One of the biggest things you always need to consider is how to make your financial portfolio better. Since reaching your income or savings goal can be difficult if you only have a full-time job or one source of income, it’s best to look into setting up your own business. Considering that Cambodia is a developing country that has undergone massive and rapid changes over the years, it’s the best place to launch a business and make it grow alongside the economy.
However, you have to choose the right industry to launch your own business venture in 2023. To help you decide, we’ve curated the most profitable industries for your business this coming 2023. Continue reading below!
1. Real estate
At the top of the list is the real estate industry since it remains to be a good and stable market despite the ongoing economic global crisis. While numerous industries staggered to recover, the real estate market bounced back quickly with commercial properties increasing rapidly in price. In October 2021 alone according to the research by realestate.com.kh, commercial properties had an average price of $850,000 and in July of 2022, price became an average of $1,150,000.
Other real estate properties like land and residential have boomed since then, making it a good time to launch a business in real estate. There are many kinds of businesses you can launch in this market in Cambodia, so make sure to do your research and take advantage of the industry to profit!
2. IT and technology
While internet penetration rate in Cambodia rose to 78.8% in 2022 according to datareportal.com, there are still many rural areas that require broadband services. This could be a good business opportunity for you as well as the fact that Cambodia has a need for skilled IT professionals, since the market for it remains largely untapped.
Numerous idyllic beaches and architectural sights are available almost everywhere within Cambodia. Whether locals or tourists want to spend their days going on an adventure in ancient ruins and even having fun in urban areas, Cambodia has it all. This is why there are millions of tourists that visit every year with 2019 recording more than 6.6 million tourists. While tourism slowed down due to the global pandemic, with Cambodia being opened again to the public and more sights being constructed, tourism is already picking up again. By 2023, it will be a good time to expand or launch a business in the tourism industry!
4. Food and beverage
There are many business options related to the food and beverage industry that you could launch in Cambodia in 2023. Considering that F&B businesses are always in demand, especially if you choose your products or services well, it will take off pretty quickly. Moreover, it’s easy to launch your own food or beverage business in Cambodia since you only have to register your business, plan for your own products, and more!
If there’s one thing that will always be in demand, it’s good quality healthcare. Considering that the country is undergoing rapid development, the demand for better services to lengthen life expectancy and improve the overall health of residents becomes higher. Different diseases are becoming widespread as well in Cambodia like Alzheimer’s, which makes training, insurance, pharmacies, and more to help circumvent or treat these illnesses necessary.
Cambodia is a rapidly developing country that heavily prioritizes its agriculture in exports and the like for economic growth. While there have been other industries like real estate, tourism, and textile that contributed a lot to Cambodia’s GDP, the agriculture industry remains to be a strong contributor. In 2021 alone, agriculture contributed 22.85% to the GDP according to Statista, and this increased by 5.3% in 2022.
Moreover, the Asian Development Bank forecasted Cambodia’s agriculture industry to contribute 6.2% to the GDP by 2023. This, alongside the fact that most farms require the latest agricultural equipment to be more efficient in cultivation, could be a good business to expand into in 2023.
Amid other industries, one of the biggest contributors to Cambodia’s exports is the textile industry which makes up for more than half of it. In 2022 alone between January to September, Cambodia exported numerous garments worth about $10.25 billion, according to the General Department of Customs and Excise report released on October 13. This is 24% more than 2021, which resulted in $11.3 billion exports for the whole year.
Considering there’s still a couple months left before the year is over, Cambodia is expected to turn over more exports from the textile industry this year. In short, this is the perfect industry to launch or expand your business into, especially since based on data, the textile industry will only reach higher exports in subsequent years.
Ready to start a business or expand your portfolio? Contact us now!