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Interview: Stephen Higgins on Cambodia’s Economic Crossroads — Cautious Optimism with Global Storm Clouds Ahead May 2025 Stephen Higgins, Managing Partner at Mekong Strategic Capital As Cambodia navigates a post-pandemic recovery amidst global uncertainty, one of the country’s most influential economic voices, Stephen Higgins, Managing Partner at Mekong Strategic Capital, offers a sobering yet cautiously optimistic perspective on where the Kingdom stands — and where it might be heading in the year ahead. We sat down with Higgins to get his take on the current economic climate, the challenges ahead, and what he sees as the key drivers of resilience and recovery. Q: Looking back, how would you describe Cambodia’s economic performance in 2023 and 2024? Higgins: The official line was 5% GDP growth, but we’re skeptical. When you dig into the numbers, about 2.1% of that was from non-garment manufacturing, mainly solar panel exports. That doesn’t pass the sniff test — Cambodia doesn’t have the infrastructure to justify that scale of solar panel production. If you strip that out, you’re left with something close to economic stagnation. Q: What indicators give you cause for concern? Higgins: Garment exports — a pillar of the economy — were down. Tax revenues fell significantly, particularly VAT and excise collections, which typically signal consumer activity. Vehicle imports, which are a reliable proxy for household confidence, dropped 44%. These aren’t the signs of a thriving economy. Q: So, has 2024 brought a turnaround? Higgins: Yes, encouragingly so. If you exclude solar panels, exports are up 25% year-on-year. That’s even better than what we’re seeing in Vietnam. Garment exports have rebounded, consumer spending is picking up — evidenced by stronger VAT collections and a 28% rise in vehicle imports. It’s the kind of recovery we’d hoped to see earlier. Q: And tourism? Is it bouncing back too? Higgins: To an extent. International arrivals are up 29% compared to last year, but still down 47% from pre-COVID levels. Cambodia continues to underperform in this area. The product offering is good, but the brand perception isn’t where it needs to be. That hurts repeat visitation and long-haul tourist numbers. Q: Let’s turn to the financial sector. Where does it stand in mid-2024? Higgins: Liquidity has returned in a big way. Customer deposits are up 20% in just six months. But that hasn’t translated into credit growth. Banks are cautious, and so are borrowers. Part of that is due to uncertainty in incomes and higher interest rates. Q: What about non-performing loans? Higgins: That’s still a concern. About 7.5% of borrowers are over 30 days in arrears. That number hasn’t shifted much yet. There’s potential for improvement as rates come down and incomes stabilize, but we’re not out of the woods. Q: The real estate sector seems like a pain point. What’s your view? Higgins: It’s oversupplied and soft. Property prices are falling, but not fast enough to clear the market. Restructured loans in the sector account for 14% of total lending, which is significant. There’s a lot of deadweight. Eventually, to resolve the backlog, we’ll need to see widespread sales — and that will likely push prices down further. Q: What’s your overall outlook for the next 12 months? Higgins: Cautious optimism. The worst is behind us in terms of domestic headwinds. But global conditions are softening. The IMF just revised Cambodia’s 2025 forecast down to 4.0% from 5.8%. As a small, open, trade-exposed economy, Cambodia is highly sensitive to global trends — and the external picture isn’t great. Q: Any specific risks to watch? Higgins: A slowdown in the U.S. or Chinese markets could have an outsized impact. And if global interest rates remain elevated, that will constrain investment flows. Cambodia’s current recovery is partly driven by consumption and exports — if either falters, we’ll feel it quickly. Q: What sectors offer the best prospects for growth? Higgins: Manufacturing still has potential, particularly if Cambodia can move up the value chain. Agri-processing and electronics could be strategic bets. Tourism has a long way to go and should bounce back more fully if connectivity and promotion improve. Q: And the financial sector? Higgins: There’s an opportunity to strengthen capital markets. Cambodia needs alternative financing channels beyond bank lending. If the securities and bond markets can be deepened, that will attract investment and provide much-needed diversification. Q: What should policymakers focus on to sustain recovery? Higgins: Infrastructure investment is essential. That includes energy, logistics, and digital infrastructure. The new Phnom Penh airport is a good example — it’ll be a game-changer if executed well. Second, the financial sector needs a long-term clean-up. That means tackling bad debt and ensuring prudent lending practices. Third, trade diversification — Cambodia is still heavily reliant on a few markets and product categories. We need a more resilient export base. Q: If you had to sum up where Cambodia is today, what would you say? Higgins: We’re at a turning point. The economy has shown resilience, but it’s not yet robust. There’s momentum — but it’s fragile. The next 12 months are a window of opportunity to lay the foundations for stronger, more inclusive growth. That requires bold decisions, not just cautious management. About Stephen Higgins Stephen Higgins is a founding partner of Mekong Strategic Capital, one of Cambodia’s leading advisory and investment firms. An influential voice on economic and financial sector issues, Higgins previously served as CEO of ANZ Royal Bank in Cambodia and has worked extensively across Southeast Asia. His regular insights are widely followed by investors, policymakers, and business leaders across the region. Editor’s Note For more commentary from Stephen Higgins and Mekong Strategic Capital, visit mekongstrategic.com or follow their latest reports and appearances on regional economic developments.

