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VDB Loi Cambodia Report Description Summary The report places particular emphasis on the surge of Chinese capital under the Belt & Road Initiative (BRI) and explores how BRI‑driven growth has generated FDI opportunities across sectors like manufacturing, real estate, telcos and tourism. It provides practical guidance for foreign investors navigating the Kingdom’s legal, tax and regulatory frameworks, outlining key investment structures available, such as Qualified Investment Projects (QIPs), branch offices and representative offices, and explains the implications of Cambodia’s 2021 Law on Investment: Regulatory Clarity Under the New Law on Investment: The 2021 law streamlines approval processes for Qualified Investment Projects (QIPs) and expands eligibility for tax incentives, making Cambodia more accessible to foreign investors. Diverse Entry Structures: Investors can operate through local companies, branches or representative offices, each with distinct regulatory and tax implications. Attractive Tax Incentives: QIPs may benefit from profit tax holidays, import duty exemptions, and VAT relief, subject to conditions tied to sector, location and capital investment levels. Compliance & Licensing Insights: The report offers guidance on regulatory requirements across sectors such as telcos, construction and real estate, including procedures with the CDC, MPTC, and other key ministries. Practical Legal Considerations: Issues like foreign ownership limitations, repatriation of profits, related-party transactions and land rights are addressed with a focus on minimising risk and ensuring enforceable contracts. Economic Outlook Cambodia is positioned for moderate‑growth resilience, though the pace may be slower than past trends. The report notes Cambodia’s economic momentum is driven by ongoing infrastructure investments, such as motorways, ports, airports and the Funan Techo Canal, which continue to enhance logistics and unlock investment potential across industry clusters. It highlights the government’s Pentagonal Strategy, which aims to guide Cambodia toward upper‑middle‑income status by 2030, focusing on poverty reduction, job creation, economic diversification, private‑sector and digital development, and climate‑resilient growth. While acknowledging increased global trade tensions, especially US tariffs on textiles and footwear exports, creating uncertainty for export‑dependent sectors, the report argues Cambodia can mitigate these risks by deepening ASEAN and global partnerships, nurturing higher‑value industry, and leveraging its young workforce. By balancing near‑term vulnerabilities with long‑term reforms and infrastructure enhancements, VDB Loi presents a cautiously optimistic outlook: growth may slow to roughly 4–6 per cent in the short term depending on external conditions, but structural transformation and strategic policymaking support a credible path toward sustainable capital inflows and increased economic complexity.   VDB Loi Investment in Cambodia Series The VDB Loi Investment in Cambodia report is part of a broader ASEAN-wide series examining how Chinese Belt and Road Initiative (BRI) infrastructure investments are reshaping the region’s economic landscape. Focused on practical investor guidance, the series maps out where Chinese capital has been deployed, particularly in energy, transport and logistics, and identifies the downstream opportunities these projects create in sectors like real estate, manufacturing, and services. By hig hlighting how large-scale infrastructure can catalyse high-potential investment zones, VDB Loi provides foreign investors with strategic insights on where to 'piggyback' on BRI momentum, positioning the series as a key resource for regional investment planning. About VDB Loi Cambodia (Andersen) VDB Loi Cambodia , established in Phnom Penh in 2012 by Edwin Vanderbruggen and Jean Loi, is a leading legal and tax advisory firm in the Khmer market, now operating as Andersen in Cambodia following its integration into Andersen Global in September 2024. With a team of lawyers and advisors across Southeast Asia, the firm specialises in foreign investment structuring, energy and infrastructure projects, tax planning, corporate finance and M&A, and real estate transactions. Widely recognised for its quality and responsiveness, VDB Loi was named Cambodia Tax Firm of the Year in 2021 by ITR Asia-Pacific and is highly ranked in Legal 500 and Chambers benchmarks. The firm differentiates itself through deep sector knowledge, strategic regulatory insight and integrated legal-tax advisory services tailored to foreign investors navigating Cambodian markets.

Knight Frank Cambodia Report Description Sector: Real Estate, Architecture, Engineering & Construction Preamble CBRE Cambodia’s Real Estate Highlights H2 2024 provides an in-depth overview of Phnom Penh’s property market performance across the second half of 2024. The report covers the office, retail, condominium, landed property and hospitality sectors, offering data-driven insights into occupancy trends, rental dynamics, supply pipelines and investment sentiment. Summary The Phnom Penh real estate market continued to show signs of cautious recovery in H2 2024, with modest gains in some segments and subdued performance in others. While overall economic stability, infrastructure investment, and improving tourism helped shore up demand, oversupply in the residential and office sectors continued to exert downward pressure on rents and occupancy. The office market saw limited new supply but remained competitive, with landlords adopting flexible strategies to retain tenants. Retail was a mixed picture—footfall and occupancy improved in prime locations, though rental levels remained under pressure due to continued tenant caution. The condominium market faced persistent challenges, with increased supply pushing prices slightly lower and extending the average sales period. In contrast, the landed property sector—particularly borey developments—benefited from end-user demand and relatively stable pricing. Hospitality experienced the most notable rebound, with occupancy rates and ADR (average daily rates) improving thanks to a steady influx of international visitors, particularly from China and neighbouring ASEAN countries. Highlights Office Sector: Supply remained largely unchanged at 813,000 sqm, with average occupancy around 61%. Rents declined slightly in Grade B and C properties, while Grade A buildings held steadier due to better amenities and location. Retail Sector: No major completions were recorded in H2 2024. Prime malls saw increased leasing activity, particularly from F&B and health & wellness brands. Ground-floor rents in prime areas were relatively stable. Condominium Sector: Total supply reached over 40,000 units, with nearly 4,000 new units entering the market in H2. Sales rates remained sluggish, particularly in mid- and high-end segments, with average prices continuing a gradual downward trend. Landed Property: Borey developments retained strong local buyer interest. Mid-tier projects saw consistent transaction volumes, driven by affordability and perceived value for money. Hospitality: Hotel occupancy rates climbed to around 62%, supported by rising international arrivals. New developments focused on boutique and lifestyle offerings, particularly in central Phnom Penh and key tourist destinations like Siem Reap and Sihanoukville. Outlook The real estate sector in Cambodia is expected to continue its uneven recovery into 2025. The hospitality and landed property segments are likely to remain the most resilient, supported by demographic trends, tourism recovery, and urbanisation. However, oversupply in the condominium and office sectors will require careful recalibration by developers. Future growth will depend on broader macroeconomic stability, investor confidence and regulatory support, including clearer land-use planning and financing frameworks. Foreign investor interest is slowly returning, especially in retail and hospitality, though full recovery is contingent on stronger regional economic momentum and ongoing infrastructure development.   Knight Frank Cambodia Real Estate Highlights Series Knight Frank’s Cambodia Real Estate Highlights is a biannual series (H1 and H2 editions) that delivers a comprehensive snapshot of Phnom Penh’s real estate markets, covering office, retail, hospitality, serviced apartments, condominium and landed housing sectors. Each report offers up-to-date data on supply, demand, occupancy, rental rates, and pricing trends, along with sector-specific insights such as pipeline forecasts, demographic drivers and investment sentiment. Designed for developers, investors, and policymakers, this research series helps stakeholders interpret market corrections, understand shifting sectoral dynamics, and anticipate future developments in Cambodia’s evolving real estate landscape. About Knight Frank Cambodia Knight Frank Cambodia (established in 2008) is Cambodia’s branch of the globally recognised real estate consultancy network Knight Frank LLP. Based in Phnom Penh, the firm offers a full suite of services, from residential and commercial agency, advisory, valuations and property management to capital markets and research, serving both local and international clients. Positioned as 'locally expert and globally connected', they emphasise long-term relationships and personalised, clear advice to help clients find properties that align with their needs: residential, retail, office, logistics or hospitality. Operating from Canadia Tower , Knight Frank Cambodia is known for research-led thought leadership.

