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TOP 50 INTERVIEW: Jonathan Goldsmid Jonathan Goldsmid, CEO of IAAC Cambodia (right), with Oknha Charles Vann (left) March 2025 After establishing a strong presence in Europe, IAAC Cambodia has rapidly risen to become the leading airport advertising operator in Cambodia since 2022. With exclusive rights across Phnom Penh, Sihanoukville, Siem Reap Angkor International, and Techo International Airports, IAAC’s digital-first, premium strategy is reshaping brand engagement. This interview with Jonathan Goldsmid explores IAAC’s journey, the impact of airport advertising, and its Southeast Asian expansion plans. IAAC Cambodia’s Path to Successs CLR: Jonathan, having operated in Cambodia for several years now, how has your experience been in establishing IAAC Cambodia, and what key milestones have defined its journey? "Establishing IAAC in Cambodia has been an incredible journey. Since securing the exclusive airport advertising concession for the three main airports in 2022, we’ve witnessed a remarkable transformation in the OOH (Out-of-Home) industry. Our premium, ‘digital-first’ strategy, coupled with our proprietary sales model, has swiftly attracted top-tier brands, empowering them to reach high-value audiences with impactful campaigns on premium media assets. We’ve witnessed firsthand how our media elevates brand perception and awareness, driving measurable results for companies at local, regional and international levels. As the exclusive advertising partner for Phnom Penh, Sihanoukville, Siem Reap Angkor International, and the newly launched Techo International Airports, we’ve solidified IAAC’s position as a leading operator in Cambodia’s premium OOH sector. This success is anchored in our unwavering commitment to providing brands with unparalleled access to premium audiences through our premium advertising assets and innovative technologies. This significant milestone fuels our excitement for future expansion across Southeast Asia. We are dedicated to pioneering advertising solutions that empower brands to forge deeper, more meaningful connections with their target audiences, driving sustained growth and brand loyalty. IAAC Cambodia is the exclusive advertising partner of the new Techo International Airport Value of Airport Advertising for Leading Brands CLR: Since IAAC’s launch, many prominent global and regional brands have migrated to investing in airport advertising. In your opinion, what are the primary factors that make airport advertising a strategic and valuable investment, particularly in Phnom Penh and the newly established Techo International Airport? Airports represent a critical touchpoint for reaching high-net-worth individuals and key decision-makers. In contrast to many countries with well-defined CBDs (Central Business Districts), Cambodia lacks a traditional CBD, rendering airports the ideal location to target C-suite executives. IAAC recognised this demand and launched high-quality media opportunities at Cambodian airports in 2022. The airport environment provides a level of credibility that online/digital advertising cannot replicate. A brand’s presence within such a high-value setting immediately elevates its reputation, reinforcing trust and reliability. In today’s highly competitive advertising landscape, the ability to cut through social media noise is essential. Airports offer a unique solution, characterised by extended visibility and deeper consumer engagement. Unlike online advertisements that can be skipped or ignored, travellers spend a significant amount of time in airports with minimal distractions, significantly increasing the likelihood of absorbing and recalling brand messaging. This fosters a stronger, lasting impression, which is why leading brands consistently choose airport advertising as a core component of their strategies. Relevance of Out-of-Home in Today’s Digital Age CLR: How do you think consumer content consumption on social media and other digital platforms has affected the relevance of OOH advertising when brands allocate their advertising budgets? The way consumers engage with content has fundamentally changed, creating a highly competitive environment that demands brands adapt. Cambodia’s digital landscape, dominated by Facebook and TikTok , presents distracting and non-focused platforms where brands struggle to capture attention and engagement. To succeed, brands need strategies that not only capture attention but also leave a lasting impression. This is precisely where airport advertising’s unique selling proposition excels. Airports provide a premium, distraction-free platform where travellers spend significant time. Large-scale digital screens, billboards, and strategically placed ads create repeated impressions, ensuring a brand’s message stands out far more effectively than fleeting social media ads lost in online noise. Furthermore, airports attract a diverse and valuable audience, including business executives, key decision-makers, and high-net-worth travellers, making them an ideal venue for brands targeting premium markets. While social media is oversaturated with competing messages, airports offer a niche, high-impact environment where campaigns cut through the clutter. In today’s marketing landscape, a successful brand must integrate OOH as a key component of a 360-degree marketing strategy. By leveraging the strengths of airport advertising, brands can effectively complement their digital efforts while maintaining a strong presence in Cambodia’s competitive market. It’s a proven asset that delivers real impact, making it an essential part of any modern marketing strategy. IAAC Cambodia's digital advertising solutions at Phnom Penh International Airport Analyzing Cambodia’s Market: A Comparative View CLR: Considering the continuous rise in traveller numbers to Cambodia, how would you analyze the current market and economic conditions in relation to those observed before and after the COVID pandemic? What key challenges and opportunities do you anticipate in the coming years? A robust post-COVID recovery is evident in Cambodia’s business landscape. Compared to pre-pandemic levels, we see enhanced regional connectivity, greater FDI (Foreign Direct Investment), and a sustained positive GDP forecast for the Kingdom. This year, we expect to approach pre-COVID passenger numbers, with approximately 6 million travelers using Cambodia’s airports. This remarkable recovery is further substantiated by key infrastructure developments, including the new Techo International Airport, recognized as a leading architectural marvel for 2025 by CNN , and the Sihanoukville Autonomous Port (SAP), coupled with the government’s endeavours to establish a world-class Sihanoukville Special Economic Zone to bolster trade and FDI. While the recovery has proven impressive, challenges persist. Global economic uncertainties, evolving consumer behaviours, and shifting media consumption habits necessitate business agility. Nevertheless, this dynamic landscape also presents considerable opportunities for forward-thinking brands. As Cambodia continues to solidify its position as a pivotal regional hub, brands that adapt and innovate will be optimally positioned to prosper in the years ahead. IAAC: Looking Ahead CLR: What can we expect from IAAC in the near future? Are there any exciting projects or expansions on the horizon? This year, we are super-excited. Our vision is to continue to do our part in elevating Cambodia’s OOH industry to a global standard by integrating more advanced technology, fostering stronger collaborations with local, regional, and international brands, and enhancing the passenger experience at airports with top-quality media assets and compelling branding. We have already made a strong start to the year, and we’re thrilled about our collaboration with Cambodia Airport Investment Co. (CAIC) for Techo International Airport and Yunnan Aviation Industry Investment Group for Siem Reap Angkor International (SAI) Airport. These collaborations are already generating significant demand from brands, as they recognise the privilege and enhanced brand perception that come with a presence in these high-profile airports. We’re also introducing new technology with the most advanced content management system to deliver spectacular synchronised 3D content, AI-powered cameras to analyse audience demographics and measure engagement levels, AI real-time integration anamorphic capabilities, and programmatic readiness, which will allow brands to connect with audiences in a more personalised and impactful way. We commit to strengthening our partnerships with brands, airport authorities and media agencies, creating a more engaging and effective advertising landscape that benefits both advertisers and travellers alike. As we move forward, IAAC is dedicated to pioneering innovative OOH solutions that not only meet the evolving needs of our partners but also contribute to the growth and dynamism of Cambodia’s advertising industry. We are confident that our strategic advancements and collaborative approach will solidify our position as the leading force in airport advertising, driving unparalleled value for our partners and creating memorable experiences for travelers across Cambodia." About Jonathan Goldsmid Jonathan is CEO of IAAC Cambodia (International Airport Advertising Corporation), a leading player in the Kingdom’s airport advertising sector since 2022. Under his leadership, IAAC secured exclusive advertising rights at Phnom Penh, Siem Reap, Sihanoukville and the new Techo International Airports, installing thousands of square metres of premium LED screens, AI-powered demographic analytics, and even real-time, flight-triggered content systems. His “digital-first, premium” approach has rapidly attracted top-tier regional and global brands, transforming Cambodia’s airport media landscape into a strategic touchpoint for affluent travellers and business executives. Goldsmid is now steering IAAC toward further Southeast Asian expansion, leveraging cutting-edge tech like AI, 3D anamorphic screens and programmatic ad delivery to elevate Cambodia’s Out‑of‑Home (OOH) advertising standards. Follow Jonathan on LinkedIn Get the latest IAAC updates here Jonathan Goldsmid, Chief Executive Officer, IAAC Cambodia 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 Jonathan Goldsmid.

