TOURISM SECTOR IN CAMBODIA

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1 TOURISM SECTOR IN CAMBODIA PHNOM PENH SECURITIES FIRM PLC. No. 32, Monivong Bld, Phnom Penh, Cambodia Tel: Fax: Website: In this Paper: Executive Summary Page 01 Overview of Cambodia Economy and Tourism Page 02 Tourism in Detail Page 03 Hotel And Relevant Business In The Sector Page 06 Challenges and Opportunities Page 07 Tourism Development Strategic Plan Page 09 EXECUTIVE SUMMARY After the first special tourism report published in 2011, this is the second and updated report which shows about the current development and new information data of Cambodia tourism sector. Currently, this sector is the third largest sector of Cambodia economy after the agriculture and garment sector, and the second contributor of foreign earning after the garment sector. For the year 2012, revenue from the sector reached US$2.2 billion, an increase of 15% compared to the previous year, represent 15.7% of the total GDP of At the same time, international tourists arrival also posted 24% rise, to 3.5 million in This significant growth has been contributed from the increasing of political stability, an improvement of tourist destination as well as the promotion of Cambodia to the rest of the world. However, going along with our potential growth, there are series of challenges which needs hard effort and participation from relevant stakeholders including government and private sector. Nonetheless, interpret from this obstacles, this could be an opportunity for investors who favors to gain potential return. The investment areas could be placed in the accommodation, food and beverage as well as the infrastructure. 24 June P a g e

2 OVERVIEW OF CAMBODIA ECONOMY AND TOURISM SECTOR After a growth slow of Cambodian economy amid 2009 impacted from the world financial crisis, this country has rebound to its high growth rate, and considered one of the highest growth rate in Asia. According to the data from the Asian Development Bank, among the last three years, Cambodia has an average growth rate of 6.7%, and the GDP reached US$14 billion in This robust growth is driven by consumption and investment, plus the strong point of four major sectors; garment sector, agriculture, construction and the tourism. According to the Ministry of Economic and Finance, for the garment sector, the growth was around 9.2% in 2012 while the rise of agricultural production was 4.3% and construction sector 6%. As Cambodia economy continues its fruitful, tourism sector is also expected to growth gradually. For the tourism sector, it is also performing well. In 2012, the growth of this sector reached until 15% higher compared to the previous year. At the same time, the rate of hotel and restaurant industry also posted 12.5% rising. Accordingly, due to strategic plan of raised by Royal Government of Cambodia in continuing support the robust and promising of tourism industry, this sector is expected to grow significant well in the coming years. Figure 01: Cambodia Real GDP Cambodia Real GDP in M$ 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 - Source: Ministry of Economy and Finance 24 June P a g e

3 TOURISM IN DETAIL Cambodia plans to attract 7 million foreign visitors by 2020, which generate tourism receipt around US5$ billion. This plan then was revised to 7.5 million. Tourism Receipt: Even the world has been in the path of growth slow including the major sluggish growth in the United States, debt crisis and economic downturn in euro zone, the slow rise of China, Cambodia tourism sector still performed well in According to the data from Tourism Ministry, revenue from the sector was US$2.2 billion in 2012, an increase around 15% compared to the previous year. As the figure shown, direct contribution of travel and tourism represented 15.7% of Cambodia GDP in It has been reflected from the political stability in the region, improving safety, sound macroeconomic growth, increasing development of tourism destination, the rising supply of accommodation as well as raising awareness of the world to look at Cambodia. Figure 02: Tourism Receipts/ GDP It is estimate that travel and tourism accounts for 9 percent of GDP and employment worldwide. 20.0% 15.0% 10.0% 5.0% 0.0% Share to total GDP Travel and tourism directly employs 9.3 million people or 3.3% of total employment worldwide and indirectly support some 25 million jobs. Employment: Besides adding share to the GDP, this sector also generates significant of employment, and expected to climb up gradually. According to the report of World Travel and Tourism Economic Impact 2013 from the World Travel and Tourism Council, this sector produced 782,500 jobs directly in 2012, (9.7% of total employment) and also forecast to grow by 6.1% in 2013, which represents 10.1% of total employment. This figure included the employment by hotels, travel agents, airlines and other passenger transportation service. Figure 03: Employment Generated Figures Source: World Travel and Tourism Economic Impact June P a g e