CBRE Cambodia Report Description Sector: Real Estate, Architecture & Construction Preamble Unlock the key takeaways from Q1 with our in-depth Market Insights report. Whether you’re an experienced investor or just entering the market, understanding where the trends are heading can be your greatest asset. From commercial rebounds to residential demand surges, Q1 has set the tone for what’s next in 2025. Summary CBRE Cambodia’s Q1 2025 report highlights a cautiously optimistic outlook for the Kingdom’s real estate and infrastructure sectors, supported by macroeconomic recovery, infrastructure investment and increasing investor interest. However, challenges remain in specific segments such as office and retail, which are still navigating the post-pandemic transition and evolving tenant preferences. Highlights Macroeconomic & Policy Environment Cambodia’s economy showed modest growth in Q1 2025, driven by expanding exports, rising manufacturing output, and tourism recovery. The government’s efforts to diversify the economy beyond garments, especially into electronics, automotive parts, and green energy, are gaining traction. Major foreign direct investment (FDI) inflows from China and regional players continued, particularly in industrial zones and infrastructure projects. External risks such as global tariff instability (e.g., US-China tensions and USAID funding freezes) may dampen momentum. Tourism & Air Connectivity Tourism rebounded significantly in Q1, with over 400,000 foreign visitors to Angkor Wat and strong domestic tourism during Khmer New Year. New air routes, including Phnom Penh-Hong Kong by Cambodia Airways, signal renewed international connectivity. The much-anticipated Techo International Airport, slated for mid-2025 opening, is expected to catalyze further tourism and logistics growth. Infrastructure Developments Progress on key infrastructure projects is transforming connectivity. Techo Flyover is now 100% complete. Techo International Airport Phase 1 is 95% done. Expressway and bridge projects are advancing in Kratie, Chak Angre–Prek Pra and Mondulkiri. Ambitious urban projects like the Phnom Penh Metro Rail system and Funan Techo Canal are in planning or early stages. These initiatives are expected to improve urban mobility, attract investment and raise land values in emerging corridors. Industrial & Logistics Industrial real estate remains a strong performer, buoyed by new SEZ developments such as the USD $500M zone in Preah Sihanouk and Sweden’s largest factory in Phnom Penh. Investor demand is focused on sites near new infrastructure, with land prices rising in key logistics hubs. Office Market The office sector remains under pressure. Average occupancy rates declined slightly quarter-on-quarter, and rental yields remain compressed. Occupiers are showing preference for newer, well-located buildings offering flexibility and sustainability features. The market is in a tenant-favourable phase, with incentives and lease renegotiations common. Retail & Hospitality Retail has been slow to recover, especially in older or poorly located malls. New formats such as mixed-use spaces and “walking street” style developments in Phnom Penh are gaining popularity. Hospitality showed positive signs, driven by domestic demand and the return of group travel from China and Korea. Renovated hotels and integrated resorts are repositioning for premium experiences. Residential Sector The condo market remains subdued with limited new launches. Developers are focusing on mid-range and affordable housing, while landed homes (especially gated communities) are in stronger demand. Foreign interest is rebounding slowly, but legal and regulatory clarity remains a concern for buyers. Outlook CBRE expects continued growth in industrial and infrastructure-led segments in 2025. Office and retail may remain flat until 2026, unless demand dynamics shift. Key risks include external trade shocks, political uncertainty and interest rate volatility. Nevertheless, Cambodia’s young demographic, strategic location and infrastructure investments make it an increasingly attractive frontier market.   CBRE Market Insights Series CBRE Cambodia’s Market Insights series provides quarterly analyses of the Kingdom’s real estate landscape, offering data-driven perspectives on key sectors including office, retail, residential, industrial, and infrastructure. Drawing from on-the-ground intelligence and regional trends, the reports highlight market movements, investment drivers, policy shifts, and development hotspots. Designed for investors, developers and industry stakeholders, the series helps contextualize economic shifts and forecast real estate trajectories in one of Southeast Asia’s most dynamic frontier markets. About CBRE Cambodia CBRE Cambodia , operating under Advantage Property Service Co., Ltd. , was established in 2008 as the first international real estate services firm in the Kingdom and has since grown into Cambodia’s leading real estate advisory and brokerage firm. As an affiliate of CBRE Group, the world’s largest commercial real estate services firm, CBRE Cambodia offers comprehensive services across all major asset classes, residential, office, retail, industrial & logistics, hospitality and land, alongside investment advisory, valuation, research & consulting, and project/property management, leveraging both global standards and deep local insights. With a workforce of over 60 professionals in Phnom Penh, it supports both foreign and domestic investors, developers, occupiers, and landlords with robust data-driven analysis, proprietary market intelligence, and a wide network spanning Southeast Asia and beyond.

Celebrating the most influential figures driving Cambodia's finance sector These individuals represent the forefront of Cambodia’s evolving financial sector—spanning banking, fintech, investment, insurance, and regulatory leadership. Their vision, resilience, and strategic influence are helping to shape a more dynamic, inclusive, and globally connected economy. A to Z Arnaud Darc, Chair at Thalias Hospitality Group Arnaud Darc FRANCE Chair, Thalias Hospitality Group Arnaud Darc is a prominent entrepreneur and hospitality leader in Cambodia, having first arrived in the Kingdom in 1994. Originally working with Accor Hotels, he went on to found Thalias Hospitality Group , which operates some of the country’s most respected dining and hospitality brands, including Topaz , Malis , Khéma and Yi Sang . With a vision to elevate Cambodia’s culinary and service standards, Darc has played a pivotal role in professionalizing the sector. He also serves as President of the Cambodia Restaurant Association , advocating for industry development, food safety, and skills training across the hospitality landscape. Ashley Irving Askhat Azhikhanov Benilda Fernando Blaise Kilian Casey Barnett Clint O'Connell Cyril Girot Leadership at Rosewood Phnom Penh Appointed in 2021, Daniel has been instrumental in elevating Rosewood Phnom Penh's status in the luxury hospitality sector. Under his leadership, the hotel has received numerous accolades, including being named the #1 Hotel in Asia by Travel + Leisure in 2023. He emphasizes genuine human connections in hospitality and has focused on staff development, promoting local talent to leadership positions . Community Engagement and Sustainability Daniel is committed to community outreach and sustainability. He has initiated programs such as paid internships for local youth and partnerships with Cambodian farmers to supply the hotel with fresh produce. The hotel boasts an on-site hydroponic garden that provides 70% of its leafy vegetables, reflecting his dedication to sustainable practices. Industry Recognition In recognition of his contributions, Daniel was named among the "Top 50 International Voices in Cambodia" by the Cambodia Leadership Review in 2025. He also serves on the executive committee of the International Business Chamber of Cambodia, highlighting his influence in the country's business community . Cambodia Investment Review+1Cambodia Leadership Review -+1 Cambodia Business Chamber+1Cambodia Investment Review+1 For more insights into Daniel Simon's perspectives on luxury hospitality and his role at Rosewood Phnom Penh, you can watch the following interview:

TOP 50 INTERVIEW: Paul Clements Paul Clements, Director, JADE and Chair, International Business Chamber (IBC) 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. Paul Clements (centre left) with HE AUN Pornmoniroth, Minister of Economy & Finance, and Neak Oknha KITH Meng, Royal Group of Companies 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. Paul Clements, Director, JADE and Chair, International Business Chamber (IBC) 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 Paul Clements, Director, JADE and Chair, International Business Chamber (IBC) 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.

