Because of prudent government policies and strong political leadership, Cambodia’s economy has strengthened over the last few years, with its GDP (gross domestic product) growing from 5.2% in 2022 to 5.8% as of this year.
The Asian Development Bank, in its April 2024 forecast, expects Cambodia to continue on this upward trend and achieve 6% GDP growth by 2025. Meanwhile, the United Nations, in this year’s triennial report, hopes to see Cambodia graduate from its Least Developed Country classification by 2027.
Having achieved economic stability, Cambodia has attracted more foreign direct investment. With the support of the World Bank, it secured millions of dollars in financing to develop its infrastructure and industrial sector. In its Cambodia Economic Update, the World Bank also identified the country’s three largest export markets: the U.S. (31.4%), ASEAN (28%) and Europe (14.3%).
Interestingly enough, the robust economic activity is not fueled mostly by the export sector but by investment in infrastructure. Among the local companies benefitting from this construction boom is Phnom Penh-based engineering firm Lotus Green Team.
“Our projects are industrial sector-driven. Last year, we started work on the Techo Takhmao International Airport in Phnom Penh. We offer our support in the mechanical electrical and plumbing engineering services for both Cambodian and international customers including Japanese, and Chinese” said Managing Director Leang Y Hong.
Hong has observed a noticeable change in foreign investment interest, which has shifted from garment, textile and footwear exports to non-garment manufacturing, logistics, hospitality, and energy projects, providing Cambodia with important infrastructure to achieve sustainable economic growth.
Certain that more investment projects will come shortly, Lotus Green Team has committed itself to providing world-class service, knowing that a reputation for excellence will deliver more projects.
My training in Japan inspired me to adopt the kaizen philosophy. That is one of our core values: to keep improving and learning. I was inspired by successful Japanese companies and try to emulate their high standards.
Lotus Green team Managing Director Leang Y Hong
Hong founded the company with a handful of friends 12 years ago and built it into a reputable organization with more than 600 colleagues.
Lotus Green Team has worked with various global brands, suppliers and partners in construction services. The company was admitted as a member of EuroCham Cambodia, Cambodia-Japan Association for Business and Investment, and ASHRAE, an affirmation of its world-class status.
As a sub-contractor, Lotus Green Team provided advanced solutions in the ventilation, air conditioning, electrical, and plumbing systems of more than a hundred projects in Cambodia, including, Phnom Penh International Airport, Siem Reap International Airport, Sihanouk International Airport, Angkor Animal Kingdom, Exchange Square, Holiday Palace Novotel, Hyatt Regency Hotel, Courtyard Hotel, Park Hyatt Hotel, Toyota Cambodia’s head office, Maline Office, Hanuman Beer Factory, and Cambodia Beer Factory.
With its commitment to practicing “Engineering for a better Cambodia,” Lotus Green Team is one to watch in the revitalized Cambodian economy.
