Investment Hightlights
Cambodia Weekly Financial News May 01~05, 2023
2023-05-06View Times｜ 1085
Cambodia Weekly Financial News
May 01~05, 2023
01 May 2023
Credit guarantee SOE, top trade body in MSME tie-up
State-owned Credit Guarantee Corporation of Cambodia Plc (CGCC) and Cambodia Chamber of Commerce (CCC) are joining forces to foster better access to guaranteed loans for the development of the Kingdom’s micro-, small- and medium-sized enterprises (MSME), and to provide support to these smaller businesses, “mainly CCC members”, according to a statement. A memorandum of understanding (MoU) was signed to this effect between CGCC CEO Wong Keet Loong and Nguon Meng Tech, director-general of the CCC, the Kingdom’s apex trade body, at a ceremony last week, the statement noted. “This cooperation will provide support to MSMEs mainly CCC members for greater access to finance despite collateral challenges, and to promote financial literacy, including credit guarantees to CCC members across the country,” it said.
Source : The Phnom Penh Post
01 May 2023
Cambodia’s Royal Group and MVA ink MoU with Samaiden to develop renewable energy projects
Samaiden Group Bhd, a company specialising in renewable energy (RE), has announced that its subsidiary, Samaiden Energy (Cambodia) Co Ltd, has signed a memorandum of understanding (MoU) with Royal Group Co Ltd, Management Venture Asia (Cambodia) Ltd and Panna Energy Sdn Bhd to develop land alongside railway tracks operated by Royal Railway PLC for RE and other sustainable economic activities. The development aims to create job opportunities and promote sustainable economic activities such as micro ground mount solar installations, utilities, facility infrastructure for rental, paper tree planting, greenhouse farming of vegetables, soybean farming, and other sustainable economic activities. The development aligns with the Cambodian government’s support for renewable energy and its initiatives to promote higher incomes for citizens through economic projects.
Source : Khmer Time
01 May 2023
UK to support Cambodia’s upskilling efforts
The United Kingdom will extend its support to the massive skills development programmed initiated by the Royal Government of Cambodia for the local workforce. This was confirmed during a working meeting between Ith Samheng, Minister of Labor and Vocational Training and Dominic Williams, Ambassador of the United Kingdom to Cambodia recently at the ministry. During the meeting, the minister told the ambassador that Cambodia is facing a shortage of skilled workers and so the government has a special four-month training programmed on technical and vocational training for 1.5 million poor youth. The programmed has already been set in motion, the minister said. Training in the English language, considered a soft skill, is part of the programmed and the UK could support in this area to a great extent.
Source : Khmer Time
01 May 2023
Cambodian T&A industry needs to align product mix as per global trends
Cambodia’s Industrial Transformation Map for Textile and Apparel Industry 2023-2027 (T&A ITM) sees a need for the sector to align its product mix as per global sourcing trends, integrate backwards to reduce dependence on imports and diversify its market mix. The T&A ITM’s objective is to build a competitive T&A industry with an increased focus on value addition, sustainability, technology adoption, skills and entrepreneurship, according to a government report. It has four levers: product mix and international trade, skilling and productivity, technology and sustainability, and infrastructure and governance.
Source : Khmer Time
02 May 2023
Green investment to unlock Cambodia’s ‘long-term growth’
Cambodia has the potential to scale up investment in renewable energy and energy efficiency using its abundant solar energy resources, according to observations in the Asian Development Bank’s Asian Development Outlook (ADO) in April 2023. “Scaling up green investment in priority sectors would help Cambodia unlock its long-term growth potential. The government is committed to pursuing green growth through its National Strategic Plan on Green Growth, 2013–2030 and its Long-Term Strategy for Carbon Neutrality by 2050. Cambodia has the potential to scale up investment in renewable energy and energy efficiency using its abundant solar energy resources,” the outlook, which predicted accelerated growth for Cambodia in 2023 and 2024, pointed out.
