New car market shifts to top gear in Cambodia
New car market shifts to top gear in Cambodia
The automotive market in the Kingdom is experiencing a period of significant growth presenting a promising opportunity for manufacturers and distributors of new cars, particularly those offering affordable models.
As the country’s economy continues to expand and the middle class grows, there is a growing demand for personal transportation.
Ngorn Saing, CEO of RMA Cambodia, said the market of new cars has potential in Cambodia, especially for new types of cars that are affordable.
“Cambodia has the potential in the automotive sector, especially new cars with better safety standards,” Saing said during a meeting with Cham Nimul, Minister of Commerce, on Tuesday.
He appreciated the Ministry of Commerce for paying close attention to the private sector and always cooperating closely in trade facilitation.
RMA Cambodia plans to organize auto exhibitions in the capital and provinces. The firm invests in the Ford assembly plant in Krokor district, Pursat province.
Nimul lauded RMA Cambodia’s contribution to the government in creating jobs and imparting training to locals at the FORD assembly plant in Pursat province and other investment projects.
The minister also apprised the RMA Cambodia delegation about the official roadmap for the development of the automotive and electronics sector in Cambodia.
Additionally, she informed the government’s stand on promoting, modifying as well as modernizing the industrial structure in Cambodia from a labour-intensive industry to an industry based on skills to become a center for the assembly of automotive components for export to regional and global markets.
The target of the roadmap is to expand the export of the automotive sector by around $500 million and of the electronics sector by around $1.6 billion while generating around 10,000 new jobs in the automotive sector and around 16,000 new jobs in the electronics sector by 2027.
Cambodia’s vehicle import is experiencing a significant shift in 2024 amid the recent launch of several automobile assembly plants in the country.
According to data from the General Department of Customs and Excise (GDCE), the total value of imported vehicles between January and April 2024 reached $496 million, down 12.8 percent compared to the $568 million recorded during the first four months of 2023.
Currently, Cambodia has six auto assembly plants, four of which are already operational and two others are preparing for operation, according to a report of the Ministry of Industry, Science, Technology and Innovation.
