What is a remittance? How does remittance affect SEAGames 32nd in Cambodia?
Remittance is now very popular in developing countries like Vietnam and Southeast Asia. In the article How remittance helps economy in Viet Nam we recognized that remittance isn’t only helping Vietnamese life but also helping our agriculture, education and even startup.
Now, that SEAGames 32nd in Cambodia has only one day left for the opening ceremony, let's discuss how remittance affects this sport festival.
First, let’s look again at what remittance is.
Remittance is the money that immigrants send back home maybe for a business, a family’s reasons, or a donation, etc.
Although for any reason, remittances always help a country's economy even the developed countries like Germany and France.
How can remittance affect SEAGames 32nd in Cambodia?
SEAGames 32nd in Cambodia will happen from 5th May to 17th May 2023 with the participation of all 11 members of ASEAN. It promises to bring many memorable moments to the people of Southeast Asia.
How did remittances affect Cambodia before SEAGames?
Although the remittance from immigrants of Cambodia dropped 1.5% last year to $1.2 billion, according to the most recent figures of Phmompenh Post magazine. It’s still so big amount far (about 10 times) from the budget that Cambodia spends to organize SEAGames 32nd (only $118 million).
That can show you how important remittances to Cambodia are in this SEAGames. They could help Cambodia’s government mobilize more capital to invest in this sports festival. They could also fund rebuilding the transportation system and accommodation for athletes in the best way.
Moreover, through this sports festival, Cambodia's image in the eyes of international friends has a chance to be improved and it contributes to the development of tourism in this country.
SEAGames is also a chance for Cambodia to bring their national culture to international friends, such as some sports appearing for the first time at SEAGames such as Kun Khmer martial arts.
With this huge number of remittances, Cambodia’s government could have more reserve budget to make full use of those strengths and prepare better for the opening ceremony to happen well.
How does remittance affect not only Cambodia but also all Southeast Asia countries in SEAGames?
“Road to Cambodia”, that's the slogan that all Southeast Asian countries are using right now. Every athlete who comes to this SEAGames wants to win the gold medal for not only the pride of the individual but also the pride of the nation.
At the same time, the cash flow between Cambodia and Southeast Asian countries will be increasing during this SEAGames.
That is also the reason why remittances are very important for both Cambodia and Southeast Asia in this SEAGames.
To Cambodia
This is the first time many Cambodian immigrants will return to their home country to support their home athletes, or they will be able to have a voice so that the country they are immigrating to will buy the SEAGames rights and show them to them.
So, a huge number of remittances will be run to the Cambodian national budget from these activities during the SEAGames.
To other Southeast Asia nations
The immigrants from other countries in Cambodia can watch directly the SEAGames, they will want their relatives to come with them, or in their countries have TV copyright SEAGames for them to watch. So, they will spend more remittances to make those things come true.