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Key Kak, CAP - Chairman of the Board

Dear clients and friends,

In 2011, I quoted “Cambodia Institute for Development Study” when predicting investments development in Cambodia; three years later, my predictions proved to be correct with fair result. At the beginning of this year 2014 and as an independent observer of the economic development of Cambodia, I am going to once more take a risk and give you my prediction on the likelihood of the country’s positive evolution of its businesses and investments.

First of all, let’s take a look on the political situation of the Kingdom. We have seen the July 2013 general election followed by due democratic debates and protests. Nevertheless, the main State institutions which are the King, the Constitution and the Parliament still remain in place insuring the day- to- day running of the country. I have no doubt on the ability of Khmer politicians of all party lines to solve the problems of their difference and they all now agree on one point: to undertake thorough reform of the existing institutions to meet the needs of economic and social development of the country.

Economically speaking, Cambodia remains one of the most energetic ASEAN countries and growth rates published here and there reflect this condition. Currently, this country is the preferred place for investors for various reasons. First and foremost, Cambodia is a young country with over 67 % of its population being less than 35 years old with their talent, their labor force and their propensity to consume. In peace for over thirty years now and with the support of the international community and friends, the country was able to rebuild the basic infrastructure necessary to accompany the future development of all key economic sectors. The effort to improve the quality of human resources continues on its way and the fight against corruption is on the government's list of priorities. But what is to emphasize on this point of economic development is the range of possibilities of doing business in Cambodia: from food processing industry to tourism, from manufacturing to heavy industry, from mining to construction, financial and banking activity... Services of all kinds are growing and improving in terms of quality.

Although there are still some gray areas in my optimistic prediction above (corruption deeply rooted in the economic fabric, weak judiciary system, rule of good corporate governance remains to be improved ...), good general trend of socio -economic indicators, however, is sufficiently confirmed to ensure confidence of local and foreign investors. The Royal Government of Cambodia seems determined to focus on further reforms to correct current existing deficiencies.

I bet on the pursuit of sustainable and satisfactory economic development of Cambodia in the years to come.

Privileged partner of your business, our firm Morison Kak & Associés will always listen to you and will always be the solution to your needs. We offer our customers a wide array of services including investment advisory, valuation, merger & acquisition, financial audit, accounting and taxation. Our staff is trained on the criteria of professionalism and work on the basis of our principle: "Passion for Excellence".

Yours faithfully,



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