4 In the first quarter of this year, Cambodia received 1.1 million international tourists, an increase of 18% compared with the corresponding period last year. International Tourists Arrival: International Tourists arrivals rose by about 24% to 3.5 million in 2012, and tourism receipts increased by 15%, reached US$2.2 billion. Significantly, after the world financial crisis in 2009 when the growth was only 1.7%, arrival growth rate has been rising gradually, in an average of 18% annually. At the same time, following a contracted of 2.1% of tourism revenue in 2009, Cambodia also grabbed a growth in an average of 12% in the last three years. In addition, as the table shown in 2012, the average length of stay has been decreased to 6.3 days while the hotel occupancy rate increased to 68%. Since this rate has been on the path of rising and based on Ministry of Tourism Development Strategic Plan , Cambodia is expected to attract 7 million visitors and generate revenue of US$ 5 billion a year by Figure 04: International Tourist Arrivals from 2000 to 2010 According to the new figure from tourism minister, foreign visitors already reach 1.5 million by April Year International Tourist Arrival Tourism Receipt in M$ Number Change in % Amount Change in % Average Length of Stays (Days) Hotel Occupancy % , , % % , % % , % % ,055, % % ,421, % % ,700, % 1, % ,015, % 1, % ,125, % 1, % ,161, % 1, % ,508, % 1, % ,881, % 1, % ,584, % 2, % Cambodia expects to have 4.2 million of foreign visitors in 2013, a revive figure after initial forecast of 3.8 million. 4,000,000 3,500,000 3,000,000 Figure 05: Graph of Int Arrival and total Receipt Int' Arrival and Tourism Receipt in ,500 2,000 2,500,000 2,000,000 1,500,000 1,500 1,000 1,000, , Int' Tourist Arrival Tourism Receipt in M$ 24 June P a g e

5 Mode by Arrivals: In 2011, travel by air hold the 51% of international visitor s arrival to Cambodia, follow by land and waterway. Nonetheless, in 2012, those values have been changed. Travel by land grabbed the majority, in 50% while the travel by air was only 48% of total means. This road increasing might be attributed by the improved of national road as well as the easy access to Cambodia via international borders. Significantly, in term of air arrival, we could see the Siem Reap International Airport could welcome more international arrivals than Phnom Penh International Airport, 29% and 28% in 2011 and 2012, respectively. Figure 06: Mode of Visitors Arrival In the first three months, international arrived through both international airport made up 52.1%, arrived by land 45.7% while arrival by water constituted 2.1%. Mode of Arrival Visitor's Arrival Share (%) Share (%) Change (%) /2011 Air 1,304,300 1,480,407 1,722,083 51% 48% 16% Phnom Penh Int' Airport , ,584 22% 20% 11% Siem Reap Int' Airport ,172 1,005,499 29% 28% 20% Land and Water Ways 1,203,989 1,401,455 1,862,224 49% 52% 33% Land ,320,311 1,785,726 46% 50% 35% Waterway ,144 76,498 3% 2% -6% Total 2,508,289 2,881,862 3,584, % 100% 24% Since China is the third largest foreign visitors, Cambodia plans to attract 600,000 Chinese tourists by 2015, and 1.3 million by Purpose and Type of Visitor: Among all international arrivals in 2012, 91% were fore leisure travel, while 4.6% and 3.6% were for business and other purpose, respectively. In addition, Cambodia is visited most by national from neighboring countries in ASEAN and East Asian tourist, followed by the United States and European travelers. According to the official data, Vietnamese nationals are the top visitors to Cambodia; representing 21% of total arrivals in 2012, followed by South Korean at 11%, 9% for China and Laos was 7%. Figure 07: Top Ten Visitor s Arrival to Cambodia Top Ten Arrivals to Cambodia in 2011 and , , , , , , , ,000 - Vietnam Korea China Lao PDR Thailand Japan USA France Australia Malaysia , , , , , , , , , , , , , , , , , , , , June P a g e

