Phnom Penh is becoming hip
Interestingly, the low costs and almost nonexistent paperwork burdens have attracted entrepreneurs from around the world to Cambodia’s capital, Phnom Penh. This article from the New York TImes focuses on the new and very hip restaurants being opened by ambitious foreigners.
Do you know why the Tea Party has had some success in the United States? Because they have a very important point: the taxes and regulations we have in our country just make it a tough place to do business. If a country adopts a very libertarian approach to attracting investment, even with a very bad history, talented investors will flood the country with great ideas for new businesses. It’s really not that complicated.
And in this case everybody wins. Cambodia gets badly needed foreign investment. The people get good-paying (by Cambodian standards) jobs. Tourists get a vibrant and exciting place to visit. That makes more tourists come, and that encourages more businesses to open.