According to the data released from the ministry of commerce, the number of new business opened in 2008 decreased due to the world economic crisis and downturn of Cambodia’s growth domestic product.
There were 2,744 new business in 2008 registered with the ministry of commerce, 2,826 new openings in 2007 and 1,670 new openings in 2006. In the first month of 2009, there were 159 new business registered with the ministry which puts Cambodia on pace to register only about 1,850 new business this year.
The ministry’s data reported that in the period from 1988 to Jan 30, 2009, 18,910 businesses opened but 1,561 businesses closed their door.
Commerce Ministry of Secretary of State Chan Nora quoted by the Cambodia Daily said that the global economic slump would not be a factor in this year’s new business openings. He added that “the world financial crisis is not the cause of slow registration because businessmen always compromise for the long term.