Cambodia holds construction, property expo as construction sector booms

PHNOM PENH (Xinhua) -- An international construction and property exhibition kicked off here, in the capital city of Cambodia, on Wednesday as the country's construction continued enjoying strong growth, officials said.

Andrew Siow, chief executive officer of AMB Event-Cambodia, which organized the expo at the capital's Diamond Island Exhibition Center, said more than 300 companies from 23 countries and regions have their construction and property products displayed at the three-day event.

Im Chhun Lim, minister of Land Management, Urban Planning and Construction, said the expo was a large international event in Cambodia and would contribute to the development of Cambodia's construction, which has seen a rapid growth in recent years.

He said the country received a total investment of nearly 2.8 billion U.S. dollars in construction last year, up 31 percent year- on-year. Moreover, in the first five months of this year, the country attracted an additional 1.54 billion U.S. dollars in the sector, a 210 percent rise over the same period last year.

"The expo is an important forum for companies to showcase their products and to seek business partners," he said. "It is also a chance for property developers to find the latest technology in construction sector."

Currently, 559 construction companies, including 165 foreign developers, are doing businesses in Cambodia.

Pung Kheav Se, chairman of the Cambodia Constructors Association, said there was a remarkably rapid growth in construction industry in Cambodia within the past five years, particularly in Phnom Penh City.

"We notice that there are lots of high-rise buildings such as commercial and office buildings, banks, shopping malls, hotels and residential units in Phnom Penh," he said.

He attributed the strong growth to the country's political stability, sound macroeconomic stability and favorable conditions for investors.

Construction is one of the four pillars supporting the economy. Most foreign investors in the sector are from South Korea, China, Japan, Malaysia, India and Vietnam.