"There're no restrictions in the Cambodian government," LSH Cambodia director Ng Chor Yee told the Singapore-based broadcaster. "There used to be a requirement where 51 percent owned by a Cambodian but it has since been changed."
Ng, whose company supplies hotels and restaurants, said there was no better time for Singapore companies to start operating in Cambodia.
"Cash remittance is much easier as compared to other countries like Vietnam," he said. "Cambodia is still developing so there're still a lot of areas to tap into, areas like infrastructure, road building, bridge building, mining, oil and gas.
"Business people just have to, if they're interested, look into what Cambodia has to offer for their own and then come in and invest and make their money."
John Lim, a Singaporean who has been operating a mechanical and electrical company in Phnom Penh for 14 years, said there were still misconceptions about Cambodia.
"A lot of people still feel that this place is still not safe and still thinking that this place is still a cowboy town," he told the broadcaster. Lim added, however, that he found Cambodia "a very safe place for people to come and to invest and to do business here.
"I would also like to give advice to some Singaporeans whom I feel they should start coming in now or else, it'll be too late. There're a lot of investors already coming in like Koreans, like the Chinese. Because now it's growing very fast."
The report said Singapore invested almost $200 million in Cambodia in 2011, making it the ninth-largest source of foreign direct investment.
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