TOP 50 INTERVIEW: Thierry Tea Thierry Tea, Vice President, OCIC March 2025 Thierry Tea , Vice President of OCIC and a prominent French-Cambodian entrepreneur, shares his insights on leadership, innovation, and sustainable development in Cambodia. Drawing from over two decades of international experience across aviation, infrastructure, and entrepreneurship, Thierry reflects on the values that have guided his journey, OCIC’s role in shaping Cambodia’s urban future, and his commitment to mentoring the next generation of leaders. Leadership Values & Guiding Principles CLR: Thierry, as a French-Cambodian entrepreneur, what core leadership values guide your approach to managing diverse teams and large-scale projects at OCIC, and how have these principles evolved throughout your career? "Indeed, being an entrepreneur is helping to be aligned with the founder’s principles while creating value for customers and partners. I try to keep a long-term view with a clear vision of the future while driving the short-term operational priorities. My mixed culture and background do help in targeting to reach international standards adjusted to the local specificities. Managing multiple large-scale projects requires building strong team spirit and teamwork capable of overcoming each team member’s personal short interests. It needs a combination of assembling motivated talents who are committed to serving a mission and aligned to achieve common strategic goals. After more than 20 years of diverse work experience in multinational companies, startups, NGOs, and conglomerates, my values remain the same as during my early internship days. Everything I have built is rooted in the values my parents passed on to me: hard work, perseverance, simplicity, gratitude and a sense of responsibility. I was raised in France in a poor Cambodian refugee family. Like many others, my parents lost everything during the war. They worked very hard and made countless sacrifices to provide me with a decent education and a better future. I learnt to value what I have, knowing that there are always others with greater needs. I also learnt to give back whenever I can. Over time, my leadership style has matured. One of the biggest lessons I have learnt is that I must keep learning and improving, always. I have realised it is important to use your time wisely. It is also more impactful to focus on mentoring mainly those who are truly eager to grow and have enough open-mindedness to develop themselves. We cannot please everyone. There will always be critics, jealousy and people who disagree with you, and that is okay. With experience, you learn to focus on what matters: channelling positive energy while creating space for others to rise. The key is to build strong and talented teams who are smart enough to work with each other to create value for clients and stakeholders. This is why I spend time supporting the startup ecosystem and young leaders. One of the greatest privileges in my journey has been the opportunity to shape and support young talent. I am proud and excited to see the growth of the thousands of talents that I was able to help, whether in Cambodia, the Philippines, Hong Kong, or France, who have found opportunities to grow and succeed. Challenges & Opportunities in Real Estate CLR: OCIC has been at the forefront of Cambodia’s major infrastructure developments. What do you see as the biggest challenges and opportunities facing the real estate and infrastructure sectors in Cambodia today? We need more long-term strategic partners and investors with international standards from America, Europe, Japan, the Middle East and China. At OCIC, we believe in the importance of working alongside international partners to deliver impactful developments. Some of our multinational company partners include Singapore Airlines Engineering , Accor Hotels , CapitaLand , Lagardère Travel Retail , Vinci , Grab and Starbucks , who share our long-term vision for Cambodia’s growth. We are also interested in private equity firms, family-owned businesses with an entrepreneurial mindset, SMEs and tech startups as new partners and investors to foster more creativity and innovation. At the same time, we need to build more infrastructure for connectivity, mobility, green spaces and affordable housing. As we implement our strategies at OCIC, we are focusing on creating spaces that enhance the quality of life, fostering community and sustainability. The results are already apparent in Koh Pich, with occupancy and leasing revenues increasing by over 30% year-on-year for two consecutive years, indicating the positive trajectory we are on. A challenge we face is developing a skilled workforce that can keep pace with the rapid transformation of the Cambodian economy. However, this challenge presents a unique opportunity for innovation. Our young and dynamic population is eager for growth, and we must nurture this talent through targeted educational initiatives. In my role on the Advisory Board of CamTech University , I am actively collaborating to develop greenfield aeronautical and aviation-related programmes as well as executive programmes in leadership and digital skills. We need to continue expanding STEM programmes and adding more TVET initiatives to prepare Cambodia’s young workforce for the country’s growing industries. OCIC is already contributing to this effort through its participation in MLVT’s programme, which aims to train 1.5 million people nationwide. We also need to be able to innovate, accept our mistakes, and have the courage to accept change or adjust the course of action for the greater benefit of customers and communities. I am fortunate to have made many mistakes early on, and I also learn from my experience in the startup world. Now I try to use my investment in startups to empower the next generation of entrepreneurs. Thierry Tea at the Cambodia Property Awards Balancing Risk in Entrepreneurship CLR: Entrepreneurship often requires balancing risk and innovation. How do you approach this balance when leading projects that have such a significant impact on Cambodia’s urban landscape and economy? Take risks responsibly. Live up to challenges and own your mistakes or shortfalls. I started to have responsibilities at an early age, becoming CEO for Airbus Helicopters Philippines at 27, then Country Manager for Airbus Group at 29. When I chose to become an entrepreneur at 31, I put up my life savings to start a business. My colleagues all told me it was too risky. I am fortunate to have taken early risks that have led to launching and growing multiple companies for the last 12 years. To answer your question, failing and accepting to move forward is the best way to learn to balance risk and innovation. You cannot innovate without failing. I decided three years ago to join OCIC and Canadia Group precisely because my vision and goals are aligned with the founder, chair and CEO, Lok Neak Okhna Dr Pung Kheav Se’s mission to build opportunities for Cambodia and Cambodians. I was told by many people that it is impossible, that the group cannot change, and that people could not change. I love to take on some challenges, and we started with a very small commando team to create some changes for more positive impact. Today, I am glad that we have new customers in some of our new projects in Koh Pich, Norea City, Chroy Changvar City, Techo International Airport, Intercare Hospital, CamTech University and Connexion Community Hub. I believe it is essential to foster an environment where diverse ideas and diversity of talent can flourish. I believe in investing in the right people who can become the future leaders to replace you. You need to create leaders who can take over the projects that you start very fast. This collaborative spirit helps us tackle risks more effectively. OCIC’s strategic focus on enhancing lifestyle, customer experience and sustainability reflects our commitment to invest in the future. The strategy we implemented three years ago with the support of shareholders is now coming to fruition, and the results are starting to sparkle. Now is the time to capitalise on the foundations and double down on working harder and smarter collectively, internally and with our network of partners. The example of the growth of over 60% of activities in Koh Pich businesses over the last two years, contrary to the sceptics who thought a turnaround was impossible, demonstrates that resilience and listening to customer feedback - and then applying adaptability - can help Cambodian teams achieve successful growth. By staying grounded in our core values and embracing constructive feedback, we can focus on what truly matters: driving meaningful change while also taking calculated risks to innovate. Our ability to channel positive energy and remain committed to our vision has allowed us to achieve significant milestones in Cambodia’s infrastructure and real estate development. Innovations & Developments at OCIC CLR: Sustainability is becoming a key consideration in real estate and infrastructure. How is OCIC integrating environmental and social responsibility into its future developments? At OCIC, sustainability and social responsibility are at the heart of our operations. Inspired by some lessons of resilience from my experiences, my parents, and Dr Pung Kheav Se, I believe we must create developments that enhance community welfare while protecting our environment. We introduced Connexion , a bioclimatic, lower-energy construction building with natural airflow. In the span of only 12 months, Connexion is becoming a catalyst tech hub, home to the Federation of Startups and 4 educational startups, as well as companies providing AI, cybersecurity, blockchain, e-commerce, digital creative platforms, software development, incubators, a sports social club and F&B outlets. Our recent initiatives, such as Green Oasis to plant one million trees in the next decade, and incorporating more green spaces, reflect our dedication to environmental stewardship. These efforts are aimed at cooling urban temperatures and enhancing the liveability of our projects for our customers and communities. In line with this vision, we’re seeing not only an increase in occupancy rates but also growing support from various NGOs and external partners for our commitment to creating sustainable environments. Through our educational institutions, including the Canadian International School and the French International School (EFI) , we strive to instill values of environmental consciousness in the next generation. By integrating sustainability into our curriculums, we aim to prepare future leaders to prioritise ecological and social responsibility in their endeavours. As we continue to advance our strategies, we are proud to see them taking root and bearing fruit in both our financial outcomes and our contributions to a sustainable future for Cambodia. Thierry Tea (right) with Oknha Charles Vann (centre) at Techo International Airport Outlook for Cambodia's Entrepreneurship Landscape CLR: Looking ahead, what is your outlook for Cambodia as a hub for entrepreneurship and investment, and what advice would you give to young Cambodian entrepreneurs aspiring to lead in sectors like infrastructure, aviation, or real estate? I am very optimistic about Cambodia’s future as a flourishing niche hub for entrepreneurship and investments. With a vibrant, young population, high fertility rate, increasing digital literacy and strong eagerness to innovate and succeed, we stand at a pivotal moment that challenges our generation to cultivate a culture of entrepreneurship. Having lived in Singapore, Hong Kong, Shanghai, Manila, Philadelphia and Paris, I can say that Phnom Penh is one of the best cities to live in. The city’s scale, accessibility and growing opportunities make it a unique place for entrepreneurs and families alike. My advice to young entrepreneurs is clear: embrace continuous learning and stay curious. My journey back to Harvard Business School in the Owner/President Management Program (OPM) between 2020 and 2022, after going to INSEAD and CKGSB in 2019, reaffirmed to me the importance of education and adaptation in today’s fast-paced world. Young people can seek mentorship and build networks of support, as collaboration can amplify your impact and foster growth. I have accepted to serve as Vice Chair of the Federation of Cambodian Startups, and Vice Chair of the Federation of Cambodian Students Abroad , as well as investing in the Digital Skills Academy , precisely because I profoundly believe that we cannot complain, but we can be part of the solution to contribute our small share to build the leaders of tomorrow in Cambodia. The more, the merrier, so we welcome all potential partners in these initiatives. We are launching an innovation hub in Connexion this year to support talented young entrepreneurs and work on investment platforms. We encourage bold ideas and courageous minds to go ahead. My other advice is that, when you pursue your ambitions, please remember to remain grounded in your values. By planting the seeds of innovation and responsibility now, we can collectively shape a prosperous and sustainable future for Cambodia and inspire generations to come." About Thierry Tea Thierry is Vice‑President of OCIC Group , currently overseeing business development, urban transformation, sustainability and innovation since his appointment in December 2022. In this role, he helps guide OCIC’s major real estate and infrastructure projects, such as Koh Pich, Norea City, Olympia City and the upcoming Techo International Airport, while forging global partnerships (e.g., Grab, Google Cloud, Starbucks ) to elevate Cambodia’s urban growth, green space integration and smart-mobility initiatives. Follow Thierry on LinkedIn Get the latest OCIC updates here Thierry Tea (left) with American Chamber President, Casey Barnett (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 Thierry Tea.