TOP 50 INTERVIEW: Tom O'Sullivan Tom O'Sullivan, Chief Executive Officer & Director, Realestate.com.kh March 2025 A s Realestate.com.kh celeb rates its 10-year anniversary, CEO Tom O'Sullivan reflects on the company's core values, leadership philosophy and contributions to Cambodia's real estate industry. He discusses the sector's key complexities and potential in 2025, innovations driving transparency and collaboration, and how a new generation of investors is shaping the market's future. Leadership Values & Guiding Principles CLR: Tom, as a leader in Cambodia's real estate sector, what core values and guiding principles have shap ed your approach to leadership over the years? How have these contributed to Realestate.com.kh's g rowth and success as it celebrates its 10-year anniversary? "One thing that has never wavere d at Realestate.com.kh is our commitment to educating the market so people can make informed real estate decisions, whether they are property seekers, real estate agents, developers, or part of the wider community. I am passionate about collaboration within the industry and believe in fostering a professional, transparent and trusted real estate market in Cambodia. We have built a platform that serves the entire industry, hosting thousands of property listings and providing hundreds of property guides on regulations, market trends, investment insights and common pitfalls. Since 2015, we have also organised Cambodia's only real estate expo, where millions of dollars in property transactions take place. Additionally, we launched the Cambodia Real Estate Awards in 2018, supported by the Cambodian government, to recognise the most professional, ethical and trusted agents and developers - ensuring that property seekers connect with the most professional agents and invest in award-winning developments. One of our core values is we are a 'success-based company', which means we measure success by outcomes, not just effort. Our team focuses on delivering results, whether for our clients, partners or their own personal growth. We have built a performance-based culture where achievements matter, accountability is key, and those who take initiative and deliver results are rewarded. That mindset also shapes how we hire. For us, we hire for attitude - we can teach the rest. One of our core values is that anyone can rise to any position, and I genuinely believe this. All of our current managers have been promoted from within, a reflection of that commitment. To support this, we've built an Internal Agent Academy and a library of online resources so that anyone in the company can self-learn at their own pace. On top of that we run weekly training sessions on new projects, market trends and all things real estate. It's not just about internal growth; it aligns with our broader goal of educating the market as a whole. I believe in creating an environment where every employee can be part of our success and where all ideas are heard and valued. Everyone can suggest new ideas, knowing they will be genuinely considered. In fact, many of the initiatives we follow today did not come from me or management but from team members who saw opportunities and took the initiative. I empower the management team and, in turn, they empower theirs. Decision-making is collaborative; while I provide guidance, our management team has a significant degree of autonomy. Our team is not afraid to fail because that's what fuels innovation and ensures we retain our entrepreneurial spirit. Tom O'Sullivan being interviewed at the launch of The Connect Center Challenges & Opportunities in Real Estate CLR: Cambodia's real estate market has experienced significant growth but also faces challenges such as regulatory changes, market saturation and shifting investor priorities. What do you see as the key challenges and opportunities for the sector in 2025, and how is your company adapting to these dynamics? Post-COVID, regulatory changes have been focused on building a more trusted and sustainable real estate market - an overall positive shift for the industry. Condo Market: The market remains fundamentally healthy, with oversupply primarily driven by overpriced units rather than a lack of demand. In fact, there is an undersupply of high-quality properties that truly meet market needs. Land & Borey Market: Land prices are stabilising, but the landed property 'borey' market continues to face challenges, reflecting shifts in buyer demand, oversupply and affordability. Industrial Growth: I expect the most significant real estate growth this year is coming from the industrial sector. With Trump winning the election in early November, we expected some movement from companies relocating operations out of China, but the pace has been quicker than expected. The return of Trump has also led to renewed sanctions on China, which seem to be accelerating this shift. Innovations & Developments at Realestate.com.kh CLR: Your company has played a pivotal role in shaping Cambodia's real estate landscape. What new initiatives or innovations are you introducing to stay ahead of industry trends, meet client needs and contribute to the sector's sustainable development? Through our platform, agent website solutions and the introduction of CRM systems, we have played a pivotal role in moving Cambodia's real estate industry online, creating greater transparency and trust in the market. Innovation remains at our core. One example is our new online and offline ecosystem, Connect , where agents and developers can access market insights, training, property-related agreements, share listings, co-broke, and more - fostering collaboration and transparency across the industry. Together with our agents and developer partners, we help facilitate thousands of property transactions, contributing over USD $100 million to the Cambodian economy each year. This gives us access to extensive real estate data, helping us stay ahead of industry trends and better understand where the market is heading. We are committed to making this data as accessible as possible, providing industry professionals and property seekers with the insights they need to navigate the market with confidence. Tom O'Sullivan (bottom left) and the Realestate.com.kh team Cambodia Real Estate Outlook CLR: Looking ahead, how do you see Cambodia's real estate market evolving, particularly with the influence of a new generation of investors and developers? How is your company preparing to embrace these changes, and what advice would you give to others looking to thrive in this competitive sector? Many parts of the market have already bottomed out and, by the end of this year, I expect the landed property market to do the same. While this market reset has taken longer than expected, it was necessary. Given the challenges the industry has faced over the last 6 years, I believe we are now set for more sustainable growth than we've seen in the past. Today, developers, agents, buyers and investors are more informed than ever. Compared to the pre-COVID era, the market now has access to thousands of guides and resources, empowering people to navigate real estate decisions with greater confidence and transparency." About Tom O'Sullivan Tom is an Australian-born entrepreneur with a commerce degree from Swinburne University and has served as CEO and Director of Realestate.com.kh since its acquisition by Digital Classifieds Group in 2015. Under his leadership, the platform has grown into Cambodia’s premier real estate portal, championing market education, professionalism and transparency. He spearheaded initiatives like Cambodia’s only real estate expo and the Cambodia Real Estate Awards (launched in 2018), aimed at recognising ethical agents and elevating industry standards. Tom also transitioned the business model post‑COVID from marketing subscriptions to a commission-based, full-service transaction platform, significantly enhancing market trust and operational efficiency. Follow Tom on LinkedIn Get the latest Realestate.com.kh updates here Tom O'Sullivan, Chief Executive Officer & Director, Realestate.com.kh 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 Tom O'Sullivan.

