This is according to the outcome of a meeting between Mr. Preah Vuot, Secretary-General of the Investment Committee of the Council for the Development of Cambodia (CDC) and an IKEA delegation led by Mr. Giafar Safaverdi, Regional Executive Director for Southeast Asia, on 19 March 2025 at the Council for the Development of Cambodia.
During the above meeting, Mr. Vuot told the IKEA delegation about Cambodia's investment policy, which is recognized as very attractive by providing many incentives to investors.
Those policies include preferential investment laws, no discrimination against nationalities, better geographical location, political stability, and better transport infrastructure, etc.
He added: "I urge Mr. Giafar Safaverdi, Representative of IKEA, to be ready to make a decision to invest in Cambodia as soon as possible."
Mr. Giafar Safaverdi mentioned that the IKEA delegation was very happy to receive a welcome and information about investment opportunities in Cambodia.
He goes on to say that IKEA is one of the world's largest furniture and home appliance manufacturing companies, founded in 1943 in Sweden.
In Southeast Asia, IKEA currently has investment activities in a number of countries, such as Singapore, Malaysia, Indonesia, Thailand and Vietnam."
According to Giafar Safaverdi, in 2024, IKEA had a revenue of approximately 26.5 billion euros, equivalent to approximately 29 billion US dollars.
Economist of the Royal Academy of Cambodia, Hong Wann, told Phnom Penh Post on March 20 that the Cambodian government's investment policies, as well as geopolitical and economic conflicts between the world's major countries, have helped Cambodia reap many positive benefits by relocating production locations from all those countries to Cambodia.
He goes on to say that the latest ventures in Cambodia are not only in the garment, footwear and luggage sectors as before, but are investments in a wide range of sectors, up to vehicle assembly/manufacturing plants.
He added: "In the last 2-3 years, I have observed more and more factories/enterprises opening up in Cambodia.
He also said that if IKEA opens a factory in Cambodia, it will help further diversify Cambodia's exports.
Vice President of the Cambodian Chamber of Commerce Lim Heng welcomed every investment project that comes into Cambodia as it not only helps create jobs and national economic revenue, but will also help develop human resource capacity in Cambodia.
He continued that favourable investment laws and a wide export market have attracted more foreign investors to invest in Cambodia.
When there is more investment, it will help reduce migration to work abroad, increase family income, as well as help the government earn tax revenue."
In 2024, Cambodia exported 94 double-digit HS goods, including furniture, bedding, mattresses, pillows, and similar items, totaling US$1,169.54 million, an increase of 31.5 per cent compared to 2023.
The export value of Code 94 goods is equivalent to 4.5 percent of the total export value in 2024, which is approximately US$26 196.6 million, according to data from the General Department of Customs and Government of Cambodia (GDCE).
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