TOP 50 INTERVIEW: Jay Cohen Jay Cohen, Partner & Director, Tilleke & Gibbins Cambodia (left) with HE LY Tayseng (right) March 2025 Jay Cohen , Partner and Director of Tilleke & Gibbins ’ Cambodia practice, shares insights on leadership, legal challenges, and the future of Cambodia’s business environment. He discusses the firm’s role in shaping the country’s commercial and intellectual property landscape while supporting investors in a dynamic regulatory landscape. Leadership Values & Guiding Principles CLR: Jay, as a partner and director of Tilleke & Gibbins’ Cambodia practice, what core values and guiding principles have shaped your leadership approach? How do these values influence your work in advising clients and strengthening Cambodia’s legal sector? "In leading an office, I’ve always considered two aspects crucial for our success – our colleagues and our clients. As for our colleagues, it is important to focus on their personal development and create an environment where their growth and success professionally also supports the work of our clients. The legal professional is very dynamic in the sense that the legal framework is always evolving, and it is necessary to be in a constant state of learning so that professionals can understand the law and help advise our clients. At the same time, in addition to knowledge about the law, there are a lot of supplementary skills necessary to be successful in law, which involve research and writing, advocacy and persuasion, industry and transactional knowledge, organisational abilities, positive work habits and the appropriate use of new technologies. Therefore, it is necessary for the firm to proactively support the development of these skills and guide colleagues on their professional journeys. If this can be achieved, then not only do our colleagues benefit personally and professionally, but our clients benefit from our colleagues’ experience. Along these lines, my belief is that if you give your colleagues excellent professional opportunities, it will help make Tilleke a destination employer, which is necessary to attract and retain legal talent in a competitive market. As for our clients, they are at the heart of what we do at Tilleke, and without them, our practice would not be possible. Therefore, it is necessary to create a service-minded culture within the firm that enables our colleagues to provide proactive representation that is timely, responsive to clients’ needs and demands and business friendly, in the sense of providing advice that is practical and can be acted upon by a business and its leaders. I also encourage the concept of empathy to clients. Clients have their own goals, timelines and pressures. Business moves fast. Clients are often facing difficult issues when they seek out legal professionals. Legal professionals, or service providers in any industry, need to be sensitive to these issues and provide services that really respond to their clients' needs. Jay Cohen (second from left) at the National Commercial Arbitration Centre of Cambodia Challenges & Opportunities in the Legal Sector CLR: With Cambodia’s business environment evolving and foreign investment increasing, what do you see as the biggest legal challenges and opportunities for businesses operating in the country? How is your firm addressing these to support investors and entrepreneurs? Businesses thrive with stability and predictability, which allow them to make long-term plans and implement their strategies. Over the years, the Cambodian legal framework has become increasingly stable and predictable, which has certainly contributed to a positive business environment in the country. This environment has given opportunities to a number of businesses to serve the local community, which has grown increasingly prosperous, and become more to the world through international trade. That said, globally, there are a number of recent challenges facing the global trading system, which may impact Cambodia. As a service provider to businesses, Tilleke, which has offices in Cambodia, Indonesia, Laos, Myanmar, Thailand and Vietnam, helps its clients understand the legal and regulatory environment in the countries in which they operate, which enables our clients to make decisions that are best for their businesses. Intellectual Property Protection in Cambodia CLR: As the leader of Tilleke & Gibbins’ commercial and intellectual property practices in Phnom Penh, how would you assess the current state of IP protection in Cambodia? What progress has been made, and what improvements are still needed to safeguard innovation and business interests? An improving landscape for IP protection is one of the Cambodian government’s success stories, in my view. This is one area where the perception of persons outside of Cambodia regarding the ability to protect and enforce IP rights may not be aligned with realities on the group. Starting from the registration of IP rights to taking enforcement actions, clients can implement a strategy that involves registering IP rights over trademarks, industrial designs and patents, and other forms of intellectual property, and developing an enforcement strategy in case IP rights are being infringed in Cambodia. As for developing an enforcement strategy, Cambodia allows for certain 'soft' strategies, such as mediation at the Department of Intellectual Property Rights, and 'hard' strategies such as organising raid actions and submitting cases to court. Overall, there are a number of Cambodian authorities that are working on anti-counterfeiting/IP enforcement issues, and a knowledgeable legal advisor can help clients assess which authorities are best at helping with the specific issues clients are facing. The Cambodian government has taken a number of initiatives recently to improve intellectual property enforcement, such as creating an intellectual property rights recordation system with the General Department of Customs and Excise and is in the process of developing a trade secret law. As additional laws come into force, it will provide companies and IP creators with more tools to protect their IP rights. I’m quite optimistic about the future of IP enforcement in Cambodia. Jay Cohen at an AmCham panel discussion (second from right) Outlook for Cambodia's Legal Sector CLR: How do you see Cambodia’s legal framework evolving to support business growth and foreign investment? What role will Tilleke & Gibbins play in shaping the country’s commercial and intellectual property landscape? My prediction is that Cambodia’s legal framework continues to increase in sophistication and that the implementation and enforcement of laws becomes more transparent and predictable. These attributes, combined with an improved environment for resolving disputes, will draw in more investors seeking stability and a growing market. As for Tilleke & Gibbins’ role, we are active in a number of organisations, such as the American Chamber of Commerce in Cambodia , the US-ASEAN Business Council and the Intellectual Property Association of Cambodia . Being active in these organisations enables us to share our regional perspectives and positively engage with the Cambodian government on a number of issues and provide constructive feedback on the legal and regulatory environment, which contributes to a better commercial environment for our clients and investors generally." About Jay Cohen Jay is partner and director of Tilleke & Gibbins in Cambodia, where he leads the firm’s market-leading practice advising on foreign investment, corporate law, IP and regulatory compliance. With over 15 years of experience across Asia, he is widely recognised for his expertise in infrastructure, energy, fintech and commercial disputes. Jay plays a key role in Cambodia’s legal community, serving on the boards of AmCham Cambodia and the National Commercial Arbitration Centre , and actively contributes to legal reform efforts. He is consistently ranked among the country’s top lawyers by Chambers , Legal 500 and IFLR1000 . Follow Jay on LinkedIn Get the latest Tilleke & Gibbins updates here Jay Cohen, Partner & Director, Tilleke & Gibbins Cambodia 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 Jay Cohen.