Interview: Stephen Higgins on Cambodia’s Economic Crossroads — Cautious Optimism with Global Storm Clouds Ahead May 2025 Stephen Higgins, Managing Partner at Mekong Strategic Capital As Cambodia navigates a post-pandemic recovery amidst global uncertainty, one of the country’s most influential economic voices, Stephen Higgins, Managing Partner at Mekong Strategic Capital, offers a sobering yet cautiously optimistic perspective on where the Kingdom stands — and where it might be heading in the year ahead. We sat down with Higgins to get his take on the current economic climate, the challenges ahead, and what he sees as the key drivers of resilience and recovery. Q: Looking back, how would you describe Cambodia’s economic performance in 2023 and 2024? Higgins: The official line was 5% GDP growth, but we’re skeptical. When you dig into the numbers, about 2.1% of that was from non-garment manufacturing, mainly solar panel exports. That doesn’t pass the sniff test — Cambodia doesn’t have the infrastructure to justify that scale of solar panel production. If you strip that out, you’re left with something close to economic stagnation. Q: What indicators give you cause for concern? Higgins: Garment exports — a pillar of the economy — were down. Tax revenues fell significantly, particularly VAT and excise collections, which typically signal consumer activity. Vehicle imports, which are a reliable proxy for household confidence, dropped 44%. These aren’t the signs of a thriving economy. Q: So, has 2024 brought a turnaround? Higgins: Yes, encouragingly so. If you exclude solar panels, exports are up 25% year-on-year. That’s even better than what we’re seeing in Vietnam. Garment exports have rebounded, consumer spending is picking up — evidenced by stronger VAT collections and a 28% rise in vehicle imports. It’s the kind of recovery we’d hoped to see earlier. Q: And tourism? Is it bouncing back too? Higgins: To an extent. International arrivals are up 29% compared to last year, but still down 47% from pre-COVID levels. Cambodia continues to underperform in this area. The product offering is good, but the brand perception isn’t where it needs to be. That hurts repeat visitation and long-haul tourist numbers. Q: Let’s turn to the financial sector. Where does it stand in mid-2024? Higgins: Liquidity has returned in a big way. Customer deposits are up 20% in just six months. But that hasn’t translated into credit growth. Banks are cautious, and so are borrowers. Part of that is due to uncertainty in incomes and higher interest rates. Q: What about non-performing loans? Higgins: That’s still a concern. About 7.5% of borrowers are over 30 days in arrears. That number hasn’t shifted much yet. There’s potential for improvement as rates come down and incomes stabilize, but we’re not out of the woods. Q: The real estate sector seems like a pain point. What’s your view? Higgins: It’s oversupplied and soft. Property prices are falling, but not fast enough to clear the market. Restructured loans in the sector account for 14% of total lending, which is significant. There’s a lot of deadweight. Eventually, to resolve the backlog, we’ll need to see widespread sales — and that will likely push prices down further. Q: What’s your overall outlook for the next 12 months? Higgins: Cautious optimism. The worst is behind us in terms of domestic headwinds. But global conditions are softening. The IMF just revised Cambodia’s 2025 forecast down to 4.0% from 5.8%. As a small, open, trade-exposed economy, Cambodia is highly sensitive to global trends — and the external picture isn’t great. Q: Any specific risks to watch? Higgins: A slowdown in the U.S. or Chinese markets could have an outsized impact. And if global interest rates remain elevated, that will constrain investment flows. Cambodia’s current recovery is partly driven by consumption and exports — if either falters, we’ll feel it quickly. Q: What sectors offer the best prospects for growth? Higgins: Manufacturing still has potential, particularly if Cambodia can move up the value chain. Agri-processing and electronics could be strategic bets. Tourism has a long way to go and should bounce back more fully if connectivity and promotion improve. Q: And the financial sector? Higgins: There’s an opportunity to strengthen