Discuss about the Phnom Penh for Finance and Management Sciences.

In this particular article, it is stated that a major part of the Cambodian population is involved in small business and enterprises rather than being a paid employee. It has resulted in a major economic development in Cambodia. Chhay, Mian and Suy (2015) have mentioned that in the recent times, the priority of small businesses have grown more than traditional agricultural practices and other generic services. Growth in tourism can be found as one p the reasons behind this. As there are an increasing number of tourists, therefore the local businesspersons are getting involved in entrepreneurial small businesses to increase their sale and stand independent.   

This research study has evaluated the ROI on the sample of three small businesses of recycling shop, antique shop and small restaurant in Cambodia. A standardized financial tools and techniques were used to identify the ROI and cost of investment over duration of five year. The method of sensitive analysis was by utilizing internal rate of return and total analysis of current value. The ROI was used to identify annual return and the payback period. The benefit was analyzed in five year along with the cost ratio to assess the performance of small businesses in Cambodia and if tourism played any role in it. The socio- economic factors played a part in this research, which in turn affects tourism. The research findings have recommended that the three businesses, which were selected as research sample can be suitable in gaining profit to put a positive impact on the socio- economic factors of Cambodia and influence tourism.

In this article, the authors have mentioned that, the governments in many developing countries encourage sustainable tourism. It is done irrespective of the fact that there are many restrictions and issues in the form of development strategy. Cambodia was specifically focused in this research to describe about the sustainable tourism issues in a developing country. A review of the literature and journals has been effective in understanding the upcoming challenges in the tourism sector of Cambodia. Total 77 documents were reviewed on the sustainable tourism of Cambodia, which provided opportunity for future research. The previous literature were connected to highlighting of eco- tourism or nature- based tourism, involving community for getting sustainable results, the viewpoints of the stakeholders to add value to the factors of tourism success, considering cultural tradition as the prime attraction for the tourists and significance of FDI in modifying the future growth of tourism in Cambodia. For the purpose of this research, there was an unequal balance imposed on the government norms and policies of tourism. The limitation of the research was due to the scarcity of relevant guidance on realizing the motto of sustainable tourism. Moreover, there was a gap in considering that the socio- economic and the cultural factors influenced sustainable tourism in any way. The research findings have shed light on the facts that in sustainable tourism, there is an emerging question of basic financial and social capability and the way the issues in policy are considered puts lot more stress on the demands of tourism industry. This research has paved the way for further studies on the development of Cambodian tourism sector and the resolution of the emerging issues.

Sustainable Tourism Issues in Developing Countries

The writer has mentioned in this book that tourism was and is one of the key ways by which heritage and globalization could be connected. There were several studies conducted in this matter from a long time and tourism was always conducted as a symbol of modernity and social transformation. It was mentioned in this book that the increasing growth of local and international tourism in Asia is raising question about the theoretical framework and the conceptual models introduced in the tourism sector. This research has been effective in finding out the challenges to cope with the complications of international tourism in the upcoming days. The writer has stated that one of the major players in the Asian market of tourism ids the casino and the gaming sector. The reports of the newspapers and magazines were reviewed to write this book where it was mentioned that the casino industry in Asia is raging. Therefore, Cambodia required to target in the gaming sector for enhancing their tourism industry. Phnom Penh is one of the major areas having legally registered casinos. Therefore, it has resulted in making the area a major spot for tourist attraction. The findings of the book were evaluated to focus on the fact that the increasing importance of gaming sector was an additional economic benefit for Cambodia. It was beneficial in developing the place’s urban landscape, which attracted more tourists all over the year. The limitation of the study was that it did not research anything else about the opportunity apart from the gaming and casino sector. There might have been some other attractions in the Phnom Penh area, which could have gathered tourists but there was nothing mentioned about it.

As per the survey of Expat Insider, this article was reviewed to find out that Cambodia is in the fourth position out of ten countries in welcoming the foreign visitors. The welcoming attitude of the Cambodian citizens and the friendly nature of the local people increased their percentage among all other places to stay ahead in being the most attractive tourist destination. As per the survey, it was found out that the place was suitable for expatriates to migrate because of the facilities provided to them. The research findings have showed that four out of five tourists have considered the welcoming attitude of the locals as the prime factor behind their visit to that place. According to one official of the Cambodia National Tourism Alliance, they might not have beautiful and decorated spots but the generous smile of the local people is something unique that is not available in other areas. A press conference was held at the Chinese embassy of Phnom Penh to amend the policies properly for attracting more tourists. The article has focused on the economic benefit of the place due to frequent tourist visit, which was around $3.63 billion revenue in 2017 by increasing at a rate of 13.3% from 2016. Among the foreign tourists, Chinese travelers topped the list in visiting Cambodia with 1.2 million in 2017. The country is expecting to welcome around 6 million foreign tourists in 2018. This prominent survey conducted on the tourism in Cambodia provided a detailed analysis about tourism by collecting responses from 12500 individuals of 166 different nationalities living in 188 countries. This welcoming nature of the local people of Cambodia made it one of the heritage sites of UNESCO. It has resulted in offering more tourist attractions and putting a positive impact on the economy of the country. 

Importance of Gaming Sector in Tourism Industry

In the article of the Cambodia Daily, it was reported that Cambodia is one of the rapidly developing tourist destination in the world. Reports and statistics have proved that around 3000 people have visited the place in the first five months of 2017. It was found out that this prominent tourist destination has the capability to enhance ecotourism by providing a clear list of its offerings. The tourism authorities in Cambodia are concerned about the ways by which it can be developed further to promote eco- tourism at par with the functions of the private sector. The research findings have focused on the fact that the tourist visits to the coastal areas and the ecotourism sites have increased at the rate of 6% in 2014 and 2017. It has left behind the growth of general tourism by 11% as revealed by the statistics of the Tourism Ministry. With the increase in tourism, the tourist visits to mountain areas have started increasing. The tourism company offices situated in Phnom Penh have faced an increase of 30% in mountain trekking and home stay packages. As per the review of an official, it was found out that in overall business, Cambodia has lost to Europe but succeeded them in terms of nature tourism. Therefore, it can be evaluated that the nature tourism in Cambodia is proving to be beneficial for the country so they should put more effort in securing the top position by restructuring the urban landscape and properly maintain the tourist sites.

This article has focused on the number of visiting tourists in Cambodia during 2017. The number was approximately 1.5 million in the first quarter, with an increase from 1.3 million in the year 2016. According to career report published in everjobs.com.kh, the tourism sector has experienced exponential growth by posing positive impact on the economy, industries and employment of the country. The report has revealed that this growth is dominant since the late 1990s and the early 2000. This positive impact on the employment of the country has been beneficial in seeking local talents to cope up with the hospitality requirements of the visiting tourists. As per the recent statistics it was found out that, the hospitality industry in Cambodia is the leading employer in the country for the past 3 years. From 2015, the job portals have posted for 5400 vacancies, which is quite in contrast to the earlier years. The benefit was experienced from both the ends as the hospitality industry was in not only the top of employing list but also the most looked for category in job searching. In three years, there were 17000 job applied in the hospitality sector. The positions of receptionist and waiters demanded more employees with 2000 and 1000 applications received respectively. The findings revealed that the job opportunities in the hospitality sector revolved mostly in the prominent areas such as Phnom Penh. It was a benefit for this place and they became the leading hirers of employees in the tourism sector. It has resulted in enhancing the tourism facilities of the place and posed a significant economic impact. The research findings were analyzed to consider Phnom Penh as one of the potential tourist attractions in the coming days along with being a major employer of new talents.   

B2B CAMBODiA. (2018). Cambodia Smiles For Foreigners | B2B CAMBODiA. [online] Available at: https://www.b2b-cambodia.com/news/cambodia-smiles-for-foreigners/ [Accessed 27 Apr. 2018].

B2B CAMBODiA. (2018). Hospitality Continues To Drive Cambodian Employment | B2B CAMBODiA. [online] Available at: https://www.b2b-cambodia.com/news/hospitality-continues-to-drive-cambodian-employment/ [Accessed 27 Apr. 2018].     

Carter, R.W., Thok, S., O’Rourke, V. and Pearce, T., 2015. Sustainable tourism and its use as a development strategy in Cambodia: a systematic literature review. Journal of Sustainable Tourism, 23(5), pp.797-818.

Chhay, L., Mian, M.M. and Suy, R., 2015. A comparison of small businesses costs and returns in developing socioeconomic: A study in phnom penh, Cambodia. International Journal of Economics, Finance and Management Sciences, 3, pp.406-10.

Sokunthea, H. (2018). Industry Experts Say Ecotourism Has Potential to Expand – The Cambodia Daily. [online] The Cambodia Daily. Available at: https://www.cambodiadaily.com/business/industry-experts-say-ecotourism-has-potential-to-expand-132411/ [Accessed 27 Apr. 2018].

Winter, T., 2010. Heritage tourism. Heritage and globalisation, p.117.