TOP 50 INTERVIEW: Daniel Simon Daniel Simon, Managing Director, Rosewood Phnom Penh March 2025 Daniel Simon , a key figure in the hospitality sector, shares insights on his leadership philosophy, the role of Rosewood Phnom Penh in uplifting local talent and farmers, and how the hotel is adapting to industry challenges and opportunities in 2025. From innovative guest experiences to strengthening Cambodia’s global tourism appeal, Rosewood Phnom Penh remains committed to shaping the country’s hospitality landscape. Leadership Values & Guiding Principles CLR: Daniel, as a leader in Cambodia’s hotel and tourism sector, what core values and vision guide your approach to hospitality? How have these principles helped Rosewood Phnom Penh establish itself as a benchmark for luxury and service in the region? "At its core, hospitality is about building and nurturing relationships. It cannot be replaced by digital platforms; genuine, human interactions remain essential. Every interaction must be sincere because we are only as good as our last connection with a guest. My leadership philosophy is to lead from the front while ensuring that credit goes to the team. We have spent a lot of time training and recalibrating the team, ensuring that everyone is treated the same, regardless of position, gender and nationality. We believe that training is at the core of our success, arranging for trainers from outside of Rosewood and from overseas to ensure that the team has the best opportunities to learn and grow. This has resulted in us being able to promote many Cambodians to roles that were in the past held by expats with similar benefits. Beyond service excellence, we are committed to uplifting Cambodia’s workforce and supporting local farmers. Through paid internships, we develop young hospitality talent, and we have built a network of farmers to supply rice and vegetables directly to the hotel. Our onsite hydroponic garden now produces 70% of our leafy vegetables, reinforcing our commitment to sustainability. Over the past four years, Rosewood Phnom Penh has received numerous accolades, includi ng #1 Hotel in Asia by Travel + Leisure in 2023. While these recognitions are an honour, the most meaningful reward comes from the feedback from our guests, especially when they express how their experience in Cambodia exceeded expectations, connecting with our staff and Cambodians in general. Daniel Simon with graduates of the Rosewood Academy and the Phnom Penh team Challenges & Opportunities in Hospitality CLR: Cambodia’s tourism industry is evolving post-pandemic, with a focus on attracting both leisure and business travellers. What do you see as the key challenges and opportunities for the hotel sector in 2025, and how is Rosewood adapting to meet these demands? One of the biggest challenges is air connectivity, as direct flights from key markets like Japan and Europe have not fully returned. However, the reintroduction of routes by Qatar Airways, Emirates , and soon-to-come Etihad and Turkish Airlines is driving recovery. Another challenge is global awareness. Many travellers are still unaware of Cambodia’s diverse offerings, from its rich cultural heritage to its pristine beaches and vibrant capital. Rosewood Phnom Penh is addressing this by bringing international media and travel agents to experience Cambodia firsthand, ensuring that its unique attractions gain visibility. Additionally, by working directly with local farmers and investing in skills training, we are strengthening Cambodia’s tourism ecosystem from within. Innovation & Guest Experience at Rosewood CLR: Rosewood is known for its exceptional service and innovative guest experiences. What new initiatives or offerings are being introduced to elevate the hotel’s appeal and cater to the changing preferences of travellers in Cambodia? We are committed to enhancing guest experiences through storytelling, encouraging our associates to share personal insights about Phnom Penh and its culture. Many guests arrive unsure of what to expect, but they leave as ambassadors of Cambodia, deeply connected to its people and traditions. We have a fleet of electric ‘tuk tuks’ that we use on complimentary tours with our local ambassadors. Art, one of the core pillars of Rosewood, is expressed by the new exhibitions (every two months) in our permanent art gallery, from up-and-coming local artists enabling guests to connect directly. Sustainability is also a key focus. Our hydroponic garden now supplies 70% of the hotel’s leafy vegetables, reducing our reliance on imported produce and ensuring fresh, high-quality ingredients. Additionally, our direct partnerships with farmers provide guests with authentic, locally sourced flavours while supporting Cambodia’s agricultural sector. We have created zero-waste dishes in our F&B venues, and in SORA , our cocktails come with garnishes from our sky garden, and we have, in collaboration with Seekers , created a bespoke vermouth. Rosewood's hydroponic garden, producing 70% of the hotel's leafy vegetables Outlook for Cambodia’s Tourism Sector CLR: Looking ahead, how do you see Cambodia’s tourism sector evolving, especially with new developments like improved infrastructure and marketing efforts? How is Rosewood positioning itself to contribute to and benefit from this growth, and what advice would you give to others in the industry striving to stay competitive? Cambodia’s tourism sector is poised for growth, supported by improved air connectivity and global marketing efforts by the Ministry of Tourism and the Cambodia Tourism Board. Rosewood Phnom Penh actively supports these initiatives by participating in overseas promotions and hosting international media. With the opening of the new expressway to Sihanoukville, we have been able to create packages that encompass the islands and Phnom Penh. The new Techo Takhmao International Airport in Phnom Penh enables larger wide-body planes to be used, thus enabling more tourists to travel directly to Cambodia. Rather than focusing on what Cambodia lacks, the industry should highlight its strengths: authentic experiences, rich culture and unparalleled hospitality. Consistency and staying true to our unique identity will be key to long-term success. At Rosewood Phnom Penh, we are not just adapting to growth; we are helping to build a more sustainable future for Cambodian tourism through our local farmer partnerships, skills development programmes and sustainability initiatives. By strengthening the industry from within, we aim to contribute to its resilience and long-term prosperity." About Daniel Simon Originally from Sweden, Daniel is the Managing Director of Rosewood Phnom Penh and was appointed to the role in July 2021. With more than 30 years in luxury hospitality, Daniel's experience spans Four Seasons in Bali, Tokyo and Toronto; Celebrity Cruises ; and positions at W Koh Samui and Anantara Siam Bangkok . Under his leadership, the Rosewood hotel has earned multiple accolades, including his own recognition as Best GM in Cambodia by Travel + Leisure readers. He actively advances local initiatives, from hydroponic farming and sourcing produce directly from Cambodian farmers, to comprehensive staff training and paid internships, fostering sustainability and local talent development. Follow Daniel on LinkedIn Get the latest Rosewood Phnom Penh updates here Daniel Simon, Managing Director, Rosewood Phnom Penh 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 Daniel Simon.

TOP 50 INTERVIEW: Stephen Higgins Stephen Higgins (right), Managing Partner, Mekong Strategic Capital March 2025 Cambodia’s expat landscape has evolved significantly over the past two decades, transitioning from a tight-knit community of post-UNTAC arrivals to a dynamic and diverse international workforce today. In this interview with Stephen Higgins , Managing Partner at Mekong Strategic Capital , we discuss how the scene has changed, the role of foreign expertise in Cambodia’s development, and the opportunities and challenges expats face in the Kingdom. From UNTAC to Today CLR: Stephen, you’ve been in Cambodia for around 17 years now. What was the expat scene like when you arrived? "When I came, there were still a lot of expats who had arrived during the UNTAC period and the turbulent years that followed. Most of them seemed to have their own business that they were operating, and some were real characters, with amazing stories to tell. And you’d get to know most of the expats here, either from Friday night at the old Elephant Bar in Raffles, or the 'Elsewhere' parties, or IBC events. ISPP and Northbridge were the only international schools in town, and they were a lot smaller than they are today. There weren’t the shopping centres, the cinemas, the water parks and other activities that we have here today, but somehow we all managed to keep ourselves entertained. One of the interesting dynamics back then was this divide between NGOs and the business sector. The civil society and NGO sector felt much larger than it is today, at least relative to the business sector, and the two sides didn’t really seem to mix much. There always seemed to be a lot of suspicion about the motives of either side. Fast forward to today, and the expat scene is much more diverse and much larger, but I think equally important to supporting Cambodia’s development as they were 17 years ago. Stephen Higgins (first from left) following the sale of Nham24 to Grab Expats Still Have a Role to Play CLR: Speaking of that, why do you think Cambodia still needs expats to come here? First of all, this isn’t just a Cambodia thing. Australia, where I’m from, which has some of the best educational institutions in the world, still brings in plenty of international workers, including at the CEO level. But when you take into account what happened to the Cambodian education system and workforce as a result of the Khmer Rouge period, it’s not surprising that Cambodia has a higher need than some countries for expat workers. One of the key things that expats bring is relevant job experience, or a specific skill set, that you can’t get locally. The banking sector provides a great example of that. When I came here to run ANZ , I was just 34 years old, but I still had a lot more banking experience than most people in the market because that experience just didn’t exist. At one point we had 24 expats at ANZ when we were building out the bank and launching Wing, although by the time I finished at the bank, it was down to 4. One of the things we were really conscious of at ANZ was expats having a target of 'doing yourself out of a job', which meant you had an obligation to pass on your skills and knowledge to the local staff. And that knowledge transfer and experience that expats can bring was really transformational for the local workforce. The evidence for that is how many of today’s Cambodian bank CEOs and insurance CEOs came out of that ANZ environment. The other area where expats bring value here is in building their own companies, which can create employment and bring value to Cambodia. Cambodia Investment Review is an example of that; at Mekong Strategic Capital, we’ve now got 13 staff in addition to the two expat founders, and those staff are young, dynamic and getting to do some amazing things like working on the Amret and Nham24 transactions and the $100m Cambodia Climate Facility . If not for two expats taking a punt on starting up the business, those local Cambodians are unlikely to have had those sorts of experiences. Why Some Companies Prefer Expats CLR: I’ve heard that some companies bring in expats for reasons of 'trust'. Do you see that happening? Definitely, but again, it isn’t a Cambodia-specific issue, and there are normally two key reasons for it beyond reasons of experience and skill. First of all, some large companies, particularly those operating in emerging markets, like to have people running their subsidiaries who they have known for a long period of time elsewhere in their business and trust implicitly. You see that quite a bit with multinationals operating here. The other key reason is that some companies worry about local staff being more likely to be subject to inappropriate pressure. To help create something of a firewall, they have a rule that in, say, emerging markets, they simply don’t allow staff to become CEOs in their ‘home’ market. If those local staff want to become a CEO, then they need to move to another country and become an expat. I know of several companies here that apply that approach, but I can’t say that I agree with it. Emerging Market Challenges CLR: What are some of the big challenges that expats face here? Like in any emerging economy, there are challenges. Regulatory uncertainty can be a hurdle for foreign businesses, as policies and procedures sometimes lack consistency. Another challenge is cultural adaptation; understanding local business customs and consumer behaviour is crucial for long-term success. From a practical perspective, things like healthcare, schooling, supermarkets and logistics have historically provided big challenges for expats, but much less so today. It really is a lot better than it was 17 years ago. Stephen Higgins with National Bank of Cambodia Governor, HE CHEA Serey (centre right) A Unique Expat Destination CLR: And finally, what are some of the benefits of being an expat here, instead of going to Thailand or Vietnam, for example? Obviously I’m biased, but I think Cambodia is a great destination for expats. There are the lifestyle factors now that make this a pretty enjoyable place to live, like restaurants, entertainment, much improved healthcare and shopping. But from a professional perspective, I think it is incredibly rewarding to be in a high-growth economy that is changing rapidly, with local colleagues who are so eager to learn and develop, with a government that is very supportive of the private sector, and with a local population that is so warm and welcoming. I just think it is a combination that other countries can’t match. It probably explains why I’m still here 17 years later, when I thought I’d only be here for two years!" About Stephen Higgins Stephen is the Co‑Founder and Managing Partner of Mekong Strategic Capital , one of Cambodia’s premier investment and advisory firms. With over two decades in banking, financial services, leadership and strategy, he has helped launch key deals in sectors like financial services and renewable energy. A former CEO at ANZ Royal Bank , Higgins also serves on the board of Manulife Cambodia and chairs the International School of Phnom Penh (ISPP) board. Follow Stephen on LinkedIn Get the latest Mekong Strategic Capital updates here Stephen Higgins (first from right) after advising on the sale of Amret to Bank SinoPac 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 Stephen Higgins.

