Bangkok--27 Apr--Siam Commercial Bank
SCB FIRST reiterated the commitment to be a ‘trusted financial partner’ with the launch of the annual seminar titling ‘Cambodia 360° - Starting a Business is Possible’, bringing FIRST to LEARN experience to customers in light of the upcoming ASEAN Economic Community (AEC). The seminarbrings together experts as well as successful Thai business owners in Cambodia with discussion topics covering 360° views in aspects as trade and investment opportunity, marketing strategy, consumer behavior, rules and regulations as well as competitive advantages of Thai businesses in trading and investment in Cambodia, a high potential market that continues to attract worldwide investors. The event was attended by over 300 SCB FIRST customers and local entrepreneurs with strong interest in doing business in Cambodia.
Rungruang Sukkirdkijpiboon, First Executive Vice President and Head of the Customer Segment Division, Siam Commercial Bank said that “the establishment of AEC by the end of 2015 will be a major turning point which brings about a tremendous opportunities for Thai businesses in expanding their market and investment across the region, and Cambodia is a promising market they should really consider. According to trade and investment opportunity analysis conducted by SCB Economic Intelligence Center, Cambodia is a high growth potential country with low labor costs, abundant natural resources as well as government’s full support on foreign investment and benefits from favorable regime under the Generalized Scheme of Preferences (GSP) scheme as a least developed country (LDC). The volume of Thai investment in Cambodia has enjoyed an average growth of 40% annually in the past five years, with cumulative net investment of US$ 720 million in 2014. Currently, the amount of Thai investment in Cambodia is relatively low when compared to that invested in other CLMV countries. With its constant high economic growth over the recent years, Cambodia will continue to be a highly attractive destination for Thai investors for years to come.”
“To continue the success of the seminar series ‘Discover AEC’ initiated by SCB FIRST in 2014, we launch ‘Cambodia 360°’ seminar – Starting a Business is Possible’, bringing along SCB FIRST’s expertise as a ‘trusted financial partner’ to help prepare SCB FIRST customers, of which 70% is small and medium enterprise operators, with insightful information right from experts, covering trade and investment opportunity, marketing strategy, consumer behavior, trade regulations, as well as competitive advantages of Thai businesses in Cambodia market,” said Rungruang.
Siam Commercial Bank is considerably a Thai bank with high readiness in providing financial services in Cambodia. SCB established Cambodian Commercial Bank (CCB) since 1991 to serve Thai business and customers in Cambodia with a comprehensive range of banking services. With four branches in four major cities - Phnom Penh (Head Office), Battambang, Siem Reap and Sihanoukville, CCB’s range of services includes foreign currency deposit account, loans, international fund transfers, international trade finance, guarantees, financial advisory services, etc. Since the capital market in Cambodia is currently in its early stage, seeking loan from bank in Cambodia will come with high interest rate of 15%. Thai investors interested to do business in Cambodia better opt for financial support from Thailand.
The seminar began with special discussion session by Jiranan Wongmongkol, Minister Counsellor, Office of Commercial Affairs, the Royal Thai Embassy, Phnom Penh, the Kingdom of Cambodia, and Director of Thai International Trade Promotion Office in Phnom Penh, in the topic “Cambodia Market is Growing – Starting a Business is Possible”. The discussion depicts trade and investment potentials and updates of current situation, major trade zones, infrastructure readiness, challenges in doing business, major factors and strategies for business success as well as ways to minimize risks in doing business.
The second session – Insight into How to do a Successful Business in Cambodia, is divided into two sections – Trading and Manufacturing. The Trading section focuses on market penetration strategy, with insight and experience sharing by successful Thai business people in Cambodia, comprising Duangjai Chanthorn, Chairman of Sub-committee for Thai-Cambidia Economic Cooperation, the Board of Trade of Thailand and Managing Director, Nattakan Cambodia Co., Ltd., the operator of logistics services between Thailand and Cambodia, a veteran businesswoman with over 32-year experience in Cambodia; Chatchawe Vatanasuk, Chairman, T.A.C. Consumer Co., Ltd., the manufacturer of successful ready-to-drink green tea and coffee products in Thailand and neighboring countries, a new generation business man who gains success through his daring entrepreneurship, andSuriyah Termlertmanauswong, Director and General Manager, Cambodian Commercial Bank, Greater Mekong, who possesses over 10-year experience of banking service in Cambodia.
The Manufacturing section focuses on how to do a successful business in Cambodia. Guest speakers comprise Siriporn Nurugsa, Executive Director, Thai Overseas Investment Promotion Division, Thailand Board of Investment (BOI), who discussed the support from the government, investment incentives and benefits as well as industries that are entitled to GSP, laws and regulations, the differences of each special economic zones in Cambodia and how to select location as well as analysis of 2 Special Economic Zones : Aranpradbet-Poipet border (connecting to Siem Reap and Phnom Penh) and Hat Lek–Koh Kong border (connecting to the Eastern Seaboard); Voratat Tantimongkolsuk, Managing Director, Logistics One Co., Ltd. and Chairman, Sub-committee Logistics Service Provider Development, Secretary to Thailand Cambodia Business Council, an insightful logistics expert in Thailand-Cambodia trade lanes, and Apiradee Synsukpermpoon, Head of Greater Mekong Subregion Siam Commercial Bank, who shared useful information on financial matters for doing business in Cambodia as well as relevant services offered by Siam Commercial Bank.
“We hope that the seminar will help bring about collaboration and synergy between all relevant parties – the government organizations and the private sector to drive favorable investment climate and trade relations, so that Thailand still continue to be number one trade partner of Cambodia. We also strongly believe that the seminar will aspire SCB FIRST customers to make their business ambition become reality in Cambodia. To achieve more tangible results from the seminar, SCB FIRST plans to host an exclusive ‘Cambodia 360° FIRST Trip’ in June for our customers who have strong interest in doing business and investment in Cambodia to explore business opportunity in the real world environment,” added Rungruang.