6 Figure 08: Domestic and Foreign Spending in 2012 Research Paper According to 2013 Travel and Tourism Report, domestic travel spending generates 28.1% of the total spending compared with 71.9% of foreign visitors. Among this data, domestic spending is expected to grow by 8.5% while foreign receipt grows by 12.2% in Domestic and Foreign Spending 2012 Foreign Visitor Spending Domestic Spending 28% 72% Source: World Travel and Tourism Economic Impact 2012 Figure 09: Business and Leisure Spending in 2012 Business and Leisure Spending 2012 In term of all spending, the leisure spending covered 77% in 2012, while 23% for business spending. In 2013, the leisure spending is expected to grow by 11.6% and 9.8% for business spending. Leisure Spending 23% Business Spending 77% Source: World Travel and Tourism Economic Impact 2012 HOTEL AND RELEVANT BUSINESS IN THE SECTOR Hotel Figures: Since the amount of visitors has increased gradually from 2010 until 2013, the number of hotel operating in this sector also posted an increasing. According to the data from Ministry of Tourism, from 2010 until June 2013, the hotel figure has reached 573, an increased around 30%. This large increasing witnessed from the higher flow of tourists arrival, growth of the country s economy and citizen s living standard as well as to prepare for the regional integration in Figure 10: Number of Hotel in 2010 and 2013 Year Number of Hotel June June P a g e

7 Accommodation in Top 3 Destination: The number and quality of hotel has been expanding gradually over the last few years. Among the three top destinations in Cambodia, Preah Sihanouk, the coastal area has been ranked as the most beautiful bay in the world, has the lowest number of hotels and the guest house. Significantly, this is considerable room for investors who favor in the accommodation sector. Figure 11: Hotel and Guest House in Top 3 Provinces Type of Business Cambodia Phnom Penh Siem Reap Preah Sihanouk Ville Hotel Guest House Tour Operators In the early of June, Cambodia, Myanmar, Indonesia and Philippine plan to have single visa, namely, allowing tourists to enter these countries with only one visa. Direct Fly: By this year 2013, Tourism Ministry has set a goal to have direct flight to all ASEAN countries. According to the Minister, there are only two countries missing from the schedule, Brunei and Indonesia. Beside the ASEAN states, Cambodia also has direct flight with the United Arab Emirates and European countries, namely, France and Germany. At the same time, according to daily news, the country is in the process to get direct flight with India, Macau, and Taiwan. CHALLENGES AND OPPORTUNITIES OF THE SECTOR As the country could realize the potential in the tourism sectors, there are two major series of challenges in face whether the country could manage and grab of its upcoming fruitful. The potential of the Kingdom is to attract a growing number of foreign visitors, but score of challenges need to be addressed. Revenue Leakage: Based on the official data from Ministry of Tourism, 25% of the revenue from this sector was leaked out of the country through imported foreign products to serve the country s sector. Many reports showed leakage goes through the importation of material and agricultural products from neighboring country s to supply the need of hotel and restaurant in the country. This reflection also showed the weakness of Cambodia s agricultural sectors, which accounts for 80% of total population. The restaurant owners typically turned down local s farmer products or lower price as they consider its quality to fall short of acceptable standards. Limited of Skill Resources: Besides the leakage of revenue, there is a lack of human resources and professionalism of this sector. This issue has been acknowledged by the Tourism Minister and cannot reach the phase of promoting quality in tourism. In addition, as the country moves into ASEAN integration and will receive 7 million visitors in 2020, the amount of professional will also need in double. 24 June P a g e