TOP 50 INTERVIEW: Teong Hoon Ong Teong Hoon Ong, Director, Phillip Bank March 2025 As Cambodia's financial sector continues to evolve, Phillip Capital Cambodia is positioning itself as a key player in the industry, leveraging its regional expertise and strong Singaporean roots. In this interview, we speak to Teong Hoon Ong , Director at Phillip Bank , about the leadership values, market challenges and regional investment trends that shape Phillip Capital's approach to innovation and sustainable growth. Leadership Values & Guiding Principles CLR: Mr Ong, as a leader at Phillip Capital Cambodia, what core values and strategic priorities guide your leadership? How have these principles shaped the firm's approach to investment, innovation and expanding its regional footprint? "At Phillip Capital, our leadership is deeply rooted in a core belief. People are at the heart of everything we do - our employees, our customers and the communities we serve. One of our guiding principles is that we believe each person is unique, with distinct gifts and talents. Therefore, each individual has the responsibility to develop their full potential, and Phillip Capital is committed to providing opportunities for growth through training, service and responsibility. This philosophy not only shapes how we lead our teams but also influences the way we build and grow our business. Our vision, to 'delight customers, grow people and benefit communities', drives every decision we make. This is reflected in our strategic approach across our business units in Cambodia. For example, through Phillip Trustee , we enable foreign investors to securely own land and property under a trusted framework. At the same time we leverage our group's strengths from Singapore to offer estate planning and wealth management services tailored to high-net-worth clients. Beyond financial services, we are committed to making a meaningful impact on local communities. Our NGO, Koampia Phum Yoeung (KPY) , provides financial literacy and family development education to vulnerable groups in Cambodia. With an established presence in 15 countries, our goal is to continuously expand our ecosystem of holistic financial solutions. By harnessing our regional expertise and customer-centric approach, we remain committed to delivering value to our clients while making a positive impact on the communities we operate in. Teong Hoon Ong (centre right) at an MoU sigining with Dragon Land Investment Challenges & Opportunities in Finance CLR: With financial markets evolving rapidly, what are the key challenges and opportunities for investment firms in 2025? How does Phillip Capital Cambodia navigate shifts in global finance, digital transformation and regulatory developments to maintain its leadership and offer value to clients? The investment landscape in Cambodia presents significant opportunities, particularly in education, healthcare, renewable energy, agriculture and emerging manufacturing sectors. The e-commerce ecosystem and its supporting industries also show strong potential for growth. As Cambodia continues its economic development, early-stage investments in these sectors can yield high returns. However, challenges persist. Identifying the right local partners and establishing mutually beneficial relationships is often a complex process. While formulating strategies is straightforward, execution - where strategy meets real-world conditions - can be more difficult. Talent acquisition remains another challenge, as highly qualified professionals are not always in abundance and recruitment costs can be high. On the regulatory side, navigating Cambodia's bureaucracy and legal framework can pose hurdles for investors unfamiliar with the system. At Phillip Capital Cambodia, we benefit from the strength of our global network, particularly our Singapore headquarters, which provides critical expertise in trustee services and wealth management, areas that are still developing in Cambodia but hold strong growth potential. Unlike many firms, we leverage the depth of our group's knowledge and resources to provide a competitive edge. We are also committed to digital transformation. Phillip Capital has a strong track record in financial technology, having pioneered online trading in Singapore early on. Our fintech-driven approach is further reinforced by appointing an IT entrepreneur as an independent director, ensuring that digital innovation remains at the core of our strategy. Additionally, our governance is strengthened by having a retired senior financial regulator from Singapore on our board, keeping us aligned with evolving regulatory frameworks both locally and internationally. By combining regional expertise, digital innovation and a strong regulatory foundation, Phillip Capital Cambodia continues to navigate shifting market dynamics while delivering value to our clients and maintaining leadership in the financial sector. Teong Hoon Ong (first from left) with former Singapore Ambassador to Cambodia HE Michael Tan (centre right) Singapore-Cambodia Investment & Business Ties CLR: Singaporean investment continues to play a significant role in regional growth. How do you see business and investment relationships between Singapore and Cambodia evolving? What sectors or financial instruments are driving increased collaboration, and how is Phillip Capital Cambodia facilitating cross-border investment? Singapore and Cambodia have long shared a strong and well-established economic relationship, with Singapore consistently ranking among Cambodia's top investors. This year holds special significance as Singapore and Cambodia celebrate 60 years of diplomatic relations, while Phillip Capital marks its 50th anniversary - testament to our deep-rooted presence and continued relevance in the region's financial landscape. At Phillip Capital Cambodia we take pride in our Singaporean heritage and credibility. While we do not operate a physical bank branch in Singapore, our extensive financial ecosystem enables us to seamlessly facilitate cross-border investment services for Singaporean businesses and investors entering Cambodia. Our expertise extends beyond Singaporean investors. Many international investors based in Singapore also view Cambodia as an attractive investment destination due to its cost advantages, economic potential and proximity to Singapore. From a personal perspective, having lived in Cambodia for over 15 years as a Singaporean, I understand the importance of guiding investors with both familiarity and local insights. I make it a point to personally meet with potential investors, offering them a sense of comfort, trust and strategic guidance from one Singaporean to another. Ultimately, Phillip Capital Cambodia stands at the intersection of international credibility and local expertise. As a Singaporean-owned financial group with a licensed bank in Cambodia, we are uniquely positioned to support investors with a blend of trusted governance, financial solutions and deep local market knowledge, ensuring a smooth and confident entry into Cambodia's growing economy." About Teong Hoon Ong Mr Ong is a seasoned finance executive, serving as Director and Shareholder Representative at Phillip Bank (part of Phillip Capital Singapore ) for over 15 years. He began his banking career in 1977 with Standard Chartered Cambodia , rising to Country Manager by 2002, then held leadership roles across Phillip Capital, including acting CEO of Phillip Securities Thailand and positions in microfinance. At Phillip Bank, Mr Ong played a key role in the 2019 merger with KREDIT MFI , creating Cambodia’s third-largest bank network, and has championed institutional growth through board representation in insurance and trustee services. Across his roles, he emphasises regional expertise, governance, customer-centric strategies, and community engagement through financial inclusion initiatives. Follow Mr Ong on LinkedIn Get the latest Phillip Bank updates here Teong Hoon Ong, Director, Phillip Bank 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 Teong Hoon Ong.

TOP 50 INTERVIEW: Soreasmey Ke Bin Soreasmey Ke Bin, Founder & Chief Executive Officer, Confluences March 2025 Soreasmey Ke Bin , Founder and CEO of Confluences , leads a firm dedicated to bridging international business with Cambodia's growth potential. With a decade of experience, Confluences supports market entry, investment and long-term business integration, focusing on collaboration and ability to drive sustainable success. Leadership Values & Guiding Principles CLR: Soreasmey, how has your leadership style evolved during your time in Cambodia, and what core principles continue to shape how you lead and build businesses today? "My approach to leadership is built on two key principles: discovery and initiative. Discovery means being open to new encounters and experiences, both good and bad, as they always provide valuable lessons. Initiative means taking action instead of simply following instructions, getting involved in collective ventures and gradually learning how to build and lead projects. Cambodia played a key role in shaping my entrepreneurial path. Had I stayed in France, I'm not sure I would have taken this direction. The opportunities in Cambodia encouraged me to take risks, but the real challenge was learning from both successes and failures. Over time, I turned these experiences into insights that now guide the businesses we support. Every project teaches us something new, and I try to pass this mindset onto our teams. At Confluences, we encourage our teams to stay open to new opportunities. We never turned down a meeting because every interaction has the potential to lead somewhere valuable. We also believe in the importance of community involvement, giving time and effort beyond business. The more we contribute, the stronger the ecosystem becomes, and in the long run. those who give are often those who receive the most. Soreasmey Ke Bin (first from left) with Prime Minister Samdech Thipadei HUN Manet (centre right) Challenges & Opportunities in Market Expansion CLR: How do you see Cambodia’s position in the regional business landscape, and what makes it an attractive or challenging destination for foreign companies? Our leadership team is mostly French-Cambodian, but we work with companies and entrepreneurs from all backgrounds. Cambodia remains the growth inkgdom, a country with steady but often overlooked economic growth. The workforce is young and increasingly skilled, making it a strong asset for businesses looking to expand. The Cambodian economy is also one of the most open in the region, with local businesses and authorities welcoming new players, both local and foreign, as long as they bring value and help move the economy forward. The biggest challenge, however, is the market size. Foreign companies often prioritise larger neighbouring economies first. Our role is to show them that Cambodia is an ideal test market - open, flexible and with fewer restrictions - before expanding into the broader Mekong region. Beyond that, we actively promote Cambodia as a potential platform for trade and investment. The country itself is becoming more capable of playing that role thanks to improvements in infrastructure. However, attracting business is only part of the equation. Keeping them here is just as important. Authorities must ensure that companies already operating in Cambodia are supported in the long run. A company that succeeds in Cambodia becomes one of its best ambassadors, attracting more investment and talent. Confluence's Role in Supporting Business Growth CLR: Looking back on a decade of building Confluences, how has your mission evolved, and what role do you see the company playing in promoting Cambodia on the global business stage? When we launched Confluences 10 years ago, we faced many challenges. We entered the market early, and the first years were anything but easy. But those experiences helped us refine our approach, better understand what companies need, and build a service offering that meets real market expectations. Over time, we became a key player in the Cambodia-France business relationship. This was no accident; it was the result of years of involvement in the French-Cambodia Chamber of Commerce & Industry (CCIFC) , participation in major economic events and hands-on support for French companies entering the market. However, our reach has since expanded far beyond France. Today, our client portfolio includes businesses from all over the world; what matters to us is not their origin but their potential to make a real impact in Cambodia, whether through investment, job creation or innovation. We are now focused on attracting companies with our long-term vision. Cambodia is not just a short-term business opportunity; it is a market where companies can grow and bring lasting value. That's why we go beyond simple market entry support. We help businesses integrate, navigate challenges and find ways to contribute meaningfully to the local economy. At the same time, we continue to promote Cambodia internationally. Through participation in economic forums and industry events abroad, we work to strengthen the country's visibility; we believe that more companies should be involved in this effort. Cambodia needs a stronger presence on the global stage to attract the right investors and partners. Soreasmey Ke Bin (second from left) with Deputy Prime Minister HE SOK Chenda Sophea (centre) The Future of Business in Cambodia CLR: As Cambodia’s economy matures, what do you see as the biggest priorities for local businesses, and how is Confluences adapting to stay ahead in this new growth phase? Cambodia is at a turning point. The country's rapid development means that it can no longer rely as much on international aid and must instead strengthen its private sector. For that to happen, Cambodian businesses and entrepreneurs need to be prepared with the right skills, structure and long-term strategy. Like many companies in Cambodia, we at Confluences have grown quickly, sometimes too quickly. That's why we are now focusing on our own transformation: improving internal processes, investing in digitalisation and strengthening our teams. The coming years will be highly competitive, and businesses that want to succeed must be ready to adapt. Foreign investors bring more than just financial capital. They are also bringing expertise, networks and new business models. However, for Cambodia to fully benefit from these contributions, local companies must be able to integrate and make the most of these resources. That requires identifying strengths and weaknesses and working collectively to improve. At Confluences, we have learnt from experience, and we are ready to share what we have learnt. The future of Cambodia's economy depends on the combined efforts of local and foreign businesses, and we are committed to playing our part. By working together we can help speed up Cambodia's development in a way that is both sustainable and impactful." About Soreasmey Ke Bin Soreasmey is a prominent Cambodian entrepreneur and international development professional, known for his dynamic contributions to business, innovation and regional cooperation. With a background in public policy and international relations, he has held leadership roles in both the private and nonprofit sectors, including founding the strategy consultancy, Confluences , and serving as a key figure in Cambodia’s French-Cambodian business community. Fluent in multiple languages and passionate about ASEAN collaboration, Soreasmey is recognised for his cross-cultural insight, his advocacy for sustainable development, and his efforts to bridge international partnerships with local impact. Follow Soreasmey on LinkedIn Get the latest Confluences updates here Soreasmey Ke Bin, Founder & Chief Executive Officer, Confluences 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 Soreasmey Ke Bin.

