Cambodia Weekly Financial News
May 06 ~ 10 , 2024
06 May 2024
Funan Techno Canal (FTC) to drive activities at Sihanoukville Autonomous Port (PAS) to 90%
The soon-to-be-built FTC a public-private partnership project will push shipment actiivest of the state-owned PASup to 90 percent, a report by the Council for Development of Cambodia showed. Currently,67 percent of the country’s exported goods go via PAS and 33 percent vai the Phnom Penh Autonomous Port (PPAP), passing through ports in Vietnam before reaching the international market, according to the CDC report. Once the canal becomes operational, shipment of all goods will be made via the canal to the deep seaport in Sihanoukville which will push shipment activity of PAS to increase from the current 67 percent to 90 percent. The stare owned Phnom Penh Autonomous Port (PPAP), the country’s second-largest container hib, reported a five percent drop in the container through put in 2023 to 396,225 TEUs from 417,696 TEUs the year before, according to its filing with the Cambodia Securities Exchange (CSX).PPAP experienced a 36.3 percent decline in its net profit to $9.1 million from $14.3 million a year earlier, said the report.
Source : Khmer times
07 May 2024
IMF says Cambodia’s inflation to be stable at 2.3 percent in 2024
Cambodia’s inflation will remain stable this year at 2.3 percent, marginally up from 2.1 percent for 2023, generally in line with other parts of Asia and the Pacific, said the IMF Regional Economic Outlook April 2024. “With rapid disinflation and resilient growth, Asia and the Pacific are closing in on a soft landing,” the report, released recently said. It also pegged the projected inflation for Cambodia at three percent for 2025. The report also estimated that Cambodia’s economy had grown by five percent in 2023. According to the National Bank of Cambodia (NBC), in 2024 Cambodia’s growth is to be driven by the industry segment which is expected to grow by 8.6, while services by 6.4 percent and agriculture by 1.3 percent.
Source : Khmer times
07 May 2024
32 percent rise in CSX trading accounts in Q1
Trading accounts with the Cambodia Securities Exchange ( CSX) have gone up to 51,044 by the end of the first quarter this year, an increase of 31.67 percent year on year. Total traded value recorded at CSX during the period also declined about 57.92 percent year on year. It may be recalled that in January this year CSX introduced a new trading mechanism that allows stock market investors and traders to trade in Khmer riel and settle in US dollars. Last year proved to be a milestone year for CSX with record lists bringing the total number of listed firms to 22, including 11 security firms. Meanwhile, CSX recently became a member of the Asia-Ocenia Stock Exchange Federation ( AOSEF), marking a significant milestone in its commitment to strengthening market integrity and expanding its reach among national and international investor associations.
Source : Khmer times
07 May 2024
CDC Gives Nod to 22 Projects Valued at $309M
In April, the Council for the Development of Cambodia gave the green light to 22 projects worth $309 million, while creating 23,000 jobs. Fourteen of the investment project are located outside specila economic zones ( SEZ), while eight are located inside SEZs. According to a press relase, China was Cambodia’s leading investment source in April, accounting for approximately 98 percent of total investment capital. Projects based outside SEZs include a factory to produce gloves, socks, hair ties hats, and indoor slippers on National Road No.1 in Svay Rieng province, it has an investment capital of $ 9 million and is expected to create 20000 jobs. Projects inside SEZs include expanding the production of spare parts for vehicles and watercraft at operations located in Phnom Penh SEZ with an investment of $105 million and the creating of an additional 542 jobs.
Source : Kiripost
08 May 2024
Cambodia launches National Single Window to facilitate trade activities
At the launching event here, Cambodian Prime Minister Hun Manet said the NSW was designed to be an electronic, online service to facilitate faster and more transparent international trade procedures. He said the NSW is a facility that allows parties involved in international trade to lodge standardized information and documents with a single entry point to fulfill all import, export, and transit-related regulatory requirements. Hun Manet said the NSW will promote trade facilitation, boost business efficiency, enhance fair competition, and improve investment climate. Cambodia’s international trade rose 12 percent year-on-year in the first quarter of 2024, according to the General Department of Customs and Excise’s latest report.