8 According to the ASEAN Travel and Tourism Competitiveness Report 2012 from the World Economic Forum, this shortage of resources is not only witnesses in Cambodia, but in the ASEAN regional as a whole. The number of Cambodia workers in this sector is relatively low, and that lead businesses such as hotel and restaurants to higher foreign workers, especially in higher skill positions. For Cambodia, to curb in this problem, the Ministry of Education in corporate with Tourism Minister, new curriculum covered the tourism industry, service providers and tourism sites has been proposed in grade 11 and 12 in order to boost the quality of human resources in this sector. However, apart from the above challenges, there are also opportunities. Opportunity is in term of attracting more tourists coming into the Kingdom as well as for investors. For Entire Country: As Cambodia will move into the stage of integration within the ASEAN region, there will be a free flow of people from country to country. Therefore, it is inevitable that there will be more tourists, especially from the neighboring countries and ASEAN region flowing into the Kingdom. At the same times, the revenues from this sector are expected to increase substantially, adding to the country GDP as the second largest sector earner after the garment sector. Recently, as Cambodia hosts the World Heritage Committed Meeting from June 16-27, it is really a glorious opportunity for Cambodia to show case of her rich cultural heritage to the World, plus the resourceful of its natural destination. For Investors: In term of investment opportunities, there are many areas that investors could look for. As the tourist number soar up gradually in the upcoming year, demand for hotel and restaurant will be increased either. According to Tourism Ministry, Cambodia has around 500 hotels nationwide, which could serve around 3 or 4 million tourists, but in 2020, Cambodia will have 7.5 million visitors and so Cambodia will need more than double of hotels for those tourists. At the same time, tangible infrastructure also will also in need. Currently, there are only 2 international airports, Phnom Penh and Siem Reap with few direct flies, especially from European countries with potential of high spending tourism. Besides accommodation investment, investors could look into the food and beverage sector in order to support the tourists, and especially to prevent the leakage to neighboring countries. 24 June P a g e

9 TOURISM DEVELOPMENT STRATEGIC PLAN Research Paper Recently, the government unveils its strategies to make visitors stay longer and tries to ensure that visitors who visit Asia do not miss Cambodia. Tourism is considered as the priority sector or so called the Green Gold since it has contributed in creating job opportunities, increasing people s income, boosting economic growth as well as contributing in poverty reduction. Elaborating this sector on the sustainable path, the strategic plan regards high effort to develop a whole sector of tourism, along with the improvement of eco-tourism. This strategic plan shows case about the strong will of the government in developing Cambodia tourism sector. The Tourism Development Strategic Plan clearly uncovers the vision for future tourism development in Cambodia based on six strategic directions, namely: tourism product development; tourism marketing and promotion; connectivity and travel facilitation and tourist transportation; tourism safety system; negative impact management; legal system and management mechanism; and human resource development. With this plan and certainly support from the government, investors could have more confident to grab the investment opportunity in this sector, plus the strategic location of the Kingdom. 24 June P a g e

10 Contact PHNOM PENH SECURITIES FIRM PLC. No. 32, Monivong Bld, Phnom Penh, Cambodia Tel: Fax: Website: Disclaimer Copyright Phnom Penh Securities Plc. All rights reserved. The information contained herein, including any expression of opinion, is based upon sources carefully considered and believed to be reliable at the time of publication, but their accuracy and completeness are not guaranteed. Opinions, estimates, and projections expressed in this document are fair and reasonable in the circumstances prevailing at the time, but are subject to change without notice. The use of this document shall be solely risk of the users. Directors, associates, employees and affiliates of PPS accept no liability for any damage caused by using this paper. This document may not be copied, reproduced, published or redistributed by any person for any purpose without the express consent of an authorized representative of PPS. Please cite sources when quoting. 24 June P a g e

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