TOP 50 INTERVIEW: Dalton Wong Dalton Wong, Chair, MassWork January 2024 As a seasoned regional entrepreneur and leader of the Inodesia Chamber of Commerce (IndoCham) and KADIN Cambodia , Dalton Wong shares his leadership philosophy and the values that have shaped his approach to business. He discusses the challenges and opportunities for Indonesian businesses in Cambodia, the evolving trade landscape, and how Indocham and KADIN are facilitating stronger economic cooperation. Leadership Values & Guiding Principles CLR: Dalton, as the founder of Speedwind, Chair of MassWork, and a leader in regional business organisations, what core values and guiding principles have shaped your leadership approach? How have these values influenced your success in building a strong distribution and managed services network? "As I have grown through the years, I have made many mistakes and learnt a lot from my experience as a regional entrepreneur. The values that I go by have also evolved and solidified as I learnt from our own success stories as well as our failures. They are, in no particular order: a. Resilience and persistence b. Integrity and ethics c. Quality and excellence d. Social responsibility and sustainability These values have helped me through the years in shaping the leadership and culture of the team and company as well as navigating challenges and innovation in building our strong network and services. Challenges & Opportunities in Indonesia-Cambodia Trade CLR: With Indonesia's growing economic influence in ASEAN and its expanding trade ties with Cambodia, what do you see as the biggest challenges and opportunities for Indonesian businesses looking to enter and grow in Cambodia? How are IndoCham and KADIN supporting these efforts? To be frank, there will be some challenges for Indonesian businesses looking to enter Cambodia. As a matter of fact, any business that wishes to invest in another country will find some challenges, whilst opportunities are also there. In Cambodia I would think these include: Relatively Small Market Size  – Compared to Indonesia, and less affordability compared to other neighbouring countries. Infrastructure & Logistics Limitations  – While Cambodia is improving in terms of infrastructure, it still lags behind regional standards. Logistics costs can be higher due to inefficiencies in transport and supply chain networks. Human Resource Challenges  – Skilled labour may be limited, and investment will be required for training local employees. Turnover rates and a small talent pool in specialised industries can make hiring difficult. Having said the above, our role as IndoCham and KADIN is to be ready to facilitate and support Indonesian businesses that are looking to invest in Cambodia with our vast network of members and partners. Despite some of these hurdles, Cambodia offers growth potential, particularly in infrastructure, manufacturing and digital services. A strong local trusted partnership, due diligence and adaptability are key in overcoming these challenges. Dalton Wong (fourth from left) with Neak Oknha KITH Meng (centre left) Strengthening Indonesia's Presence in Cambodia CLR: As President of IndoCham and Vice Chair of KADIN Cambodia, you play a key role in fostering Indonesia-Cambodia business relations. What strategies and initiatives have you championed to enhance trade, investment and business cooperation between the two countries? Since the inception of IndoCham, we have coordinated many initiatives, events and projects in business, trade, investment and cultural exchange, as well as supporting and promoting better networking between Indonesian businesses in Cambodia and the local and international business community. I do not really want to highlight any initiatives and yet not discredit any event or initiatives done. But I must say that for IndoCham we have led, coordinated and organised a mixed bag of events/initiatives relating to business, community, social and cultural matters. You can find out more regarding all our initiatives on our IndoCham website. The Future of Indonesia's Role in ASEAN Business CLR: Looking ahead, what is your outlook on Indonesia's evolving role in ASEAN's economic landscape? How can Indonesian businesses leverage opportunities in Cambodia, and what role will organisations like IndoCham and KADIN play in shaping this future? Indonesia plays a central role in ASEAN's economic landscape, driven by its large economy, strategic location and active leadership in regional initiatives. Some of the key aspects of its role include: Economic Anchor of ASEAN  – Contributing 35-40% of the region's GDP and large population of over 280 million. Trade & Investment Hub  – Regional Comprehensive Economic Partnership (RCEP) and attracting FDI in key sectors like the digital economy and green energy. Champion of Digital & Green Economy  – Booming tech sector, leading renewable energy initiatives, sustainable supply chains and supporting ASEAN's green growth agenda. Supply Chain Realignment & Industrialisation  – Vast natural resources to position itself as a regional manufacturing hub for EVs and batteries. ASEAN Leadership & Policy Advocacy  – Taking the lead in the ASEAN Economic Community and Digital Economy Framework Agreement (DEFA) , prioritising supply chain resilience, energy security and digital economy cooperation. With Indonesia taking the lead on the above, these objectives are key to shaping the way the economic outlook is going to be in the next 5 to 10 years amongst the countries in ASEAN. IndoCham and KADIN are well aligned with the country's key objectives in ASEAN and have taken the lead in facilitating multiple bilateral engagements between the two countries. These have been in both the private and public sectors, as well as many MOUs which have been signed between the two countries on bilateral cooperation, trade, common knowledge exchange and business community connectivity, and these activities have gotten much more traction in recent years. Dalton Wong, President, Indonesia Chamber of Commerce Cambodia (IndoCham) Roadmap Ahead for Your Group CLR: As a regional player, what is the roadmap going forward for your group, and how will it fit with IndoCham and KADIN's objectives? Our immediate focus going forward will be concentrating more on outward business from China to Cambodia, Indonesia and Malaysia in renewable energy and household infrastructure, including waste management. Cambodia will be focusing on solar energy projects, leading to higher demand for batteries and inverters. This is driven by factors such as an increase in solar energy adoption, the expansion of commercial and residential infrastructure, and the need for power backup solutions. We are expecting demand to grow significantly from now until 2030, especially in the areas of renewable energy, transportation and industrial applications. Countries like Malaysia and Indonesia have also seen an upside interest in these products and areas, and will be focusing on this as well. With outbound businesses and investments from China going to ASEAN countries, it coincides well with IndoCham and KADIN objectives of fostering business collaboration, exchange, trade and investment amongst ASEAN countries for the private sector." About Dalton Wong Dalton is an Indonesian-born entrepreneur and key figure in Cambodia’s business community, serving as executive chair of MassWork and president of the Indonesian Chamber of Commerce in Cambodia (IndoCham) . With nearly two decades of regional business experience, he founded Speedwind in 2018 and leads multiple ventures across distribution, managed services and innovation, including partnerships like the Masswork–Goldcard Smart MOU to introduce smart utility solutions across Southeast Asia. Known for his commitment to resilience, integrity, quality and sustainability, Dalton was awarded the 2024 Most Innovative Entrepreneur award at the World Digital Economy and Technology Summit . Follow Dalton on LinkedIn Dalton Wong, Chair, MassWork (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 Dalton Wong.

TOP 50 INTERVIEW: Michael Tan Michael Tan, Founder & CEO, Aquarii BD Cambodia (centre) January 2024 Michael Tan is helping reshape investor perceptions of Cambodia. As founder and CEO of Aquarii BD Cambodia , he draws on a rare blend of diplomatic and commercial experience. Through strategic insights, curated partnerships, and a strong commitment to transparency, Tan is positioning Aquarii as a trusted bridge to the international investment community. Building Confidence in Cambodia CLR: Michael, given your extensive experience and understanding of the region, how does Aquarii BD tailor its strategies to serve as an effective bridge for foreign investors in Cambodia?​ ​"Our strategic approach is largely focused on efforts to help address or mitigate two critical barriers that foreign investors must overcome when they consider doing business or investing in Cambodia: negative perception or outdated perspective of the Kingdom and the deficit of trust. ​ ​These entrenched challenges are also what businesses in the Kingdom regularly encounter when they try to attract FDI from overseas, and this is even though the country has been one of the fastest-growing economies in the world for the past two decades plus, and despite various verifiable favourable socio-economic political factors that support its longer-term growth prospects. One key thrust of this strategy is to help raise​ awareness of the Cambodian market, to illuminate fact-based developments such as the potential and opportunities that foreign investors and businesses have overlooked or dismissed.​ To be effective in doing so, and as a Singapore-owned business in Cambodia, we ensure that our services and activities are conducted based on trust, credibility and transparency, and we work with a carefully curated network of strategic partners, industry experts and resource persons. This raises the confidence of foreign investors and businesses to explore or enter the Cambodian market.​ Aquarii is therefore about connecting businesses, creating opportunities and growing partnerships.​ ​ Michael Tan (centre left) with AmCham President Anthony Galliano (centre right) and board members Insights, Access & Local Expertise CLR: With Cambodia undergoing a significant transformation over the last two decades, anchored in political stability, how does Aquarii educate potential investors about this remarkable journey and the subsequent opportunities it presents?​ ​We do so by sharing fact-based insights and perspectives through in-person consultations; providing news, information and updates on local market developments via our free-to-access online www.aquariibd.com platform; collaborating with trusted strategic partners to organise networking events, conduct seminars (local and overseas) and workshops, among other activities.​ ​We also leverage our diverse network of contacts and strategic partners in the government, business and development circles to identify the relevant conduits, projects and partners for foreign investors and businesses, to offer strategic insights and help them navigate the local operating environment or to fulfil a business outcome.​ Diplomacy to Deal-Making CLR: After your tenure as the Singapore Ambassador to Cambodia, how do you leverage your unique insights and networks to guide Aquarii's approach in facilitating foreign investments in the Kingdom?