capital markets. Cambodia needs alternative financing channels beyond bank lending. If the securities and bond markets can be deepened, that will attract investment and provide much-needed diversification. Q: What should policymakers focus on to sustain recovery? Higgins: Infrastructure investment is essential. That includes energy, logistics, and digital infrastructure. The new Phnom Penh airport is a good example — it’ll be a game-changer if executed well. Second, the financial sector needs a long-term clean-up. That means tackling bad debt and ensuring prudent lending practices. Third, trade diversification — Cambodia is still heavily reliant on a few markets and product categories. We need a more resilient export base. Q: If you had to sum up where Cambodia is today, what would you say? Higgins: We’re at a turning point. The economy has shown resilience, but it’s not yet robust. There’s momentum — but it’s fragile. The next 12 months are a window of opportunity to lay the foundations for stronger, more inclusive growth. That requires bold decisions, not just cautious management. About Stephen Higgins Stephen Higgins is a founding partner of Mekong Strategic Capital, one of Cambodia’s leading advisory and investment firms. An influential voice on economic and financial sector issues, Higgins previously served as CEO of ANZ Royal Bank in Cambodia and has worked extensively across Southeast Asia. His regular insights are widely followed by investors, policymakers, and business leaders across the region. Editor’s Note For more commentary from Stephen Higgins and Mekong Strategic Capital, visit mekongstrategic.com or follow their latest reports and appearances on regional economic developments.

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

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

aniel Simon is a seasoned luxury hospitality executive with over 30 years of international experience, currently serving as the Managing Director of Rosewood Phnom Penh in Cambodia. Arnaud Darc Chair Thalias Hospitality Group Sector(s): Hospitality, F&B, Retail Arnaud Darc is a prominent entrepreneur and hospitality leader in Cambodia, having first arrived in the Kingdom in 1994. Originally working with Accor Hotels, he went on to found Thalias Hospitality Group , which operates some of the country’s most respected dining and hospitality brands, including Topaz , Malis , Khéma and Yi Sang . With a vision to elevate Cambodia’s culinary and service standards, Darc has played a pivotal role in professionalizing the sector. He also serves as President of the Cambodia Restaurant Association , advocating for industry development, food safety, and skills training across the hospitality landscape. Ashley Irving Askhat Azhikhanov Benilda Fernando Blaise Kilian Casey Barnett Clint O'Connell Cyril Girot Leadership at Rosewood Phnom Penh Appointed in 2021, Daniel has been instrumental in elevating Rosewood Phnom Penh's status in the luxury hospitality sector. Under his leadership, the hotel has received numerous accolades, including being named the #1 Hotel in Asia by Travel + Leisure in 2023. He emphasizes genuine human connections in hospitality and has focused on staff development, promoting local talent to leadership positions . Community Engagement and Sustainability Daniel is committed to community outreach and sustainability. He has initiated programs such as paid internships for local youth and partnerships with Cambodian farmers to supply the hotel with fresh produce. The hotel boasts an on-site hydroponic garden that provides 70% of its leafy vegetables, reflecting his dedication to sustainable practices. Industry Recognition In recognition of his contributions, Daniel was named among the "Top 50 International Voices in Cambodia" by the Cambodia Leadership Review in 2025. He also serves on the executive committee of the International Business Chamber of Cambodia, highlighting his influence in the country's business community . Cambodia Investment Review+1Cambodia Leadership Review -+1 Cambodia Business Chamber+1Cambodia Investment Review+1 For more insights into Daniel Simon's perspectives on luxury hospitality and his role at Rosewood Phnom Penh, you can watch the following interview:

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.

