Increasing Business Registration Reflects Economic Recovery

The Ministry of Commerce registered 10,701 new companies and enterprises in 2022, up 40 percent from 2021, reflecting Cambodia’s post pandemic economic recovery, said a report of the Ministry of Commerce released earlier this week.

At the same time, about 888 companies had been removed, up 38 percent from 643 in 2021, the source added.

More than 6,000 companies have applied for licenses electronically, the report pointed out, adding that more than 13,000 companies have applied to reserve business names.

Speaking at an annual meeting held here on Monday, H.E. Pan Sorasak, Minister of Commerce, said that the ministry has been working and continuing ranges of reforms in updating the business registration automation system by developing electronic business licensing.

Mr. Ky Sereyvath, an economist at the Royal Academy of Cambodia, sees the number of listed companies as a reflection of the effectiveness of management over private companies, which is an easy way to support them technically if needed.

“The growth of the Cambodian economy has partially contributed to boosting the number of businesses that have been closed or suspended during the pandemic time to restart operations,” he said.

Vice President of the Cambodian Chamber of Commerce Mr. Lim Heng said that the increase in business registration reflects the reopening of the country, all kinds of socio-economic activities under the effective policy of the Royal Government of Cambodia.

“The increase in the number of registered companies is a good sign for the national economy as the successful vaccination against Covid-19 has led to the socio-economic resumption, especially the implementation of the free trade agreements and RCEP which have made many investors interested to invest in Cambodia,” he said.