Source : Khmer Time
02 May 2023
PM calls for further expansion in Cambodia-Japan trade ties
Prime Minister Hun Sen yesterday encouraged a further expansion in trade relations between Cambodia and Japan to benefit the trade agreement under the framework of the Regional Cooperation Economic Partnership. At the groundbreaking ceremony for the container terminal and the 70th anniversary of diplomatic relations between Cambodia and Japan at the Sihanoukville Autonomous Port yesterday, the Prime Minister said he was proud to say that Cambodia-Japan relations have reached a stage of a comprehensive strategic partnership. The trade volume between the two countries reached $1,948 million in 2022, of which Cambodia exported 1,173 million worth of products to Japan. Japan imported products worth $774 million, he said.
Source : Khmer Time
03 May 2023
Trust investments to reach $1 billion soon
The relatively new trust market of Cambodia is growing fast and the funds invested in the trusts will soon reach the $1 billion mark, according to Sok Dara, Director General of the Trust Regulator, yesterday. Making the opening remarks at a seminar on ‘Trust Regulation in Cambodia,’ organized by the Malaysian Business Council of Cambodia (MBCC) with the support of the Embassy of Malaysia and the Trust Regulator, the Director General said that there are 512 trusts in the country now with total funds reaching $940 million. “It is a matter of time before the sector reaches the $1 billion mark which may happen as soon as this month itself,” Dara said.
Source : Khmer Time
03 May 2023
Vehicle-part exports rocket 43.5% on-year in first quarter
Cambodia exported “vehicle parts” worth $11.272 million in the first quarter of 2023, ended March 31, registering an increase of 43.52 per cent compared to the $7.854 million booked in the same period last year, the Ministry of Commerce reported, citing Customs (GDCE) statistics. On the other hand, exports of the broader “vehicles other than railway or tramway rolling-stock, and parts and accessories thereof” category – corresponding to Chapter 87 of the Harmonized System (HS) – were to the tune of $186.134 million in the same three-month period, down 26.02 per cent year-on-year and down nearly 25.3 per cent quarter-on-quarter, provisional GDCE figures show.
Source : The Phnom Penh Post
04 May 2023
Cambodia attracted $45 billion FDI in 30 years
Cambodia has attracted nearly $45 billion in Foreign Direct Investment (FDI) over the past 30 years and this figure has more than doubled since 2014 when it was approximately $20 billion. This was disclosed by General Hun Manet, the Deputy Commander-In-Chief of the Royal Cambodian Armed Forces (RCAF) and Commander of the Royal Cambodian Army, recently while giving the keynote address at the 30th anniversary celebrations of the International Business Chamber of Cambodia (IBC) in Phnom Penh. At the gala dinner, organized in connection with the celebrations, Gen Manet said this remarkable growth in FDI showcases Cambodia’s continued allure for international investors and businesses in the last decade through its open stance to international investment and business-friendly policies.
Source : Khmer Time
05 May 2023
Business forum to boost Cambodia-Korea trade, investment relations
The Cambodia-Korea Business Forum 2023 to be held in Phnom Penh on May 19, aims to further promote bilateral relations between the two countries in trade and investment. The two countries put into force a bilateral free trade agreement last year. The forum came up during the discussions held between Pan Sorasak, Minister of Commerce and Park Jung-Wook, the newly-appointed Ambassador of Korea to Cambodia, on Wednesday in Phnom Penh. Mr. Sorasak said that Cambodia is committed to further making closer cooperation with Korea on strengthening, expanding and promoting economic, trade and investment relations. “The Cambodia-Korea Business Forum 2023 will encourage trade and also attract investors from Korea,” he said.
Source : Khmer Time
05 May 2023
Cambodia to spend $1.8B for improving power transmission
Cambodia’s efforts to improve its electricity transmission network will require nearly $1.8 billion, according to the Power Development Plan (PDP) 2022-2040, released recently. Of this, $816 million has already been committed as priority projects for development by 2025, while the country requires another $980 million for the development of high voltage (HV) transmission network, especially for installing 230kV and 500kV lines, transformers, reactive plants, series capacitors and resilience upgrades. Cambodia’s 2022-2040 PDP, developed with the support of the Asian Development Bank (ADB), features a transmission development plan that is both secure and reliable and provides a cost-effective strategy for expanding the HV network to meet the forecasted rise in demand, with incremental supply while supporting the transmission of energy throughout the country.
Source : Khmer Time
