a path similar to Singapore’s. By embracing modernization while preserving its unique culture, Cambodia has the opportunity to create its own success story and become a dynamic, prosperous nation.

Conclusion: Cambodia’s Journey Toward a Bright Future

While Cambodia may not yet be “the new Singapore,” its transformation is certainly capturing the world’s attention. With robust economic growth, a thriving real estate market, digital transformation, and a commitment to sustainable development, Cambodia is well on its way to becoming an influential player in the region. The next decade will be crucial, as Cambodia continues to build on its strengths and address its challenges.

As investors, citizens, and stakeholders, supporting Cambodia’s vision for the future is essential. Through strategic planning, innovation, and international partnerships, Cambodia can build a future that rivals the success of its Southeast Asian neighbors, including Singapore.

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The kingdom’s trade volume with the fellow RCEP members accounted for 61.6 percent of its total trade volume during the period, said the report from the General Department of Customs and Excise.

The country exported products worth 6.76 billion dollars to the RCEP countries, up 16.3 percent, while it recorded the import of goods worth 18.78 billion dollars from the RCEP countries, up 17.3 percent, the report added.

The Southeast Asian nation’s top five trading partners under the regional mega-trade pact are China, Vietnam, Thailand, Japan and Singapore, according to the report.

Effective in 2022, the RCEP comprises 15 Asia-Pacific countries, including 10 ASEAN member states and their five trading partners, namely China, Japan, South Korea, Australia and New Zealand.

Cambodian Ministry of Commerce’s Secretary of State and spokesperson Penn Sovicheat said the RCEP is a catalyst for Cambodia’s trade growth and a magnet for foreign direct investments to the kingdom.

“Despite rising protectionism and weakening global demand, the RCEP has given a boost to regional trade cooperation, bringing great benefits to all member countries,” he told Xinhua.

“With tariff concessions under the RCEP agreement, our export to the fellow RCEP countries will undoubtedly continue to grow throughout this year and beyond,” he added.

Hoe Ee Khor, chief economist of the ASEAN+3 Macroeconomic Research Office (AMRO), said reduction in tariffs and non-tariff barriers has made it easier for Cambodian goods to access larger markets.

“Key Cambodian export products, such as garments and agricultural products, have benefited from improved market access and competitive pricing due to tariff reductions under the RCEP,” he wrote to Xinhua in an e-mail.

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The reach of Cambodian rice has extended to 65 countries and regions worldwide. The European Union remains a significant market, accounting for 228,731 tonnes of exports, valued at $186 million. China and ASEAN countries also play crucial roles, with exports of 81,423 tonnes and 86,043 tonnes, respectively.

Beyond formal exports, Cambodia has engaged in substantial cross-border trade of paddy rice with neighboring countries, amounting to 3.36 million tonnes and generating $1.066 million in revenue.

With its impressive performance, the Cambodia Rice Federation has set an ambitious target of exporting at least one million tonnes of milled rice by 2025. Supported by 3.54 million hectares of rice fields and a yearly yield of 12.49 million tonnes of paddy rice, Cambodia’s rice industry is well-positioned to achieve this goal.

Source: Agence Kampuchea Press (AKP)

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This impressive growth has caught the attention of the International Monetary Fund (IMF), which has revised its forecast for Cambodia’s economic expansion in 2024 to a strong 5.5%. The IMF attributes this upward revision to the buoyant performance of the export sector, particularly in garments and agriculture, as well as the ongoing recovery in the tourism industry.

The IMF’s mission chief to Cambodia, Kenichiro Kashiwase, emphasized the positive impact of free trade agreements with China and South Korea, as well as the Regional Comprehensive Economic Partnership (RCEP), on Cambodia’s economic growth. These agreements have provided the country with valuable market access and preferential trade terms.

However, Mr. Kashiwase also highlighted the importance of diversifying Cambodia’s trading partners to mitigate risks and capture additional opportunities. By expanding its export markets beyond major economies like the United States, China, and Europe, Cambodia can further strengthen its economic resilience.

Report also showed the Kingdom imported some US$21 billion worth of goods from foreign markets, a year-on-year increase of 15.9 percent, the source pointed out, while Cambodia’s total trade volume reached over US$40.9 billion, up 16 percent from US$35 billion during the same period in 2023.

