Tough Times Also Bring Opportunities
- Andrew Millar
- Jun 11
- 3 min read
Updated: Jun 25
TOP 50 INTERVIEW: Paul Clements
January 2024
As a seasoned financial executive and director of Joint Asian Development Enterprises (JADE), Paul Clements has helped shape Cambodia’s banking and investment landscape since 2009. With leadership roles at ANZ Royal Bank and Royal Group of Companies, he shares insights on the country’s economic transformation, sectoral shifts, and long-term investment outlook.
Living Cambodia's Economic Journey
CLR: Can you tell us about your journey to Cambodia, how you've seen Phnom Penh evolve over the years, and what opportunities and risks you see shaping the country’s economic future?
"I came to Cambodia in 2009 to work as the Chief Operating Officer at ANZ Royal Bank and have enjoyed my life in Cambodia ever since due to the people, culture, variety of food, and the strong economic growth that has occurred since.
This continues to make Phnom Penh a better place to live each year.
Phnom Penh has changed considerably with the restoration of some wonderful historical sites, becoming cleaner, having a better office and shopping environment, increasing the quality of life and education, and it continues to remain safe.
Currently, I’m director of Joint Asian Development Enterprises and Cambodia has a great base for ongoing economic development due to past investment, the drive of its people, and the new dynamic government, but global issues have and will continue to dampen past GDP growth rates.
The biggest risk is the tightening of liquidity in the market, which will impact some projects and industries.
Challenges & Opportunities in Cambodian Sectors
CLR: Which sectors have historically driven Cambodia’s economy, and where do you see the biggest opportunities and challenges emerging over the next five years?
Financial services was the standout sector for many years, and of course, garments/textiles is always a big contributor.
I expect to see tourism make a slow return, and agriculture will be a major opportunity in the next five years.
Cambodia is disadvantaged by the USD and its strength when compared to our neighbours, so we need to ensure a reduction in border costs and improved productivity to get one step ahead.
FDI Outlook
CLR: What factors have contributed to Cambodia’s attractiveness as an investment destination, and how do you see FDI (Foreign Direct Investment) evolving under the current government?
Cambodia has been a leader in ASEAN with regards to GDP growth and an attractive investment policy, so expect Cambodia to continue to attract international FDI.
Naturally, the ASEAN Summit in late 2022 and the ASEAN Games have brought Cambodia onto a wider international stage.
FDI has been a critical contributor to Cambodia over the years, although it has declined due to COVID and, more recently, due to global woes. That said, the base of international investors continues to expand, which supports Cambodia as being an investment choice of many nationalities.
2024 will see an increase in FDI due to ongoing government policies around investment and PPPs (Public-Private Partnerships) and as the international community continues to gain comfort around the new government under Prime Minister HUN Manet.
Long-Term Potential
CLR: What makes Cambodia an attractive destination for long-term investment, and how do you see its economic potential unfolding in the coming years?
With a country that has a young population, plenty of land and water, opportunities continue to exist, and this has been evident over the past 10 years.
The investment space is very transparent; Cambodia has a golden era ahead, although it will be slower growth than was once thought."
About Paul Clements
Paul is an Australian-born business leader who has been a prominent fixture in Cambodia’s financial and corporate landscape since 2009.
After relocating to work as Chief Operating Officer at ANZ Royal Bank, he later became Director of Joint Asian Development Enterprises (JADE) and now serves as Chair of the International Business Chamber of Cambodia (IBC). In a 2024 interview, he praised Cambodia’s dynamic economic transformation, highlighting its growth in infrastructure, education, tourism and agriculture, while emphasising the need to navigate global headwinds like liquidity constraints and strong USD pressure. With over 15 years of in-country experience, Clements is recognised for fostering international investment, advocating business reforms, and championing Cambodia’s evolving role within ASEAN.
Follow Paul on LinkedIn
In partnership with Cambodia Investment Review (CIR) and the International Business Chamber of Cambodia (IBC), Cambodia Leadership Review has officially launched 50 International Leaders 2025.
Now in its second edition, the publication highlights 50 of the most influential international business and organisational leaders and innovators contributing to Cambodia’s dynamic economic landscape, including Paul Clements.