​ ​I think our ability to translate our understanding of the contextual motivations and dynamics that underpin the inherent constraints, challenges, priorities and opportunities of the local operating environment and SMEs, in a manner that is relatable to foreign investors and businesses and identifiable with their concerns and reservations, is one of the key principles that have guided the Aquarii approach.​ ​By aggregating the relevant expertise, insight, resources and connections of various partners in our diverse network of contacts in government, business and development circles, we can handle enquiries and requests across multiple sectoral interests and projects. In fact, we have carefully curated and established working relationships with selected service providers and industry experts in Cambodia to build a network of trusted strategic partners that provide quality services and insights.​ Perhaps most importantly, we have conscientiously established the Aquarii brand to be synonymous with the Singapore ethos of trust, transparency and accountability. And because we insist that our services and activities operate according to the highest standards of integrity, credibility and competency, foreign investors and businesses that work through or with us and our partners have greater confidence and assurance when considering doing business or investing in Cambodia. ​ ​ Collectively, these principles help to differentiate Aquarii in the way we help to facilitate foreign investments to the Kingdom. Foreign Investor Pitfalls CLR: What would you consider to be the most crucial factors that foreign investors should be aware of when contemplating an entry into the Cambodian market? ​ Establishing an objective understanding of the Cambodian market, the socio-economic political context and the nuances, and identifying the right trusted partners to work with/through, are crucial factors that foreign investors should be aware of when considering an entry into the local market. Unfortunately, many tend to over-rely on reports and publications of international media and​ sources, and consequently formulate inaccurate assessments or an inadequate contextual understanding of the local market conditions and developments.​ Many are also inclined towards local collaboration partners based on personal associations or other subjective considerations without undertaking the necessary due diligence and cross-references; they ignore the common-sense wisdom that a mediocre business plan with the right collaboration partner can be more successful or less painful than if the best business plan were coupled with a wrong choice of partner. Michael Tan (right) with Murray Ko, Founder of Meridian International Holding (Cambodia) Aquarii's Evolving Role CLR: As Aquarii aims to diminish the trust deficit for foreign businesses, how do you foresee the company’s role evolving in the next five years, given the rapidly changing landscape of Cambodia?​ ​We endeavour to help enable and empower local businesses in their respective desired outcomes by​ becoming one of the go-to trusted conduits for foreign businesses and investors that are​ interested in doing business or investing in Cambodia, and by being a credible aggregator in the business and development ecosystem. ​ To that end, we will continue to innovate our services and take on facilitator roles that help bridge the needs and demands of local businesses​ and project owners with foreign counterparts and​ investors.​ ​ Investing in Stability CLR: Your decision to return to Cambodia and establish Aquarii suggests a high level of confidence in the future of the Cambodian economy and market. Why is that?​ Every developing country, emerging economy or frontier market will have their own potential and opportunities, which are what attract foreign businesses and investors. However, in my opinion, the key consideration which long-term business and investment decisions must be based on is political stability. In my considered assessment of Cambodia, and from my understanding of its political-economic construct and social compact, I am convinced that the country has not only been politically stable for the past two decades plus, but it will continue to be for the foreseeable future. ​ ​When you consider the Kingdom’s strategic location in the heart of SEA, a youthful demography amidst a growing population (more than 70% of the population is under 35 YO), its early and rapid adoption of digitalisation (digital and QR code payments were prevalent well ahead of many more advanced economies), and that younger, better educated and more progressive-minded policy makers are now in government, among other favourable socio-economic indicators, the growth prospects of this economy point towards an upward trajectory. ​ ​So, rather than be amongst businesses and investors that continue to overlook or dismiss Cambodia for the wrong reasons or outdated perspectives, Aquarii prefers to be a strategic partner in the Kingdom’s growth story." About Michael Tan Michael Tan is the founder and CEO of Aquarii BD Cambodia , a strategic advisory firm dedicated to fostering foreign investment and business partnerships in the Kingdom. A former Singapore Ambassador to Cambodia (2016–2020), Tan brings deep diplomatic insight and a strong regional network to his role, positioning Aquarii as a trusted bridge between international investors and the Cambodian market. Known for championing transparency, credibility, and fact-based narratives, he has helped shift outdated perceptions of Cambodia and strengthen investor confidence. Follow Michael on LinkedIn Get the latest Aquarii BD updates here Michael Tan (right) with Victor La (left) of the Canadian Chamber of Commerce 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 Michael Tan.

Steering Cambodia’s Economic Future Through Finance and Foresight James Roberts, Partner & Head of Advisory Services at KPMG Cambodia When James Roberts speaks about Cambodia’s economy, he does so with the dual perspective of a seasoned global expert and a long-time resident of the Kingdom. “The Cambodian economy has performed very well in comparison with the large developed economies in North America and Europe, and even in comparison with the larger ASEAN economies such as Singapore,” Roberts observed, noting that during the pandemic Cambodia saw only a modest 6% dip in GDP while bigger economies suffered double-digit contractions. Such insights are characteristic of Roberts, who has spent over 15 years advising businesses in Cambodia and now stands as a leading voice in the country’s financial and economic landscape. Roberts’s journey to becoming a thought leader in Cambodia’s business community began in the United Kingdom. A Chartered Accountant by training, he built his early career in audit and consulting. In the mid-2000s, opportunity knocked in Southeast Asia. “James is a Chartered Accountant from the UK, with more than 15 years advising investors in Cambodia,” notes his official KPMG profile He first arrived in Cambodia when the country’s market was just opening up to international investment, and he has been part of its growth story ever since. In his early years in Phnom Penh, Roberts applied his broad experience across audit, tax, and advisory services. He co-founded or joined Premier Consulting, a local advisory firm, where he honed his expertise in mergers and acquisitions and business strategy. That venture proved prescient: in 2015, KPMG acquired Premier Consulting, bringing Roberts into the global “Big Four” firm’s fold. Since then, Roberts has served as Partner and Head of Advisory Services at KPMG Cambodia, leveraging his experience to counsel both multinational investors and local enterprises. His background spans multiple continents – he’s advised senior professionals across the US, Europe, and Asia – giving him a panoramic view of how Cambodia fits into the world economy. Colleagues say that Roberts’ international perspective is matched by a deep local insight. He has embedded himself in Cambodia’s business community, serving as a board member of the British Chamber of Commerce (BritCham) and as a former treasurer of the International Business Chamber (IBC). It’s not just titles on a resume – through these roles, Roberts has actively participated in policy discussions and investor forums that shape Cambodia’s business environment. In 2025, he was even named among the “50 International Voices for 2025” by the Cambodia Leadership Review, recognizing his influence in driving the Kingdom’s growth. Leading KPMG and Shaping Advisory Services At KPMG Cambodia’s Phnom Penh office – now a bustling workplace of nearly 400 professionals – James Roberts leads the Advisory Services division with a focus on deal advisory, strategy, and transformation. Under his leadership, KPMG’s advisory practice has expanded to meet the needs of a fast-evolving market. Roberts works extensively with new entrants to Cambodia, helping foreign investors navigate the startup phase of their businesses, and with established companies seeking strategic partners for expansion or exit. His role often places him at the nexus of major business decisions in the country. Whether it’s a merger of local companies, the entry of a multinational via acquisition, or a family business looking to modernize, Roberts has likely had a hand in advising the deal. This vantage point has given him a unique read on the market’s pulse. “There is strong upside growth available in a variety of sectors,” he tells investors, “but my firm belief is that agriculture presents the best overall investment thesis of any sector currently”. Demographics and fundamentals drive that view – Cambodia’s young population and growing incomes promise rising demand, making sectors like agriculture and consumer goods particularly attractive in Roberts’ analysis. His day-to-day work involves more than boardroom negotiations. Roberts is often found sharing knowledge at industry events and workshops. In one KPMG-hosted seminar on business transformation, he walked participants through how mergers and acquisitions can help Cambodian companies “future-proof” themselves and integrate into the global market. And in June 2022, he co-led a workshop on enterprise resource planning (ERP) and digital transformation, highlighting trends and challenges in modernizing Cambodian enterprises Those who attended recall Roberts stressing that adopting technology is no longer optional for businesses that aspire to regional competitiveness – a theme he would echo consistently in the years to follow. Economic Growth: Optimism with a Note of Caution Roberts’s tenure in Cambodia has coincided with an era of remarkable growth. He often recounts how, in the two decades before COVID-19, Cambodia averaged around 7% annual GDP growth – one of the fastest in the world Even the pandemic’s impact, he points out, was managed better here than elsewhere. “Cambodia has been the beneficiary of a sustained period of high single digit economic growth… over the past 20 years,” Roberts says, crediting this performance to sound macroeconomic policies and political stability It’s this track record that underpins his characterization of Cambodia’s economy as “robust”. Yet, ever the clear-eyed analyst, Roberts tempers optimism with realism. The very success of the past creates a new kind of vulnerability. “High growth has facilitated the development