China, Vietnam, and the U.S. were Cambodia’s biggest partners during the period, with a two-way trade volume of US$11.14 billion, US$7.8 billion, and US$5.8 billion, respectively.

However, the U.S. is the biggest market for Cambodia’s products with a total value of US$7.6 billion, sharing about 38 percent of the Kingdom’s total exports, read the report, adding that Vietnam ranked second with import of Cambodian goods reaching US$2.7 billion, a year-on-year increase of 33.8 percent, while the exports to China were valued at US$1.27 billion, up 20 percent.

Cambodia’s main export products are garments, machinery, electrical equipment, footwear products, leather goods, grain, furniture, rubber, fruits, vegetables, pearls, toys and textiles. The Kingdom’s major imports include medicines and supplements, consumables and food and beverages.

Overall, Cambodia’s strong export performance and favorable economic outlook position the country for continued growth and prosperity in the coming years. The IMF’s positive forecast underscores the nation’s ability to capitalize on its economic strengths and seize opportunities presented by regional and global trade agreements.

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During a bilateral meeting on the sidelines of the 44th and 45th ASEAN Summits in Vientiane, Laos, Cambodian Prime Minister Hun Manet and Chinese Premier Li Qiang announced a new Chinese grant of 300 million yuan (approximately $42.4 million) to fund infrastructure projects in Cambodia.

China committed to providing an additional 300 million yuan (approximately $42.4 million) to fund infrastructure projects in Cambodia. This grant will contribute to the country’s ongoing efforts to modernize its infrastructure and enhance connectivity.

In addition to the financial assistance, both leaders discussed plans to develop a master plan for the Fish and Rice Corridor, an industrial and technological corridor aimed at boosting Cambodia’s agricultural exports to China. This initiative is part of China’s broader efforts to support Cambodia’s economic growth and development.

Prime Minister Hun Manet expressed his gratitude for China’s continued support and assistance, noting that the grant will play a crucial role in Cambodia’s infrastructure development. Both leaders emphasized the importance of strengthening bilateral cooperation in areas such as clean energy, infrastructure, connectivity, and people-to-people exchanges.

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Held over two days (September 25-26), the forum brought together transport ministers, officials, and industry representatives from around the globe. Minister Ponea outlined Cambodia’s policy framework, vision, and key achievements in building a more connected and environmentally friendly transport system.

Under the leadership of Prime Minister Hun Manet, the Royal Government of Cambodia has prioritized sustainable transport as a cornerstone of its development strategy. Minister Ponea highlighted the government’s efforts to enhance connectivity, reduce environmental impacts, lower transport costs, and promote economic integration.

Minister Ponea’s participation in the forum also underscored Cambodia’s commitment to sustainable transport and its role in fostering regional and global connectivity.

Organized every year in China since 2021, the Global Sustainable Transport Forum serves as a platform for discussing pressing challenges in the transport sector, such as climate change, pandemics, and development disparities.

Participants exchanged ideas on strengthening international cooperation, building resilient transport infrastructure, and achieving the Sustainable Development Goals (SDGs).

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The event was marked by a ceremony at Phnom Penh International Airport, attended by high-level officials from both Cambodia and China. Notable figures included H.E. Ngin Chhay, Director General of the Ministry of Agriculture, Forestry, and Fisheries; Mr. Li Xiaobin, Chairman of Jian Yu Zhuo Heng Trading Co., Ltd.; and H.E. Hu Jun, Vice Mayor of Zhengzhou Municipal People’s Government of Henan Province.

Following this initial shipment, Cambodia will continue to export cashew nuts to Henan province weekly. This marks a significant expansion of Cambodia’s cashew trade with China, as previous exports have primarily focused on other regions.

H.E. Ngin Chhay expressed optimism about the potential for further growth in agricultural trade between the two countries. He emphasized the economic benefits of cashew nut exports, which can provide a substantial source of income for local farmers and processors.

Beyond China, Cambodia is actively working to expand its cashew nut exports to other markets, including the United Arab Emirates, Japan, and the European Union.

In the first eight months of 2024, Cambodia exported a total of 560,000 tonnes of cashew nuts to international markets. The country’s National Cashew Policy 2022-2027 aims to position Cambodia as a global leader in cashew nut production and export.

Currently, Cambodia utilizes over 580,000 hectares of land for cashew cultivation, with an average yield of approximately 1.5 tonnes per hectare.

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