TOP 50 INTERVIEW: Matthew Rendall Matthew Rendall, Managing Partner, Sok Siphana & Associates March 2025 The legal sector in Cambodia is rapidly evolving, driven by increasing foreign investment and growing demand for international standard legal services. As a seasoned leader in Cambodia's legal industry, Matthew Rendall , Managing Partner at Sok Siphana & Associates , shares insights into his leadership principles, the challenges and opportunities in the sector, and the significance of the firm's transition to Kinstellar . Leadership Values & Guiding Principles CLR: Matt, as a seasoned leader in Cambodia's legal sector, what core values and guiding principles have defined your leadership approach? How have these values influenced your role in the firm? "Being a trained foreign lawyer from a developed market, my focus was always the delivery of international standard legal products. My legal experience was from working for corporate law firms in Sydney, where there are very high expectations from clients in terms of the standards of professionalism in the product you deliver to them that is everything from the emails and letters you draft to the contracts and advice memos you provide. Even a typo or grammatically incorrect sentence (or even the layout of the written work) could leave a very bad impression on the client. There is an assumption that the quality of the written work reflects the standard of the substance of the advice or contract, etc; if your spelling or grammar is subpar, the client will assume that your substantive knowledge is also subpar (even if this is not the case). That was always one of the main challenges here, where all our client communications, both written and verbal, were in English, yet for our lawyers, this is their second language or sometimes third or fourth language. Whereas those of us who work here could appreciate this and not assume the substance is wrong or substandard just because the grammar or layout is, our clients would not be so forgiving and, as a result, may well go elsewhere. So, in terms of leadership values and guiding principles, I focused a lot on professionalism of product delivery. No shortcuts, diligent proofreading, etc. Also, it is very important to try and understand the clients viewpoint or objective of their inquiry so your response adequately addresses their concerns. There is nothing more frustrating for a client than to think they have not been understood in the first place, which often leads to an enormous amount of unnecessary wasted time. Again, most of the time the client has no sympathy or appreciation for the fact that the lawyers are operating not in their first language. Matthew Rendall (right) with HE Dr SOK Siphana (centre) and Senior Partner Mealy Khieu (left) Challenges & Opportunities in the Legal Sector CLR: The legal sector in Cambodia is evolving alongside the country's rapid economic growth and increasing foreign investment. What do you see as the key challenges and opportunities for legal professionals in 2025? As the standard, size, complexity and diversity of investor projects evolve and increase, so does the need for local law firms to upskill in terms of being able to deliver the type of legal products and advice required to support those projects. This is a major current issue in Cambodia. Whole industries are brand new to Cambodia, and as such, there is not much experience or expertise among the Cambodian-based lawyers of the type of legal skills required by those investors. As such, a lot of legal work continues to be done by lawyers based in other countries such as Singapore, where there are a number of international law firms, or the UK, etc. Investors are incurring the expense of engaging law firms from those countries, as there are no lawyers in Cambodia with requisite expertise in the subject, industry or sector. Our firm has been involved in matters where the lawyers for the opposing side have flown over from London, for instance. The required expertise is simply not available here or is limited. Law schools need to be cognisant of this and adapt courses to focus on areas of investment that are new or likely to come to Cambodia. Like all sectors, the legal profession here needs skills development to accommodate new client needs and the evolving investment landscape. Matthew Rendall (centre left) at the launch of the Cambodian Institute of Directors (CIoD) Council Rebranding to Kinstellar CLR: Rebranding to Kinstellar is a significant milestone for the firm. What inspired this transformation, and what new initiatives or strategies are being introduced to better serve your clients in Cambodia and the region? The great thing about our collaborating with Kinstellar is that they are an already proven, experienced and successful legal services firm in developing markets similar to Cambodia, namely Central Eastern Europe, as well as Vietnam for the past year. Kinstellar is in fact an initiative and creation of Linklaters, which is one of the world's leading law firms, servicing developed markets such as the UK and the US etc. (21 countries in all). Kinstellar, which is an anagram of the name Linklaters, was designed to cater to developing countries, whereas Linklaters focuses on developed markets. As such, Kinstellar has a tremendous amount of resources and expertise to draw from in its various practices around the world, which can benefit all its respective offices - which will now include Cambodia in its collaboration with us. This factor was a major reason why we chose to collaborate with them in servicing the Cambodian market. Given the rise in the types and complexity of investment projects in Cambodia, both local and foreign, there is now also a corresponding need for a rise in the type and complexity of legal services to cater to these investments. By collaborating with Kinstellar, but it will help bring international standard legal skills and law firm management to Cambodia, to help better cater to this new situation. This will then stem the need for foreign investors (and, indeed, significant local investors) from having to seek legal services internationally. Not only will this help attract more foreign investment, it will also help with raising the skills of the local lawyers in Cambodia, as well as provide better legal services for local businesses. This new law firm collaboration can also assist the government with legal framework development and policy issues, given their vast experience of operating in many different countries and jurisdictions. Overall, it is very positive for large segments of Cambodian society; the potential positive impact is endless. As such, it is an opportunity that we were very happy to accept the more and more we considered." About Matthew Rendall Matt is a highly respected legal professional in Cambodia, serving as Managing Partner at Sok Siphana & Associates since February 2021. With extensive experience dating back to 1994, he advises on corporate, commercial, real estate, labour and investment law, guiding both foreign and local investors and holding a Band 1 ranking in Chambers Asia‑Pacific’s General Business Law for Cambodia . Matt is also known for his deep understanding of Cambodia’s regulatory environment and for his hands-on approach to solving complex legal and commercial challenges. Over the years, he has earned the trust of major international clients and is widely regarded as one of the most experienced foreign legal advisors operating in the Cambodian market. Follow Matt on LinkedIn Get the latest Sok Siphana updates here Matthew Rendall (centre), Managing Partner, Sok Siphana & Associates 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 Matthew Rendall.