Interview: Stephen Higgins on Cambodia’s Economic Crossroads — Cautious Optimism with Global Storm Clouds Ahead May 2025 Stephen Higgins, Managing Partner at Mekong Strategic Capital As Cambodia navigates a post-pandemic recovery amidst global uncertainty, one of the country’s most influential economic voices, Stephen Higgins, Managing Partner at Mekong Strategic Capital, offers a sobering yet cautiously optimistic perspective on where the Kingdom stands — and where it might be heading in the year ahead. We sat down with Higgins to get his take on the current economic climate, the challenges ahead, and what he sees as the key drivers of resilience and recovery. Q: Looking back, how would you describe Cambodia’s economic performance in 2023 and 2024? Higgins: The official line was 5% GDP growth, but we’re skeptical. When you dig into the numbers, about 2.1% of that was from non-garment manufacturing, mainly solar panel exports. That doesn’t pass the sniff test — Cambodia doesn’t have the infrastructure to justify that scale of solar panel production. If you strip that out, you’re left with something close to economic stagnation. Q: What indicators give you cause for concern? Higgins: Garment exports — a pillar of the economy — were down. Tax revenues fell significantly, particularly VAT and excise collections, which typically signal consumer activity. Vehicle imports, which are a reliable proxy for household confidence, dropped 44%. These aren’t the signs of a thriving economy. Q: So, has 2024 brought a turnaround? Higgins: Yes, encouragingly so. If you exclude solar panels, exports are up 25% year-on-year. That’s even better than what we’re seeing in Vietnam. Garment exports have rebounded, consumer spending is picking up — evidenced by stronger VAT collections and a 28% rise in vehicle imports. It’s the kind of recovery we’d hoped to see earlier. Q: And tourism? Is it bouncing back too? Higgins: To an extent. International arrivals are up 29% compared to last year, but still down 47% from pre-COVID levels. Cambodia continues to underperform in this area. The product offering is good, but the brand perception isn’t where it needs to be. That hurts repeat visitation and long-haul tourist numbers. Q: Let’s turn to the financial sector. Where does it stand in mid-2024? Higgins: Liquidity has returned in a big way. Customer deposits are up 20% in just six months. But that hasn’t translated into credit growth. Banks are cautious, and so are borrowers. Part of that is due to uncertainty in incomes and higher interest rates. Q: What about non-performing loans? Higgins: That’s still a concern. About 7.5% of borrowers are over 30 days in arrears. That number hasn’t shifted much yet. There’s potential for improvement as rates come down and incomes stabilize, but we’re not out of the woods. Q: The real estate sector seems like a pain point. What’s your view? Higgins: It’s oversupplied and soft. Property prices are falling, but not fast enough to clear the market. Restructured loans in the sector account for 14% of total lending, which is significant. There’s a lot of deadweight. Eventually, to resolve the backlog, we’ll need to see widespread sales — and that will likely push prices down further. Q: What’s your overall outlook for the next 12 months? Higgins: Cautious optimism. The worst is behind us in terms of domestic headwinds. But global conditions are softening. The IMF just revised Cambodia’s 2025 forecast down to 4.0% from 5.8%. As a small, open, trade-exposed economy, Cambodia is highly sensitive to global trends — and the external picture isn’t great. Q: Any specific risks to watch? Higgins: A slowdown in the U.S. or Chinese markets could have an outsized impact. And if global interest rates remain elevated, that will constrain investment flows. Cambodia’s current recovery is partly driven by consumption and exports — if either falters, we’ll feel it quickly. Q: What sectors offer the best prospects for growth? Higgins: Manufacturing still has potential, particularly if Cambodia can move up the value chain. Agri-processing and electronics could be strategic bets. Tourism has a long way to go and should bounce back more fully if connectivity and promotion improve. Q: And the financial sector? Higgins: There’s an opportunity to strengthen capital markets. Cambodia needs alternative financing channels beyond bank lending. If the securities and bond markets can be deepened, that will attract investment and provide much-needed diversification. Q: What should policymakers focus on to sustain recovery? Higgins: Infrastructure investment is essential. That includes energy, logistics, and digital infrastructure. The new Phnom Penh airport is a good example — it’ll be a game-changer if executed well. Second, the financial sector needs a long-term clean-up. That means tackling bad debt and ensuring prudent lending practices. Third, trade diversification — Cambodia is still heavily reliant on a few markets and product categories. We need a more resilient export base. Q: If you had to sum up where Cambodia is today, what would you say? Higgins: We’re at a turning point. The economy has shown resilience, but it’s not yet robust. There’s momentum — but it’s fragile. The next 12 months are a window of opportunity to lay the foundations for stronger, more inclusive growth. That requires bold decisions, not just cautious management. About Stephen Higgins Stephen Higgins is a founding partner of Mekong Strategic Capital, one of Cambodia’s leading advisory and investment firms. An influential voice on economic and financial sector issues, Higgins previously served as CEO of ANZ Royal Bank in Cambodia and has worked extensively across Southeast Asia. His regular insights are widely followed by investors, policymakers, and business leaders across the region. Editor’s Note For more commentary from Stephen Higgins and Mekong Strategic Capital, visit mekongstrategic.com or follow their latest reports and appearances on regional economic developments.

