Page 14 - ELITE PLUS MAGAZINE Vol 3

INVESTMENT FORECAST1991, his company now owns and manages several businesses in Cambodia, among them the Sofitel Phokeethra in Phnom Penh and Siem Reap, drinking water factories and pharmaceutical companies. He also owns businesses in Vietnam, Laos and Myanmar.To invest in Cambodia, Mr Supachai said, Thai investors need to change the perception that Cambodians dislike Thais.“Cambodians are fond of Thai people and have a lot of trust in Thai products,” he said. “They believe our products are better than those of India, China or Vietnam.”Despite the advantages, Thai investors often have second thoughts about investing in Cambodia, now one of the fastest growing economies in the world. The burning of the Thai embassy and Thai-owned businesses in 2003 has had a long-term impact. The Preah Vihear temple dispute and skirmishes along the border have compounded the negative image of Cambodia among Thai investors.The situation has improved in recent years, with several high- level state visits between the two governments. In July, Permanent Secretary of the Ministry of Foreign Affairs Sihasak Phuangketkeow visited Cambodia to discuss the development of a rail link between Aranyaprathet in Sa Kaeo province and Poipet in Cambodia. The military government has raised the idea of creating special economic zones in Trat and Sa Kaeo provinces to connect with special economic zones in Poipet and Koh Kong.Thai soap operas have also returned to the airwaves. Thai soaps disappeared from Cambodian television stations after the anti-Thai riots in 2003, caused by misreported quotes by Thai soap star Suvanant “Kob” Kongying. Now Thai enter-‘Cambodians are fond of Thai people and have a lot of trust in Thai products. They believe our products are better than those of India, China or Vietnam’12 Elite+tainment is enjoying a renaissance. In September Phnom Penh’s Aeon Mall hosted a Thai film festival. Next year a “Thai Fight” will be held in the capital, with Thai and Cambodian boxers joining hands to fight four Western boxers. Thai cable operators also plan to set up cable box networks.Trade volume between the kingdoms, however, remains low. Although Thailand has a large trade surplus, Thailand ranks only eighth in terms of foreign investment in Cambodia.Jiranun Wongmongkol, minister counsellor of commercial affairs at the Royal Thai Embassy in Phnom Penh, blames a negative attitude among Thais towards Cambodia.“Thais often put labels on our neighbours,” she said. “They look at GDP and label Cambodians as poor. Cambodia is so close to Thailand that we take the country for granted. Thais often say Cambodia is very close and they can go any time they want. But the truth is that they rarely visit this country.”Many Thais are surprised when they do visit the capital or Siem Reap. Construction cranes dominate the Phnom Penh skyline. Real estate projects, department stores and malls have sprung up across the capital. Streets are clogged with vehicles and an increasing number of luxurious cars. Chinese, Japanese and South Korean businesses have been moving