TOP 50 INTERVIEW: Parth Borkotoky Parth Borkotoky, Founder & Chief Executive Officer at Azaylla March 2025 Cambodia's agriculture supply chain is undergoing a transformation, driven by innovation, sustainability and collaboration. As a key player in the sector, Azaylla Founder and CEO, Parth Borkotoky , shares his insights on the values shaping his leadership, the challenges and opportunities ahead, the role of technology in enhancing efficiency, and how a new generation of entrepreneurs is driving change. Leadership Values & Guiding Principles CLR: Parth, as a leader in Cambodia's agriculture supply chain sector, what core values and guiding principles drive your leadership approach? How do these principles help you build resilience and innovation within such a critical industry? "Let me share a bit of the journey that shapes my leadership in Cambodia's agriculture supply chain sector. When I first began this journey, I quickly realised that integrity would be the cornerstone of everything I do. Trust is the foundation of any successful team, and it all starts with being transparent and ethical in our actions. Whether working with my team or external partners, knowing that we can rely on each other to do the right thing makes all the difference, especially when facing complex challenges. It's been a guiding principle that has helped us navigate even the toughest situations. Collaboration is the second pillar that has helped my approach. The agriculture sector is incredibly interconnected, and no one can achieve meaningful change alone. Over time, I've learnt that the best results come when we work together - when we bring together different perspectives and skills. Encouraging a culture of teamwork has allowed us to strengthen our relationships and tackle obstacles with a unified approach. It's amazing how much more we can accomplish when everyone contributes and feels valued. But the third value, sustainability, has been at the heart of our work, especially as we face growing climate challenges and market shifts. Early on, I understood that we couldn't just think short-term. Creating long-lasting, environmentally conscious practices would be the key to ensuring that we remain resilient in the face of uncertainty. It's become a mindset. I share with my team, always looking for innovative solutions that can adapt to both current needs and future challenges. Sustainability is no longer just a buzzword; it's become an essential part of how we operate, ensuring that our interests remain viable for years to come. By staying true to these values, I've been able to guide my team through the complexities of this vital industry. We've built a culture that values steady progress and the ability to adapt when change is upon us. In the end, it's the combination of integrity, collaboration and sustainability that has empowered us to drive innovation and build resilience in Cambodia's agriculture supply chain. It's a journey we continue to walk together, learning and growing as we go. Parth Borkotoky (second from right) speaking at an ADB panel discussion Challenges & Opportunities in Agriculture Supply Chains CLR: The agriculture supply chain is a vital component of Cambodia's economy, but it faces unique challenges such as climate change, infrastructure limitations and market volatility. What do you see as the biggest challenges and opportunities for the sector in 2025, and how is your company addressing them to create sustainable and efficient solutions? As we look toward 2025, Cambodia's agriculture supply chain faces significant challenges, including navigating international trade complexities, mitigating the impacts of climate change, addressing infrastructure limitations and managing market volatility. However, these challenges also present substantial opportunities for growth and transformation. In response to shifting global trade dynamics, it is crucial that we adapt and innovate to meet the evolving needs of the international market; despite these hurdles, there are considerable opportunities for advancement. With strategic investments in trade policy and incentives, sustainable practices, technology integration and collaboration, the agriculture sector can flourish. We are actively addressing these challenges by promoting sustainable farming methods, which not only enhance environmental stewardship but also improve crop resilience. Additionally, we are collaborating with private sector partners to upgrade infrastructure, focusing on enhancing logistics, storage and distribution networks. This partnership ensures that products reach markets efficiently, minimising waste and maximising value. To counter market volatility, we are diversifying crop portfolios and developing risk management strategies, including price hedging tools. Furthermore, we are integrating digital technologies to enhance decision-making, reduce waste and streamline supply chain operations. Ultimately, the key to overcoming these challenges and seizing the opportunities ahead lies in collaboration. By fostering strong partnerships between private companies, farmers, government agencies and development partners, we can create more resilient, sustainable and efficient agriculture supply chains in Cambodia. This collaborative approach will be pivotal in driving innovation and ensuring the sector's long-term viability. Innovations & Developments at Azaylla CLR: Your company has been at the forefront of improving tech in Cambodia's agricultural supply chain. What new initiatives or technologies are being introduced to enhance efficiency, support farmers and drive economic growth in the sector? At Azaylla, we are deeply committed to driving innovation in the agricultural supply chain, to support producers, enhance efficiency and contribute to the sector's growth. As we lead in this field, we recognise that technological advancements and sustainable practices are crucial for improving productivity and resilience, especially in the face of current challenges. Through technology, we can predict future commodity prices, track orders and anticipate demand and supply interruptions. Our resource platform is designed to provide real-time insights, ensuring that our operations are data-driven and responsive to market needs. Additionally, our Grocerdel B2C platform connects over 250 micro, small and medium enterprises (MSMEs) to the market, with more than 50% of these businesses being women-led. This platform not only expands market access but also empowers women entrepreneurs in the sector. We are developing a digital platform to provide access to market information, allowing partners to connect directly with buyers, access up-to-date market prices, and receive tailored guidance on logistics and documentation. This initiative is part of our broader strategy to create a more connected and efficient agricultural value chain. Furthermore, we are collaborating with agritech startups to build a circular economy around the commodities we handle. For instance, organic waste from our value chain is being repurposed as raw material for BSF (black soldier fly) farms, promoting sustainable waste management and resource utilisation. These initiatives, combined with our ongoing investments in improving logistics and storage infrastructure, aim to create a more efficient, resilient and sustainable agricultural supply chain in Cambodia. By leveraging technology, we believe we can help farmers thrive, improve food security and ultimately contribute to economic growth in the sector. As we move forward, we are excited to continue exploring new solutions and partnerships that can further strengthen the agricultural value chain in Cambodia, ensuring that we are well equipped to meet today's demands and ready for the future. Parth is Chair of the International Business Chamber (IBC) Supply Chain Working Group Outlook for Cambodia's Agriculture Sector CLR: Looking ahead, how do you see Cambodia's agriculture sector evolving, particularly with the influence of a new generation of entrepreneurs and leaders? How is your company preparing to adapt to these changes, and what advice would you give to stakeholders looking to create lasting impact in the agriculture supply chain? As I reflect on the future of Cambodia's agriculture sector, I am filled with optimism. The emergence of a new generation of visionary leaders and entrepreneurs is transforming the industry with their innovative ideas, technological prowess and commitment to sustainability. These young pioneers are improving agricultural practices by leveraging digital tools, adopting environmentally friendly methods and focusing on value-added products. This transformation is not only making the sector more resilient but also equipping it to tackle pressing challenges such as climate change and market fluctuations. At Azaylla, we are embracing this change by integrating cutting-edge technologies and fostering a culture of innovation. We collaborate with startups and tech-savvy companies to develop forward-thinking solutions. This includes expanding our digital platforms to enhance supply chain efficiency and supporting farmers with resources that boost their productivity and sustainability. As we transition into a more digital and sustainable era, investing in human capital is crucial. We need to train the next generation of agricultural professionals in both technology and sustainable practices. This will ensure that Cambodia has the expertise required to navigate these changes effectively and implement solutions with precision. For those seeking to make a lasting impact in the agriculture supply chain, I recommend focusing on collaboration and innovation. The challenges in agriculture are multifaceted and interconnected, requiring strong partnerships to share knowledge that can drive meaningful change. Additionally, adopting sustainable practices is vital. Whether it involves improving environmental stewardship, developing equitable trade systems or supporting small-scale farmers, sustainability will not only secure the sector's future but also create a more resilient, ethical and economically viable industry for generations to come. Cambodia's agriculture sector is on the cusp of a transformative journey. By embracing innovation, collaboration and sustainability, we can ensure that the sector flourishes and continues to drive economic growth for the country." About Parth Borkotoky Parth is a prominent agribusiness leader based in Phnom Penh, serving as the Founder & CEO of Azaylla since its inception in 2019. With over 15 years' experience across Southeast Asia, he holds a master’s degree in Agricultural Economics from Universiti Putra Malaysia and has led efforts to digitise Cambodia’s agricultural supply chains. Under his leadership, Azaylla uses technology platforms like WESOURCE and Grocerdel to connect farmers (especially women-led MSMEs) with markets, improve logistics efficiency and promote sustainable practices. Parth chairs the Supply Chain Working Group at the International Business Chamber (IBC) of Cambodia , where he advocates for inclusive, tech‑driven solutions to benefit over 3,000 farmers nationwide. Follow Parth on LinkedIn Get the latest Azaylla updates here Parth Borkotoky (first from right) with the Minister of Environment HE EANG Sophalleth (centre) 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 Parth Borkotoky.

