Business TimesThursday, January 22, 2009
MALAYSIA's Baker Tilly Monteiro Heng, one of only 21 approved international audit firms in Cambodia, says the kingdom's developing economy is a good investment destination amid the global economic downturn.
"We are excited with the market potential in Cambodia. Our new office is launched to assist international corporations in the country," Baker Tilly executive partner Andrew Heng said in a statement.
Baker Tilly partner Lock Peng Kuan added that investing in a developing market like Cambodia is a good strategy in view of the global economic slowdown.
The Cambodian stock exchange is planning to launch in December 2009.
The audit firm is hoping to capture a portion of the pre-IPO (initial public offering) transactions in the privatisation of enterprises as well as the international corporations, Lock said.
Baker Tilly's Phnom Penh office was launched last week.
Hong Panharith, inspector-general to the Ministry of Foreign Affairs was the guest of honour. It was also attended by Bun Honn, the Ministry of Justice's secretary of state and Teh Sing, president of the Malaysia Business Council of Cambodia.
Three Baker Tilly group partners - Heng, Lock and associate partner Joe Heng - have been admitted as certified public accountants and approved auditors with Kampuchea Institute of Certified Public Accountants and Auditors.
"We hope Baker Tilly Monteiro Heng's presence would contribute to the growth of corporate governance in the Cambodian commercial sector and in the large economy," Panharith said.
Since the early 1990s, Cambodia has enjoyed over a decade of high average economic growth at an average 7.1 per cent per annum, government officials said.
This is driven largely by the construction and tourism sectors and, since the late 1990s, a rapidly emerging garment sector.
Government officials said there is an increase in private investment in response to an improved investment climate, as government reforms begin to show results.
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