Cambodia wants Sweden’s Ikea and Volvo invest in Cambodia

Cambodia is calling on Sweden to invest in the country’s furniture production and vehicle assembly industries, it surfaced from a recent meeting between Cambodia’s minister of commerce, Pan Sorasak, and Sweden’s ambassador to the country, Björn Häggmark.

In particular, Sorasak proposed that two of Sweden’s largest companies, furniture giant Ikea and truck manufacturer Volvo, could “take advantage of investment opportunities in Cambodia.”

In addition, Swedish businesses and investors could generally look for opportunities in Cambodia in areas such as manufacturing and assembling, as well as food processing, he said.

Sorasak further noted that Cambodia and Sweden already have cooperations in key areas, including trade, education, civil service capacity building and public-private partnership support.

The ambassador said that Cambodia’s economy has been able to grow due to its adherence to a multi-lateralist system and the establishment of regulations covering the private sector and foreign investment.

Ikea on expansion drive in Southeast Asia

Ikea is the world’s largest furniture retailer and currently on an expansion drive in Southeast Asia. Its products are mainly made by contract manufacturers and supplier from across the world. Ikea now has more than 400 branches in 49 countries, including regional stores in Singapore, Malaysia, Thailand and the latest in the Philippines.

Sweden’s Volvo today is mainly a truck and bus maker after the company sold its car business in 1999. The company also produces construction equipment and engines.

Trade volume still limited

Bilateral trade volume between Cambodia and Sweden in 2020 was $64 million, but the pace appears to be slowing. It stood at $23 million in the first five months of this year.

Swedish imports from Cambodia are dominated by clothing and shoes, while Swedish exports to Cambodia are more diverse, consisting largely of engineering products, machinery and equipment, as well as cardboard and paper.

Among Swedish companies, H&M and micro-insurance company Milvik have offices in Phnom Penh, while Ikea buys goods from Cambodia. There are also several Swedish entrepreneurs, especially in the tourism industry, working in Cambodia.



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Cambodia is calling on Sweden to invest in the country’s furniture production and vehicle assembly industries, it surfaced from a recent meeting between Cambodia’s minister of commerce, Pan Sorasak, and Sweden’s ambassador to the country, Björn Häggmark. In particular, Sorasak proposed that two of Sweden’s largest companies, furniture giant Ikea and truck manufacturer Volvo, could “take advantage of investment opportunities in Cambodia.” In addition, Swedish businesses and investors could generally look for opportunities in Cambodia in areas such as manufacturing and assembling, as well as food processing, he said. Sorasak further noted that Cambodia and Sweden already have cooperations in...

Cambodia is calling on Sweden to invest in the country’s furniture production and vehicle assembly industries, it surfaced from a recent meeting between Cambodia’s minister of commerce, Pan Sorasak, and Sweden’s ambassador to the country, Björn Häggmark.

In particular, Sorasak proposed that two of Sweden’s largest companies, furniture giant Ikea and truck manufacturer Volvo, could “take advantage of investment opportunities in Cambodia.”

In addition, Swedish businesses and investors could generally look for opportunities in Cambodia in areas such as manufacturing and assembling, as well as food processing, he said.

Sorasak further noted that Cambodia and Sweden already have cooperations in key areas, including trade, education, civil service capacity building and public-private partnership support.

The ambassador said that Cambodia’s economy has been able to grow due to its adherence to a multi-lateralist system and the establishment of regulations covering the private sector and foreign investment.

Ikea on expansion drive in Southeast Asia

Ikea is the world’s largest furniture retailer and currently on an expansion drive in Southeast Asia. Its products are mainly made by contract manufacturers and supplier from across the world. Ikea now has more than 400 branches in 49 countries, including regional stores in Singapore, Malaysia, Thailand and the latest in the Philippines.

Sweden’s Volvo today is mainly a truck and bus maker after the company sold its car business in 1999. The company also produces construction equipment and engines.

Trade volume still limited

Bilateral trade volume between Cambodia and Sweden in 2020 was $64 million, but the pace appears to be slowing. It stood at $23 million in the first five months of this year.

Swedish imports from Cambodia are dominated by clothing and shoes, while Swedish exports to Cambodia are more diverse, consisting largely of engineering products, machinery and equipment, as well as cardboard and paper.

Among Swedish companies, H&M and micro-insurance company Milvik have offices in Phnom Penh, while Ikea buys goods from Cambodia. There are also several Swedish entrepreneurs, especially in the tourism industry, working in Cambodia.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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