Thalias Hospitality Group May 2025 Arnaud Darc, Chair & CEO of Thalias Hospitality Group In the heart of Cambodia's bustling capital, Arnaud Darc stands as a beacon of resilience and innovation in the hospitality sector. As the CEO of Thalias Hospitality Group and President of the Cambodia Restaurant Association (CRA), Darc has been instrumental in shaping the nation's culinary landscape and advocating for industry-wide advancements. A Culinary Visionary's Journey Arriving in Cambodia in 1994, Darc was captivated by the country's rich culture and potential. His initial role with Accor Hotels laid the foundation for his deep engagement with the local hospitality scene. Recognizing the untapped opportunities, he ventured into entrepreneurship, establishing ventures that would later evolve into the renowned Thalias Hospitality Group. Under his leadership, Thalias has blossomed into a conglomerate encompassing esteemed establishments like Topaz, Malis, and Khéma. These venues not only offer exquisite dining experiences but also serve as platforms for cultural exchange, blending French culinary techniques with Khmer traditions.Thalias Hospitality+4newsonline.chainedesrotisseurs.com+4Thalias Hospitality+4 Elevating the Hospitality Industry Beyond his business endeavors, Darc has been a stalwart advocate for the broader hospitality sector. As President of the CRA, he has championed initiatives aimed at professionalizing the industry, emphasizing the importance of food safety, staff training, and regulatory compliance. His efforts have been pivotal in fostering a more structured and sustainable restaurant ecosystem in Cambodia. In collaboration with governmental bodies, Darc has also played a crucial role in policy formulation. His appointment as Co-Chair of Working Group D in the Government-Private Sector Forum underscores his commitment to bridging the gap between private enterprises and public institutions, ensuring that the industry's concerns are addressed at the highest levels.  Navigating Economic Challenges The hospitality sector, like many others, faced unprecedented challenges during the COVID-19 pandemic. Darc's leadership during this period was marked by proactive measures to support his employees and adapt to the evolving landscape. Recognizing the need for data-driven advocacy, the CRA, under his guidance, conducted comprehensive surveys to assess the industry's state, providing valuable insights for policy interventions. These efforts highlighted critical areas requiring attention, such as the need for tax relief, financial aid, and support for skill development. Darc emphasized the importance of formalizing businesses to enhance access to governmental support and ensure long-term sustainability. A Vision for the Future Looking ahead, Darc remains optimistic about Cambodia's hospitality sector. He envisions a future where the industry not only recovers but thrives, driven by innovation, collaboration, and a commitment to excellence. Emphasizing the potential of public-private partnerships, he advocates for investments in infrastructure, such as international convention centers, to bolster tourism and economic diversification. Moreover, Darc underscores the importance of embracing digital transformation, sustainable practices, and continuous skill development to remain competitive in the regional and global markets. About Arnaud Darc Arnaud Darc is the CEO of Thalias Hospitality Group and President of the Cambodia Restaurant Association. With over three decades of experience in the hospitality industry, he has been a driving force in elevating Cambodia's culinary scene and advocating for industry-wide advancements. His contributions have been recognized with numerous accolades, including the "International Leading Brand Award– Cambodia– Conglomerate in F&B Excellence" at the ASEAN Outstanding Business Awards 2023.

The international visionaries driving innovation, quality and sustainable growth in Cambodia's built environment. Phnom Penh Our website is dedicated to showcasing the personalities that drive the economic growth in Cambodia, both local and foreign. We are committed to bringing you the latest news and events surrounding these influential individuals and their organizations. As a new startup, we take pride in offering a fresh perspective on the Cambodian business landscape. Our unique selling point lies in providing an inside look into the world of Cambodian business leaders, giving you insights that you won't find anywhere else. From networking events to charity drives, our platform covers a wide range of activities happening within the Cambodian business community. Our engaging articles provide you with a glimpse into the personalities behind the organizations, shedding light on their achievements and contributions to the local economy. Whether you are a seasoned executive or an aspiring entrepreneur, the Cambodia Leadership Review has something for everyone. Stay tuned for in-depth profiles, exclusive interviews, and captivating stories that highlight the dynamic nature of the Cambodian business community. Join us on this exciting journey as we explore the entrepreneurial spirit that thrives in Cambodia. Discover the innovative strategies, impactful initiatives, and inspiring leaders that make this country a hub for business and innovation. Come be a part of our growing community and gain valuable insights into the world of Cambodian business. Keep up with the latest trends, developments, and success stories that shape the business landscape in Cambodia. Thank you for visiting Cambodia Leadership Review, where the spotlight shines on the driving forces behind the Cambodian business community.