of many new and successful industries,” he notes. “However, it has also created an environment where the government has limited experience of managing economic shocks”. In other words, a generation of expansion means Cambodia’s policymakers haven’t had to navigate a major downturn – a learning curve that was tested when the pandemic struck. Roberts has urged vigilance as the economy moves forward, advising businesses and officials alike not to become complacent. In interviews, Roberts often speaks about resilience and diversification. He has highlighted how certain well-managed Cambodian manufacturers survived the pandemic by swiftly shifting product lines – for instance, garment factories pivoting to produce in-demand personal protective equipment. This ability to adapt, in Roberts’s view, exemplifies the grit of Cambodia’s private sector. At the same time, he acknowledges challenges in the post-pandemic recovery: tourism, a pillar of the economy, faces a longer road to rebound, and external risks – from global inflation to geopolitical tensions – could still buffet Cambodia’s open, trade-driven economy. “Our message is: do your due diligence and understand the market for every investment,” Roberts told investors in late 2021. The upside in Cambodia remains strong, he argues, but savvy investors must navigate the risks. His practical advice and confidence in Cambodia’s fundamentals have made Roberts a sought-after commentator on the economy, whether he’s briefing a delegation of foreign businesses or speaking to local media about the latest growth forecasts. Championing Tax Transparency & Policy Reform One area where James Roberts’s influence is distinctly felt is tax policy. As an advisor, he has guided numerous companies through Cambodia’s evolving tax framework, and he frequently engages with policymakers on creating a fair, investor-friendly tax environment. Recently, the government has introduced a Special Tax Audit Unit (STAU) to handle large international taxpayers – a move Roberts publicly applauded. “The law introduces a separate audit process for international companies that meet compliance standards, ensuring they are treated with utmost transparency and fairness,” he explained, emphasizing the importance of the new body. Roberts’s emphasis on transparency aligns with a broader shift in Cambodia’s approach to taxation. He notes that tax compliance and clear rules are not just bureaucratic matters but key factors in attracting foreign investment. In forums like the UK-Cambodia Trade & Investment Forum, he has stressed that investors are far more confident when they see a consistent application of tax laws and an efficient system that rewards compliance. Behind the scenes, colleagues say Roberts often serves as a bridge between the private sector and regulators. His tenure as IBC treasurer put him in direct dialogue with tax officials, where he advocated for modernizing tax administration and simplifying procedures. Those efforts complement international developments – such as the OECD’s global tax reforms – which Roberts monitors closely to advise clients on future changes. The introduction of risk-based tax audits, he suggests, is a “positive development” that will encourage better corporate behavior while weeding out bad actors. In Cambodia’s push to strengthen its investment climate, Roberts’ voice is one urging balance: offer competitive incentives, but also build a tax system that is fair and trusted. It’s a message he believes will help the country as it aims for its ambitious Vision 2050 economic goals, moving from lower-middle income toward upper-middle income status. Infrastructure and Investment: Building for Long-Term Growth No discussion with James Roberts about Cambodia’s future goes far without touching on infrastructure. In panels ranging from business chambers to energy summits, Roberts underscores that improving the nation’s infrastructure is critical for sustaining economic growth. At the Cambodia Clean Energy Summit in 2024, where he served as a panellist, Roberts highlighted both progress and pain points in this arena. He praised moves toward “transparent governance and robust regulations” in the energy sector, but noted “the significant challenges of improving infrastructure and establishing strong regional partnerships” for Cambodia’s power and transportation needs. Infrastructure development, in Roberts’s eyes, is the foundation for attracting and retaining investment. Better roads, ports, and logistics networks lower the cost of doing business; a more reliable electricity grid powers new industries. He often points out that sectors like manufacturing and tourism – two engines of Cambodia’s growth – depend on continued improvements in infrastructure. For example, increased airport capacity and connectivity will be vital if Cambodia is to regain its tourism momentum, and upgraded highways and logistics centers will help manufacturers export efficiently to markets worldwide. Roberts also observes that infrastructure is an area ripe for foreign investment itself. Cambodia has welcomed projects funded by China’s Belt and Road Initiative, Japan’s development agencies, and public-private partnerships, from new bridges to special economic zones. The key, Roberts argues, is ensuring these projects align with national needs and are implemented transparently. Given the region’s competition for capital, he sees Cambodia’s recent focus on infrastructure reforms as a positive signal. As a World Bank report noted, “to maintain long-term growth, the country must prioritize financial and infrastructure sector reforms”, a sentiment Roberts echoes in strategy sessions with clients considering infrastructure ventures. His strategic outlook extends to what he calls “strong regional partnerships.” Roberts believes Cambodia’s economic future is intertwined with that of its ASEAN neighbors. Improved cross-border infrastructure – be it highways into Thailand, rail links to Vietnam, or energy-sharing agreements – can greatly amplify Cambodia’s growth. In his Clean Energy Summit remarks, he cited regional power grid connectivity as a win-win solution: Cambodia could export surplus renewable energy or import when needed, but this requires trust and investment among. It’s this kind of big-picture thinking, grounded in practical challenges, that characterizes Roberts’s contributions to discussions on infrastructure and development. Embracing Digital Transformation and Modernization While bricks-and-mortar infrastructure is crucial, Roberts is equally passionate about the less tangible infrastructure of the digital economy. Cambodia’s young population is rapidly coming online, and its businesses are beginning to digitize – trends Roberts sees as pivotal for the next stage of growth. As head of Advisory at KPMG, he has championed digital transformation projects, helping companies upgrade everything from their accounting systems to customer engagement platforms. “The priority of leaders looking to future-proof their businesses is still digital transformation,” notes one KPMG report, reflecting a view Roberts often reinforces to clients. Roberts has been at the forefront of advising on modern enterprise software adoption in Cambodia. In the 2022 workshop on ERP systems, he and his team provided a “high-level overview of the ERP digital transformation journey, trends, [and] challenges” specific to Cambodia. He pointed out that many Cambodian firms, including family-run enterprises, are now investing in cloud-based systems to manage their finances, supply chains, and human resources. The challenges are significant – from training staff to updating legacy processes – but Roberts argues the payoff is worth it. By streamlining operations through technology, businesses can become more efficient and resilient, a message that resonates as companies recall the disruptions of the pandemic. Beyond internal systems, Roberts frequently speaks about the broader digital economy. He has lauded government efforts like the introduction of a national payment gateway and fintech regulations, which have spurred a boom in digital payments and startups. However, he also warns that Cambodia must not fall behind in digital infrastructure: investments in internet connectivity, data centers, and cybersecurity are just as important as roads and bridges. In various panel discussions, he has advocated for public-private collaboration to boost digital literacy and innovation. After all, as he notes, Cambodia’s neighbors are racing ahead with Industry 4.0 initiatives – from Vietnam’s coding schools to Thailand’s automation in manufacturing – and Cambodia will need to keep pace to remain competitive. Internally at KPMG, colleagues say Roberts practices what he preaches. He has pushed the advisory practice to adopt advanced data analytics and to train a new generation of Cambodian consultants in cutting-edge tools. This not only improves KPMG’s service to clients but also contributes to the broader goal of skills development in the country. Roberts often quotes a favorite mantra to young professionals: “Stay curious and keep learning – the economy here is changing fast.” In a country where two-thirds of the population is under 30, that mindset of continuous modernization is one Roberts believes can unlock enormous potential. A Vision for Cambodia’s Future Speaking with James Roberts, one is struck by the balance he maintains – between optimism and caution, growth and governance, local insight and global perspective. He has become, in many ways, an ambassador for Cambodia’s business potential. Whether he’s addressing a room of foreign investors or mentoring Cambodian entrepreneurs, Roberts exudes confidence in the country’s trajectory while never downplaying the work needed to get there. “Cambodia is one of the youngest countries in Asia, and that’s a huge asset,” he said at a recent business forum, pointing to the demographic advantage that could drive the next 20 years of growth. But in the same breath, he’ll remind the audience about education, infrastructure, and institutions – the supporting pieces of the puzzle that must evolve. As Cambodia navigates the complexities of post-pandemic recovery, global economic headwinds, and its own graduation from least-developed country status, thought leaders like James Roberts play a crucial role. They translate the technicalities of finance, tax law, and market trends into actionable insights for decision-makers. They also serve as storytellers, framing Cambodia’s narrative in a way that both honors its progress and candidly addresses its challenges. Roberts does this with a characteristically analytical mind, often peppering his commentary with data points and comparative examples from abroad. Yet, he also speaks with the conviction of someone who has made Cambodia his home and is invested in its success. In the end, Roberts’s influence can be seen in both policy circles and boardrooms: in a new tax audit policy that treats investors more fairly, in a factory that found a buyer thanks to a deal he brokered, or in a young CEO who decided to implement an ERP system after attending one of his talks. These are the incremental changes that, collectively, help shape a nation’s economic destiny. And as an interview with James Roberts makes clear, he’s enthusiastically committed to seeing Cambodia realize the promise of its future – one advisory insight at a time.