TOP 50 INTERVIEW: Ashley Irving Ashley Irving, Principal, Australian Centre for Education (ACE) March 2025 As a leading figure in Cambodia's education sector, Ashley Irving has been instrumental in shaping the landscape of learning and development. In this interview, Ashley shares insights into his leadership values at the Australian Centre for Education (ACE) , the challenges and opportunities in English language education, and the innovative programmes shaping the future of learning in Cambodia. Leadership Values & Guiding Principles CLR: Ashley, as a leader in Cambodia's education sector, what core values and guiding principles shape your approach to fostering learning and development? How do these principles help you inspire both students and educators to succeed? "At the heart of my leadership approach are values of inclusivity, integrity and innovation. I believe that every student deserves access to quality education and that integrity in our teaching practices builds trust and respect. These values guide me in creating an environment where both students and educators are inspired to reach their full potential. I strive to lead by example, showing that passion for learning and dedication to personal growth can transform lives. Challenges & Opportunities in Education CLR: Cambodia's growing economy and increasing global connections mean the need for strong communication skills is more important than ever. What do you see as the biggest challenges and opportunities for English education in this area, and how is your organisation working to address them? One of the biggest challenges is ensuring that English education is accessible to students in rural areas, where infrastructure can be lacking. However, this also presents an opportunity to innovate and expand our reach. We are addressing this by implementing digital learning platforms and partnering with local communities to provide resources and support. Meanwhile, the demand for English education is increasing, and we are continually looking for innovative ways to engage students and address the demand. Ashley Irving (left) with Australian Ambassador to Cambodia Derek Yip (right) Innovations & Developments at ACE CLR: What new initiatives or innovations are you introducing to enhance learning outcomes and accessibility for students in Cambodia? Are there specific methods or technologies that you're particularly excited about? We're excited to launch a new blended learning programme that combines traditional classroom instruction with online resources. This approach allows for personalised learning experiences and greater flexibility for students. We've also integrated interactive technologies, such as virtual learning, to make learning more engaging and effective. Additionally, we're exploring the use of AI informally at present (as are all businesses currently) and looking at how this can best support student success in their English journey. Ashley Irving (left) with British Ambassador to Cambodia Dominic Williams MBE (right) Outlook for Cambodia's Education Sector CLR: Looking ahead, what is your outlook for the future of education in Cambodia? How do you see the sector evolving to meet the needs of students, professionals and businesses, and what role will your organisation play in this transformation? ACE has seen a growth from about 30,000 enrolments per annum in 2012 to over 100,000 enrolments per annum today. This growth is attributed to both the demand for English that parents and students have as a vehicle for achieving their personal dreams and goals, but also the online platforms which were developed during COVID and continue to give our in-class delivery a flexibility we didn't have before - ensuring that education is accessible to all. I envision launching a nationwide teacher training programme focused on equipping educators with the skills needed to effectively utilise new technologies, such as AI and digital learning tools. This initiative aims to enhance teaching methodologies and ensure educators are prepared to meet the evolving needs of students. By doing so, the programme seeks to further strengthen Cambodia's position as a leader in innovative education. The future of education in Cambodia is bright, with a strong focus on digital literacy and critical thinking skills. As the sector evolves, we must continue to adapt and innovate to meet the changing needs of students and businesses. Our organisation will play a pivotal role by providing cutting-edge educational programmes and fostering partnerships with industry leaders. We are also committed to enhancing teacher training programmes to ensure that educators are well equipped to deliver quality education with these efforts. We aim to equip students with the skills and knowledge needed to thrive in a globalised world, ensuring that Cambodia's workforce is prepared for the challenges and opportunities." About Ashley Irving Ashley is Principal of the Australian Centre for Education (ACE) - part of ASX-listed IDP Education - in Cambodia, a role he has held since June 2012. A native of Melbourne with degrees in mathematics, business and linguistics, Ashley transitioned from a 20‑year career in corporate banking (including a post as Associate Director at Rothschild Bank ) into the English Language Teaching (ELT) sector. Under his leadership, ACE has grown substantially, with enrolments rising from approximately 30,000 annually in 2012 to over 100,000 today. Ashley also led ACE to become the first non‑European recipient of the prestigious PIEoneer Award for Language Educator of the Year in 2021. He is well‑known for championing programmes like Business English tailored for ASEAN integration, and his leadership extends into the broader international business community, including past and current roles with AusCham Cambodia , AustCham ASEAN , AmCham and the International Business Chamber (IBC) of Cambodia . Follow Ashley on LinkedIn Get the latest ACE updates here Ashley Irving, Principal, Australian Centre for Education (ACE) 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 Ashley Irving.

TOP 50 INTERVIEW: Ziad Shatara Ziad Shatara, Chief Executive Officer, Smart Axiata Cambodia March 2025 As one of Cambodia’s leading telecommunications operators, Smart Axiata Cambodia is shaping the future of digital connectivity under the leadership of CEO Ziad Shatara . In this interview, he shares insights on leadership, the evolving telecom landscape, Smart’s latest initiatives and Cambodia’s potential as a digital hub in Southeast Asia. Leadership Values & Guiding Principles CLR: Ziad, as the CEO of Smart Axiata in Cambodia, what core leadership values and guiding principles have you brought to the organisation? How do you plan to inspire your team and maintain Smart Axiata’s position as Cambodia’s leading telecommunications operator? "Smart Axiata has an exceptional, talented and high-performing team with strong ethical values. Having been with Smart for over two years, I am honoured to lead such a dynamic and high-achieving team. To me, leadership is about helping people recognise and unlock their potential, guiding them to exceed their limits and reach new heights. My focus is on creating value for our employees, customers, business partners, stakeholders and investors. I approach this by empowering individuals, granting them the authority to perform their roles, and providing guidance toward the collective vision we aim to achieve through innovative methods, always grounded in ethics and transparency. I am also a firm believer in continuous learning, which aligns with Smart Axiata’s culture. At Smart, we prioritise a culture of sharing and learning at all levels, ensuring that our employees have the skills and opportunities to grow. I also believe in empowering managers to become great coaches who inspire their teams and drive innovation. In my role, I see myself as someone who empowers the team and nurtures local talent. I aim to foster a culture of collaboration and learning, where everyone takes responsibility and pushes boundaries, all while ensuring that our actions are rooted in ethics and transparency. I am proud of the company’s strong performance and the fact that we achieve this with integrity, always doing things the right way. Ziad Shatara (centre left) with Minister of Commerce HE CHAM Nimul (centre right) Challenges & Opportunities in Telecommunications CLR: The telecommunications sector in Cambodia is evolving rapidly, with increased regulation and growing demand for digital connectivity while maintaining client safety. What do you see as the biggest challenges and opportunities for the industry in 2025, and how will Smart Axiata address them? Challe nge #1:  Balancing scaling local market development and keeping up with the rapid advancement in technology. On the one hand, there is a pressing need to expand and deepen market presence in the local context, including improving infrastructure, reaching underserved areas, and catering to the specific needs of the Cambodian market. However, on the other hand, the global telecommunications landscape is evolving at a fast pace, with new technologies, regulatory requirements and digital trends emerging regularly. This creates the challenge of ensuring local growth aligns with industry innovations like 5G, IoT, cybersecurity and advanced data analytics. To stay competitive, companies like us must invest in infrastructure, talent and technologies that support both local growth and global competitiveness. Successfully balancing these priorities requires ongoing investment in innovation, strategic partnerships and developing local talent to stay ahead in both market development and industry progress. What Smart has done to address Cha llenge #1 Invested in scalable, future-proof