A group of business people Cambodia Leadership Review As Cambodia navigates the midpoint of the decade, the nation's leadership and business communities are undergoing a decisive digital transformation. In 2026, digital-first leadership is no longer a buzzword but a strategic imperative that defines competitiveness, resilience, and future-readiness across public and private sectors. With rapid advancements in artificial intelligence, cloud computing, digital finance, and smart infrastructure, Cambodia’s leaders are reimagining governance, business, and service delivery in a landscape increasingly shaped by technological integration. The Digital Mandate: From Policy to Execution The Cambodian government has made strong strides in laying the groundwork for digital transformation, particularly through its Digital Economy and Society Policy Framework (2021–2035). This long-term vision sets out to create a vibrant digital ecosystem, focusing on infrastructure, education, innovation, and governance. By 2026, these efforts are bearing fruit — digital literacy campaigns, nationwide connectivity improvements, and the expansion of digital ID and e-government services are reshaping how citizens interact with the state and how businesses access critical services. Digital-first leadership in this context means more than adopting tools — it represents a cultural shift in how decisions are made, problems are solved, and opportunities are seized. Government leaders are increasingly expected to champion innovation within their departments, align digital strategies with national development goals, and work collaboratively with the private sector to close capacity gaps. The Rise of Tech-Enabled Enterprises In Cambodia’s private sector, digital-first leadership is becoming a key differentiator. Tech-savvy CEOs, entrepreneurs, and directors are embracing cloud platforms, data analytics, and AI-driven decision-making to enhance agility, customer experience, and operational efficiency. From agribusiness firms deploying smart farming technologies to real estate developers integrating IoT-based smart home solutions, the digital shift is influencing strategy and execution across diverse industries. Startups in Phnom Penh, Siem Reap, and emerging provincial tech hubs are also driving innovation. Digital wallets, app-based logistics, e-commerce platforms, and educational technology are expanding the reach of services to underserved communities. Leaders of these enterprises are setting new standards in speed, transparency, and adaptability — often bypassing legacy systems to leapfrog into future-ready operations. Human Capital: Leading Through Digital Competence However, technological integration is only as effective as the people who lead and implement it. By 2026, a key marker of digital-first leadership in Cambodia is the ability to blend human insight with digital fluency. Boards of directors and senior executives are increasingly expected to possess a foundational understanding of digital technologies — not to code or engineer, but to make informed decisions about investment, risk, and innovation. Professional development programs, such as those offered by the Cambodian Institute of Directors, are beginning to integrate digital strategy modules, encouraging business leaders to think beyond compliance and towards competitive advantage. Similarly, education providers and training institutes are adapting their curricula to include digital leadership, cybersecurity awareness, and data-driven management. For young professionals and mid-level managers, digital-first thinking is becoming a prerequisite for career progression. Employers are looking for individuals who can operate across physical and virtual environments, manage hybrid teams, and implement digital tools that align with organisational goals. Sectoral Highlights: Education, Finance, and Tourism Three sectors in particular illustrate the depth of technological integration in 2026: Education: Cambodian schools, universities, and training centres have embraced blended learning models that combine classroom instruction with online content delivery, powered by mobile learning platforms and AI tutoring. School administrators and teachers are increasingly seen as digital-first leaders, capable of curating digital content and managing tech-enabled classrooms. Finance: Digital finance has grown exponentially. Mobile banking, peer-to-peer lending, blockchain-based remittances, and AI-driven credit scoring are transforming financial inclusion. Central Bank and fintech leaders are steering policy and product development with a digital-first lens, ensuring both innovation and financial stability. Tourism: After the pandemic-driven slump, Cambodia’s tourism sector has bounced back by integrating digital booking systems, smart tourism apps, and immersive VR experiences of cultural sites. Digital marketing strategies led by tourism boards and private operators are helping to reposition Cambodia as a premium, tech-forward destination in Southeast Asia. Challenges and the Road Ahead Despite these promising developments, digital-first leadership in Cambodia still faces challenges. Infrastructure gaps persist in rural areas, digital skills are unevenly distributed, and cybersecurity threats are rising. Moreover, leadership mindsets are still evolving — not all institutions are prepared to abandon hierarchical, paper-based decision-making processes in favour of agile, data-driven models. To sustain momentum, Cambodia needs continued investment in digital education, inclusive broadband access, regulatory reform, and public-private collaboration. Digital-first leadership in 2026 is not about replacing human judgment with machines, but rather empowering leaders at all levels to leverage technology with vision, responsibility, and adaptability. In conclusion, Cambodia in 2026 is moving steadily toward a digitally integrated future. The most effective leaders are those who view technology not as a tool but as a strategic enabler — rethinking how they lead, how they deliver value, and how they prepare their organisations for a world where digital is no longer optional.