TOP 50 INTERVIEW: Clint O'Connell Clint O'Connell, Deputy Managing Director / Head of Tax & Customs, DFDL Cambodia March 2025 Cambodia’s tax landscape is evolving rapidly, presenting both challenges and opportunities for businesses and advisors alike. As a leader in Cambodia’s tax advisory sector, Clint O’Connell shares his insights on the core values that shape his leadership, the key tax obstacles businesses face in 2025, new developments at DFDL Cambodia , and his outlook on the country’s investment future. Leadership Values & Guiding Principles CLR: Clint, as a leader in Cambodia’s tax advisory sector, what core values and guiding principles shape your approach to leadership? How have these principles helped you navigate challenges and inspire your team in such a dynamic and evolving market? "Tax in Cambodia has been evolving at pace for the last ten years. The discipline of tax is not a hobby, nor is it something one can casually approach. To be a gamechanger and a true leader in tax, you must eat, sleep, breathe and spend your days thinking about it. When you have put in the hours - I often refer to the 10,000-hour rule - then you may get to a point where you can start thinking strategically and align those tax strategies with the needs of your clients. My approach to leadership is to lead by example by setting high standards as to the expected knowledge of my staff and the way they effectively communicate with clients and officials, and by encouraging adaptability and flexibility in this fast-changing environment. Tax advisory at its core is a service, and the teams I lead are taught to have a client-centric mindset. That means anticipating client needs, understanding their business, and proactively offering solutions that add value. Once you incorporate client value add as your driving mindset, then your whole philosophy changes. Where I come from there is a well-known expression, 'Whāia e koe te iti kahurangi ki te tūohu koe, me he maunga teitei .' This roughly translates to, 'Seek excellence, and if you bow your head, let it be to a lofty mountain!' I set high expectations for my team but never ask them to do something that I would not undertake myself. Clint O'Connell, Deputy Managing Director / Head of Tax & Customs, DFDL Cambodia Challenges & Opportunities in the Legal Sector CLR: The tax advisory sector is integral to Cambodia’s economic transformation. What are the key challenges businesses face in 2025, and what opportunities do you see for both local and international firms to thrive in this changing landscape? It’s fair to say that post-COVID certain sectors in Cambodia have not rebounded as well as others. Tax policies undertaken by the Royal Cambodian Government have sought to encourage recovery in areas such as real estate, tourism and hospitality. The key challenges businesses face in 2025 with respect to tax are well documented. These include dealing with tax audits, dealing with an unlevel playing field with respect to the tax registration and treatment of locally owned competitors, managing to obtain VAT refunds, and keeping up with new tax developments such as capital gains tax on share transfers, personal income tax (apparently slated to come into effect from 2026), and a new airlines and logistics tax framework. One of the key challenges facing the Royal Government is how to formalise a very large MSME sector, to widen the tax base and take some of the tax audit heat off those businesses that make up the relatively small number of registered taxpayers in Cambodia. Innovations & Developments at DFDL Cambodia CLR: What are some of the new initiatives or innovations happening at DFDL this year? How are these efforts positioning your firm to address the evolving needs of your clients and stay ahead in the industry? At DFDL Cambodia, we are always looking to encourage new initiatives and innovations to keep ourselves at the forefront of the market. Our investment in our people always comes first, and in 2024 and this year we were proud to promote several new partners in the firm, including Ms Davy Kong, Ms Vajiravann Chamnan, Ms Nearirath Sreng and Mr Diberjohn Balinas. These promotions highlight our deep level of expertise in the fields of tax, customs, real estate, e-commerce, banking and commerce. Last year, we also moved to our new office on the 16th floor of Exchange Square, and this has been a game changer! The feedback from our guests, clients and staff has been amazing, and we have a great sense of pride in our new office environment that enables us to strive even harder with our professionalism and to provide value for our clients. We have also increased the number of events and update sessions that we now regularly provide for our clients using the top-notch facilities that are on hand. We recently launched our local European Desk headed by Ms Julie Keo, which works closely with our European Desk in Paris to ensure that we provide tailored solutions for our European clients. We have invested in our Chinese desk by hiring both tax and legal Chinese-speaking advisors to assist our Chinese clients. We launched very successful customs and real estate booklets in late 2024, and we will be launching tax, investment and trust booklets in the first quarter of 2025. We have a very special launch planned for an online platform for company incorporation that we think will be a game-changer in Cambodia, but that is being kept under wraps for now and will be revealed soon! 'Gamechanging' new DFDL offices on the 16th floor of Exchange Square, near Wat Phnom Outlook for Cambodia's Tax Advisory Sector CLR: Looking ahead, what is your outlook for Cambodia as a growing hub for business and investment? How do you see the tax advisory sector contributing to the country’s economic goals, and what advice would you give to businesses navigating Cambodia’s evolving regulatory environment? We are very optimistic looking ahead to 2025 and beyond. Celebrating 30 years of operations in Cambodia is not just a time for reflection but also a time to take stock for the future. DFDL was fortunate to be advisors for the Nham24/Grab and Amret/Sinopac acquisitions in late 2024/early 2025, and those two significant deals are proof-positive that the Cambodian market is still very attractive to investors. With a young and dynamic government which is very attuned to the needs of the Cambodian economy and very active in selling and doing business in Cambodia with the world, things are looking up! The new airport, the Funan canal, ongoing investment in infrastructure and electricity, and a young, dynamic and tech-savvy workforce place Cambodia in a very good position for the coming years. The Cambodian tax advisory sector will continue to play an important role for foreign investors who enter this marketplace. My advice to investors is to ensure that they use a competent and experienced tax and legal advisor who can provide them with value-added services. Remember, in the advisory stakes, you often get what you pay for! As a tax advisor for nearly 20 years in Cambodia, I have witnessed firsthand many 'before and after' stories of business owners who swore by the competency of their accountant or external advisor only to come to us down the road to try and resolve the daunting tax reassessment situation that their incumbent advisors landed them in." About Clint O'Connell Clint is a New Zealand–qualified tax partner who serves as Head of Tax & Customs at DFDL Cambodia , bringing two decades of experience in the Cambodian market. He began his career with global firms including KPMG (in New Zealand and Vietnam) and PwC before joining DFDL, where under his leadership the Tax Practice Group was named Cambodia Tax Firm of the Year (2017–2019) and Tax Disputes Firm of the Year (2018–2019) by International Tax Review . Clint has been instrumental in major deals, including the award‑winning Axiata/Smart Mobile merger, and advises investors across sectors such as telecoms, oil and gas, mining, and M&A, spanning both multinationals and SMEs. A respected thought leader, he frequently contributes to International Tax Review and Tax Planning International Asia‑Pacific Focus , and is senior editor of the authoritative Tax in Cambodia textbook, which serves as a core resource for students. Follow Clint on LinkedIn Get the latest DFDL Cambodia updates here Clint O'Connell, Deputy Managing Director / Head of Tax & Customs, DFDL Cambodia 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 Clint O'Connell.

Combining Strategic Vision with Hands-On Operational Leadership Daniel Simon, a seasoned hospitality professional from Sweden, brings over 30 years of global experience to his role as Managing Director at Rosewood Phnom Penh. His career spans 11 cities across the United States, Southeast Asia, Canada, and Australia, reflecting a deep commitment to luxury service and cultural immersion After serving as a logistics officer in the Swedish Army, Daniel began his hospitality journey with Four Seasons Hotels & Resorts. He held key positions such as Director of Food & Beverage at Four Seasons Resorts Bali and General Manager at Four Seasons Hotel Tokyo, honing his leadership skills in diverse cultural and economic environments. Daniel's impressive resume also includes significant experience in the cruise industry, having worked as Hotel Director for Celebrity Cruises. In this role, he traversed the oceans of Asia, Alaska, the Caribbean, and Europe, elevating guest experiences along the way.  Upon leaving the cruise industry, Daniel joined W Koh Samui as General Manager before relocating to Bangkok to lead Anantara Siam Bangkok Hotel. There, he developed a profound appreciation for Thailand's diverse culinary offerings, from street food to Michelin-starred dining. In 2021, Daniel took the helm at Rosewood Phnom Penh, located atop the iconic Vattanac Capital Tower. Under his leadership, the hotel has garnered accolades, including recognition in the Travel + Leisure Luxury Awards Asia Pacific 2024.  Daniel emphasizes sustainability and local engagement, exemplified by initiatives like the ecoSPIRITS partnership, which introduced Cambodia's first closed-loop cocktail program at the hotel's Sora Sky Bar.  Daniel holds a bachelor's degree from the Conrad N. Hilton College of Hotel and Restaurant Management at the University of Houston. His leadership at Rosewood Phnom Penh continues to set new benchmarks in luxury hospitality, blending global standards with local cultural richness

Joint Asian Development Enterprises (JADE) December 2023   Tough Times Can Also Bring Opportunities Country Insights “I came to Cambodia in 2009 to work as the Chief Operating Officer in 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. Currently, I’m Director of Joint Asian Development Enterprises.” Phnom Penh has changed considerably with the restoration of some wonderful historical sites, become cleaner, better office and shopping environment, increase in the quality of life and education, and continues to remain safe.​​ Sustained Growth​ 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.​ Financial services was the standout sector for many years, and of course garment/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 5 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. Regional Competition​ 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 has 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 polices around investment and PPPs, and as the international community continues to gain comfort around the new Government under Prime Minister HUN Manet.​ My thinking at present is that tough times also​ bring opportunities, and sometimes assets are better in the hands of another who can do something better with them.​ ​ Looking Ahead​ 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 a bit slower growth than was once thought.​   About Paul Clements Originally from Australia, Paul Clements is Managing Partner of Joint Asian Development Enterprises (JADE) and became Chair of the International Business Chamber of Cambodia (IBC) in June, 2020. With over three decades of experience in the banking sector, Clements has held senior roles in institutions including ANZ Royal Bank, MekongBank and EnviroCam/HCC. His expertise spans Relationship Banking, Investment Banking, Risk, Operations and Transformation. Currently, he is involved in consulting across various sectors and holds directorship positions in companies including WorldBridge Outsourcing Solutions Co., Ltd, JTrust Royal Bank, Royal railway Co. Ltd., Cellcard and Royal Group securities. He is married with two children.

Showcasing global voices making deep, lasting impact in Cambodia. Cambodia’s evolving landscape in 2024 continues to be shaped by a diverse group of international leaders who have made the Kingdom their base for impact, innovation, and long-term commitment. The 50 International Leaders in Cambodia, 2024  list recognises the exceptional individuals from around the world who are contributing to the country’s growth across key sectors—whether leading multinational companies, advancing education and sustainability, strengthening diplomatic ties, or supporting grassroots development. These leaders exemplify the spirit of collaboration and resilience, and their stories reflect the increasingly global character of Cambodia’s progress.