infrastructure and modular expansion to allow for gradual growth and integration of new technologies as needed, preventing overinvestment while ensuring scalability. Focused on localised innovations by partnering with local businesses/service providers to tailor offerings to the unique needs of the local market. Fostered Continuous Learning and Talent Development: Invest in employee training programmes for emerging technologies like 5G, AI, and machine learning to ensure a skilled workforce capable of driving innovation and executing market-specific strategies. Forged strategic partnerships with global tech companies, telecom vendors and government bodies to ensure rapid technology integration, knowledge sharing and regulatory compliance. Leveraged big data and analytics to understand market trends, optimise network performance and drive customer-centric innovation, aligned with global digital transformation trends. Adopted a phased approach to technology rollout, starting with pilot programmes and testing before widespread implementation to ensure successful integration and customer satisfaction. Educated customers on the benefits of new digital services and engaged with communities to raise digital literacy and foster smoother technology adoption. Challenge #2: Cyber Security As the backbone of communication and internet access, our telecom networks are constantly exposed to cyber threats. We face increasingly sophisticated attacks targeting our infrastructure and the vast amounts of customer data we hold. Safeguarding our networks requires significant investment in advanced security measures to prevent disruptions and protect our customers. Moreover, with the majority of cybersecurity issues caused by human error, education is crucial. We have been investing in this area, including through our CSR efforts to improve digital literacy in Cambodia. What Smart has done to address Ch allenge #2 Our customers entrust us with their sensitive information, and we are taking care of that aspect seriously. Our commitment to cybersecurity is unwavering. We invest in advanced technologies such as Next Generation Signalling Firewall (NGFW) and other security mechanisms and rigorous employee training to combat evolving threats like DDoS attacks and AI-driven hacking. We also prioritise compliance with strict data privacy regulations to safeguard our customers’ data. Through proactive security measures and robust incident response plans, we ensure the continuity of our services and protect our customers’ digital experience. Challenge #3: Accelerate local content beyond entertainment Currently, there is a lot of consumption of entertainment content. If people only consume entertainment content, it will lead to content saturation, requiring constant investment in fresh content. The high content licensing costs and infrastructure strain from heavy entertainment consumption all add pressure. This also leads to a struggle with limited-service diversification, neglecting other growing digital services like education and healthcare due to high demand for entertainment content only. Additionally, consumer expectations for affordable, high-quality content further challenge us to maintain competitive pricing while offering exclusive content. What Smart has done to address Challenge #3 Telecom companies like us can broaden their service portfolio, including cloud and enterprise solutions. This helps reduce reliance on entertainment content, encourages diversification and caters to evolving customer needs. We invest in innovative and original content and personalising content experiences, to attract and retain customers by offering unique and relevant entertainment choices that are featured in our Pleng app. We are continuously upgrading network infrastructure and network capacity, including connecting our base transceiver station with fibre optics, and implementing cutting-edge computing to optimise content delivery and provide a seamless, high-quality streaming experience. Optimise content costs by negotiating favourable licensing agreements and exploring alternative revenue models like flexible pricing and service bundles. Ziad Shatara (right) with Malaysian Ambassador Datuk Eldeen Husaini Mohd Hashim (centre) Innovations & Developments at Smart Axiata CLR: What are some of the new initiatives or innovations Smart Axiata is planning under your leadership? How will these developments enhance the company’s ability to meet customer needs and maintain its industry-leading position? We are building on the strong foundation of our network infrastructure, with our 4G network covering over 90% of Cambodia’s population, which remains a cornerstone of our service offerings. In line with the current digital landscape, we are placing a strong emphasis on cybersecurity and data privacy, ensuring that our customers’ information is secured and protected. Some initiatives we have implemented include achieving ISO/IEC 27001:2022 certification for our Information Security Management System, deploying a Next Generation Signaling Firewall for our network, and introducing a Cybersecurity Add-on Product. At the same time, we are expanding our role beyond connectivity, particularly in the enterprise sector. Through Smart for Business , we are introducing more integrated ICT solutions to help companies of all sizes navigate the digital economy with a pay-as-you-go (PAYG) model so they can operate without big upfront capital expenditure. We want to be the trusted digital partner that enables businesses to scale and adapt with confidence. We are also enhancing home broadband services, driving digital transformation through the integration of AI technologies. Additionally, we are prioritising sustainability through green technology initiatives, which will contribute to a more eco-friendly and responsible approach to business. Furthermore, we are improving the overall customer experience by offering personalised and flexible pricing models, ensuring that our services are accessible and tailored to meet the diverse needs of our customers. On the customer experience side, we’re refining how we engage with our users, whether through digital platforms, retail channels or support services. Recently, we set up over 25 Smart Shop Express locations, on top of 36 existing Smart Shops that bring our products and services closer to our customers, especially in more remote areas. Our goal is to make every interaction more seamless, intuitive and personalised, ensuring that our customers get the support they need in the way that suits them best. Ultimately, our focus remains on delivering meaningful innovation that enhances the way people connect, work and live. Outlook for Cambodia's Telecoms Sector CLR: What is your outlook for Cambodia as a growing hub for digital connectivity and innovation? How do you see Smart Axiata contributing to the country’s development goals, and what advice would you give to businesses navigating the rapidly evolving telecommunications landscape in Cambodia? I’m positive about Cambodia’s potential to become a leading hub for digital connectivity and innovation in Southeast Asia. The country has a dynamic and youthful population, which is eager to adopt new technologies and digital solutions. We’re witnessing rapid growth in mobile internet penetration, and with initiatives like the government’s 'Digital Cambodia' strategy, Cambodia is on the path to becoming a fully integrated digital economy. This is a great opportunity for both local businesses and international players to thrive in a rapidly evolving market. At Smart Axiata, we see ourselves as a key partner for stakeholders supporting Cambodia in its development goals by enhancing digital connectivity, expanding access to affordable and reliable internet, and enabling a wide range of digital services. Our ongoing investment in expanding 4G coverage and preparing for 5G infrastructure is central to bridging the digital divide. Furthermore, we are committed to empowering the business sector by providing digital solutions that support critical industries such as banking, textiles, retail and education, contributing to a more resilient and innovative economy. Smart is also leveraging AI and emerging technologies to close digital gaps in Cambodia, marking a broader shift toward smarter, more efficient operations across industries. As part of the Axiata Group, we are exploring AI applications to enhance our services, improve the customer experience, and optimise internal processes, ensuring that we remain leaders in digital transformation. For businesses navigating the rapidly evolving telecommunications landscape in Cambodia, my advice would be to stay agile and customer-centric. The digital world is moving at an unprecedented pace, and businesses that can adapt to new technologies and trends quickly will have a competitive edge. It’s essential to leverage data-driven insights, invest in digital transformation and foster innovation through partnerships and collaborations." About Ziad Shatara Ziad was appointed CEO of Smart Axiata in January 2023, bringing extensive international telecom experience from roles in Jordan, Bangladesh, Italy and beyond. Under his leadership, Smart continues to expand Cambodia’s digital infrastructure, becoming the first provider of 4G nationwide with over 7.5 million subscribers. He emphasises empowering local talent, innovation, ethical leadership and sustainability, guiding the company’s evolution into AI-driven services, cybersecurity, entrepreneurship initiatives and net‑zero commitments by 2050. Follow Ziad on LinkedIn Get the latest Smart Axiata updates here Ziad Shatara (centre left) with TrueMoney CEO, Frandara Khuon (centre right) 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 Ziad Shatara.