Source: Khmer times
08 May 2024
Prime Minister urges ministries, and institutions under the
Digital Economy and Business Committee to expand online services for business needs
Prime Minister Hun Manet advised all ministries-institutions under the guidance and coordination of the Digital Economy and Business Committee (DEBC) to continue to strive to bring other important services online to meet the daily needs of businesses. Premier Hun Manet asked all ministries and institutions to work together to develop a common framework named the “Digital Ecosystem for Business” as a foundation for expanding other reform sites to improve the business environment in the country and promote Cambodia’s attractiveness for investment.
Source: Khmer Times
08 May 2024
Cambodia is committed to promoting the E-commerce ecosystem
Cambodia is committed to further enhancing the e-commerce ecosystem as the country is a leading nation in implementing the eTrade readiness assessment recommendations, achieving a remarkable 92 percent implementation rate. Mrs Cham Nimul emphasized that Cambodia has distinguished itself as a leading nation in implementing the eTrade readiness assessment recommendations achieving a remarkable 92 percent implementation rate. The Ministry of Commerce of Cambodia has effectively utilized the eTrade Ready assessments to catalyzes various governmental initiatives aimed at enhancing the e-commerce ecosystem.
Source: Khmer times
09 May 2024
Cambodia-IFAD co-financing reaches $593 million for 2022-2027
The size of co-financing between the International Fund for Agriculture Development (IFAD) with Cambodia has increased to about 593 million US dollars,while in 2013-2018 was about 97 million US dollars. According to the announcement, Mr. Aun Porn Moniroth, Minister of Economy and Finance, met with Mr. Donald Brown, Deputy Vice President of the International Fund for Agricultural Development (IFAD) to discuss cooperation between Cambodia and IFAD. On this occasion, he praised the significant contribution of IFAD, which has provided good cooperation in supporting Cambodia in the process of agricultural development since 1993, both financially and technically. He noted the significant increase in the amount of cooperation financing, which reached about 593 million US dollars for 2022-2027.
Source: The Cambodia China times
10 May 2024
Cambodia and ILO continue to strengthen cooperation for socio economic development
The Royal Government of Cambodia and Internaltion Labor Organization (ILO) continue to strengthen cooperation for socio-economic development and the improvement of the living standards of the Cambodian people. Ms. Chihoko Asada-Miyakawa praised the Royal Government of Cambodia for launching a political program to contribute to and support employment and vocational training, and especially to support associations in promoting harmonious industrial relations in factories. And enterprises. The Deputy Director General also requested the comments and recommendations of Samdech Hun Manet to the ILO in continuing to support the Royal Government of Cambodia in the policy framework and strategic framework of the Royal Government of the 7th legislature of the National Assembly.
Source: The Cambodia China times
10 May 2024
Prime Minister acknowledges CCIA achievement terming it as
“another milestone of development and transformation”
Prime Minister Hun Manet on Thursday said that Cambodia is committed to facilitating and enhancing economic growth and creating more job opportunities for local people. He reiterated the government’s unwavering focus on ensuring stability, promoting macroeconomics, setting out incentive packages to attract investors as well as developing more logistics and infrastructures that connect with the regions and the world. Neak Oknha Ly Kun Thai, President of CCIA said, “Cambodia is the best location for investors as the country has stable politics, a low inflation rate, the highest GDP growth in the region and connected infrastructures including railways, ports and logistics which are convenient for export and import processes.” CCIA was established as a collaborative effort of these chambers aimed at fostering the investment and business environment to encourage and share resources, information and achievement among its participations, providing an opportunity for members to connect and engage with each other, explore potential collaborations and gain exposure to a wider audience, he added.
Source: Khmer Times
10 May 2024
Cambodia approves 128 investment projects valued at $2.5 billion in
Cambodian Prime Minister Hun Manet stated that in the first four months of 2024, the Royal Government of Cambodia approved 128 new investment and expansion projects with a total investment of more than $2.5 billion, which will create more than 130,000 jobs. The premier added that these investment projects are the result of collaboration between the Royal Government and the private sector to attract investors to Cambodia collectively. According to Hun Manet, he had just signed the agreement on 14 investment projects valued at USD 480 million earlier today.
Source: Khmer times
Lady Aegies Comment : To be continue...............