Welcome to a unique and exclusive peek into the bustling business community of Cambodia. The Cambodia Leadership Review is your go-to platform for all things related to the expat business leaders in this vibrant country. Our website is dedicated to showcasing the personalities that drive the economic growth in Cambodia, both local and foreign. We are committed to bringing you the latest news and events surrounding these influential individuals and their organizations. As a new startup, we take pride in offering a fresh perspective on the Cambodian business landscape. Our unique selling point lies in providing an inside look into the world of Cambodian business leaders, giving you insights that you won't find anywhere else. From networking events to charity drives, our platform covers a wide range of activities happening within the Cambodian business community. Our engaging articles provide you with a glimpse into the personalities behind the organizations, shedding light on their achievements and contributions to the local economy. Whether you are a seasoned executive or an aspiring entrepreneur, the Cambodia Leadership Review has something for everyone. Stay tuned for in-depth profiles, exclusive interviews, and captivating stories that highlight the dynamic nature of the Cambodian business community. Join us on this exciting journey as we explore the entrepreneurial spirit that thrives in Cambodia. Discover the innovative strategies, impactful initiatives, and inspiring leaders that make this country a hub for business and innovation. Come be a part of our growing community and gain valuable insights into the world of Cambodian business. Keep up with the latest trends, developments, and success stories that shape the business landscape in Cambodia. Thank you for visiting Cambodia Leadership Review, where the spotlight shines on the driving forces behind the Cambodian business community.

aniel Simon is a seasoned luxury hospitality executive with over 30 years of international experience, currently serving as the Managing Director of Rosewood Phnom Penh in Cambodia. Career and Background Born in Sweden, Daniel began his professional journey as a logistics officer in the Swedish Army before transitioning into the hospitality industry. He holds a bachelor's degree in Hotel and Restaurant Management from the Conrad N. Hilton College at the University of Houston. His extensive career includes leadership roles at prestigious establishments such as Four Seasons Hotels & Resorts, where he served in various capacities including Director of Food & Beverage in Bali and General Manager in Tokyo. He also held the position of Hotel Director at Celebrity Cruises, overseeing operations across Asia, Alaska, the Caribbean, and Europe. Further roles include General Manager positions at W Koh Samui and Anantara Siam Bangkok Hotel. Leadership at Rosewood Phnom Penh Appointed in 2021, Daniel has been instrumental in elevating Rosewood Phnom Penh's status in the luxury hospitality sector. Under his leadership, the hotel has received numerous accolades, including being named the #1 Hotel in Asia by Travel + Leisure in 2023. He emphasizes genuine human connections in hospitality and has focused on staff development, promoting local talent to leadership positions . Community Engagement and Sustainability Daniel is committed to community outreach and sustainability. He has initiated programs such as paid internships for local youth and partnerships with Cambodian farmers to supply the hotel with fresh produce. The hotel boasts an on-site hydroponic garden that provides 70% of its leafy vegetables, reflecting his dedication to sustainable practices. Industry Recognition In recognition of his contributions, Daniel was named among the "Top 50 International Voices in Cambodia" by the Cambodia Leadership Review in 2025. He also serves on the executive committee of the International Business Chamber of Cambodia, highlighting his influence in the country's business community . Cambodia Investment Review+1Cambodia Leadership Review -+1 Cambodia Business Chamber+1Cambodia Investment Review+1 For more insights into Daniel Simon's perspectives on luxury hospitality and his role at Rosewood Phnom Penh, you can watch the following interview: