Businesses in Taipei’s Yongkang Street (永康街) shopping district have set their sights on Cambodia and are looking to establish a foothold in the Southeast Asian nation, an executive of the Taipei Dongmen Yongkang Business Circle Development Association said on Saturday.
Association head Liu Hung-hsiang (劉鴻翔) said that the shopping district is well-known among foreign visitors to Taiwan and it is time for businesses in the area to extend their reach overseas.
Lin is in October to lead a delegation of representatives from more than 10 local businesses to Cambodian cities, including Phnom Penh, to survey the market there.
The businesses are expected to make use of their expertise in the nation as soon as next year.
The shopping district in downtown Taipei covers Yongkang Street (永康街), Lishui Street (麗水街), Jinhua Street (金華街) and Xinyi Road (信義路).
One of the anchor shops in the area is Din Tai Fung (鼎泰豐), a well-known steamed dumpling restaurant, whose Hong Kong branch was awarded one Michelin star in the Hong Kong and Macau 2010 edition of the Michelin Guide.
The shopping district received a boost from the 2012 opening of the Sinjhuang MRT Line, which allows foreign visitors to reach the area via Dongmen MRT station.
Liu said that most Taiwanese businesspeople tend to focus on China as the optimal place to expand overseas because of the shared language and culture.
However, his vision transcends language and he has been impressed by the potential for economic growth in Cambodia, Liu said.
Last year, Cambodia’s GDP grew 7.2 percent annually following a 7 percent increase in 2015.
Annual GDP growth in Cambodia averaged 7.63 percent between 1994 and last year, hitting an all-time high of 13.3 percent in 2005.
Some Taiwanese banks have set up branches or offices in Cambodia, Liu said, adding that he does not expect any problems for operators in the shopping district in their access to funds.
Cathay United Bank (國泰世華銀行), First Commercial Bank (第一銀行), Mega International Commercial Bank (兆豐銀行) and Taiwan Cooperative Bank (合庫銀行) have branches in Cambodia, while Shanghai Commercial and Savings Bank (上海商銀) has a representative office there, according to the Financial Supervisory Commission.
Liu said the association will finalize its investment plan the trip.
Efforts to develop a similar business district in Cambodia would create a new tourist attraction there, due to Yonkang Street’s reputation among foreign tourists, Liu said.
According to the association’s Web site, the area has more than 130 businesses, including restaurants, bakeries, fashion stores, jewelers, banks and cosmetic clinics.
Many shops in the area have applied to use mobile payment platforms, such as Apple Pay and Android Pay, while third-party e-payment methods, such as EasyCard (悠遊卡) and Alipay (歐付寶), are also accepted.
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