Friday, May 30, 2014

Cambodia Aiming for Road Connectivity in 2015

30 May 2014

Cambodia says it hopes to have road connectivity to Vietnam and Thailand by 2015. The connection would be part of Asean integration, a process where Cambodia lags behind its neighbors. Six countries of the Mekong River delta have worked toward linking by road since 1998, in an attempt to create three economic corridors. The “Southern Economic Corridor,” funded mainly by the Asian Development Bank, would come of the linkage of the three neighbors.

The project is “90 percent complete,” Peng Sovicheano, undersecretary of state for the Ministry of Transportation, said. By 2015, all roads will be connected. Cambodia has received $680.5 million in aid from the ADB and other funders to build or renovate roads across 22 provinces, linking it to Vietnam, Thailand and Laos. Some 2,000 kilometers of roads have been built. More than half of that has been in Cambodia. This will increase efficiency and reduce travel times, bolstering the flow of investment and goods in the country. However, there is more to be done. To make the region a true economic hub, more infrastructure must be in place, including rail systems, clean water, electricity and other facilities. Chheang Vannarith, a lecturer at the University of Leeds, in London, said road connectivity in Cambodia is good, “but railway and water connectivity are still an issue.” No railway connects Cambodia to Thailand or Vietnam.

And it remains expensive to move goods. According to the ADB, to move a ton of goods 100 kilometers in Cambodia costs between $9 and $13. It’s only about $6 for the same transportation in Thailand and $7 in Vietnam. Experts say the road connection can reduce this gap.

Source:
http://www.voacambodia.com/content/cambodia-aiming-for-road-connectivity-in-2015/1924443.html

Cambodia, Japan Sign the Exchange of Notes on the Grant Aid for the “Japanese Development Scholarship” Project

30 May 2014

Cambodia and Japan has signedthe Exchange of Notes and Record of Discussions on the extension of Grand Aid up to 295 million Yen (some US$2.85 million) to the Royal Government of Cambodia for the purpose of contributing to the implementation of the “Japanese Development Scholarship” Project.

The documents were inked by H.E. Hor Namhong, Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation, and Japanese Ambassador to Cambodia H.E. Yuji Kumamaru. Under these freshly-signed documents, 24 of new scholarship fellows will study in Japan for two years. The “Japanese Development Scholarship” is awarded mainly to the young and capable government officials who are expected to contribute to the economic and social development of Cambodia after their return.

Japan has continuously provided this scholarship grant since the year 2000. Since then a total of some 4.28 billion Yen (some US$42.82 million) has been extended for supporting 14 batches of 320 Cambodian fellow students to study in Japan.

Source:
http://www.akp.gov.kh/?p=45847

Grand Twins confirms listing next month as CSX papers delayed

30 May 2014

The date of Taiwanese garment manufacturer Grand Twins International’s listing on the Cambodia Stock Exchange (CSX) has been pushed back due to delays in the submission of final IPO documents. CEO of Phnom Penh Securities, chief underwriting firm for the IPO, yesterday confirmed the listing would not meet GTI’s May 29 target; however, the company was still expected to go public within the next two weeks.

GTI’s offering of eight million shares, set at $2.41 each, stands to generate more than $19.2 million for the Taiwanese firm if fully subscribed to. With the increased liquidity, GTI, which largely makes sporting apparel for Addidas and Reebok, plans to expand its operation to a new $10 million factory located outside of Phnom Penh. GTI will be just the second company to list on the CSX since the local stock market was launched in 2012, joining the state-owned Phnom Penh Water Supply Authority.

Source:
http://www.phnompenhpost.com/business/grand-twins-confirms-listing-next-month-csx-papers-delayed

60 Malaysian Companies To Attend a Trade Expo in Cambodia

30 May 2014

The Malaysia External Trade Development Corporation (MATRADE) will organize a three-day expo on Showcase Malaysia and MSE Cambodia 2014 in June.

This event, the fifth of its kind, will be held on 10-12 June. Some 62 Malaysian companies will participate in the trade expo to display their products ranging from construction materials to electronic devices, health products and tourism services. The expo is expected to attract 1,000 business meetings and many visitors.

Source:
http://www.akp.gov.kh/?p=45889

S. Korea provides US$21 mln for four development projects

30 May 2014

South Korea provides US$21 million in grand aid to Cambodia for implementation of four projects in the country.

The grand aid will be signed on June 2 between Cambodia's Foreign Minister Hor Namhong and South Korea's Ambassador to Cambodia, Kim Han-Soo. The four projects are as follows:

1 -Self-supporting rural development project with Saemaul Undong (SMU)'s participatory approach up to amount of US$8 million;

2 -Project for securities market development in Cambodia up to amount US$2.5 million;

3 -Cambodia Health Sector Support Program (HSSP) up to amount US$5 million;

4 -Project for Feasibility Study on Waterway Improvement for Port Logistics Development in Cambodia up to amount US$5.5 million.

Source:
http://thecambodiaherald.com/cambodia/detail/1?page=11&token=MmY4NDM3MDFkYTE

CRC Donates US$1 Million to Kantha Bopha Children’s Hospitals

30 May 2014

The Cambodian Red Cross (CRC) has donated US$1 million to Dr. Beat Richner, Founder and President of Kantha Bopha Foundation, to support the humanitarian activities of Kantha Bopha Children’s Hospitals.

The donation handover ceremony was held on Wednesday at the CRC’s headquarters in Phnom Penh in the presence of CRC President and Minister of Health. The CRC president expressed her appreciation to Kantha Bopha Children’s Hospitals for their efforts in treating Cambodian children, especially the poor ones. This is the third donation from CRC to the Kantha Bopha Children’s Hospitals. For his part, Dr. Beat Richner thanked profoundly CRC for its assistance to the hospitals, which has treated over 80% of the Cambodian children.

Source:
http://www.akp.gov.kh/?p=45917

Wednesday, May 28, 2014

Cambodia’s tobacco tax to go up, slightly

28 May 2014

In less than two months, smokers indulging in Cambodia’s inexpensive cigarettes will have to reach a little deeper into their wallets. Starting in July, the tax on cigarettes will jump from 20% to 30% of the retail price, with a tax base rise from 65% to 85%. But one advocacy group said the increase would not be enough of a disincentive to encourage smokers to quit or to stop others taking up the habit.

Just last week, the Southeast Asia Tobacco Control Alliance called Cambodian cigarettes “dangerously cheap”. A report last year found that Cambodia had the second-lowest taxation rate in ASEAN after Laos. At $0.58 a pack, popular local cigarette brands in Cambodia and the Philippines have some of the lowest prices in the world. That price could go up to about $0.64, if factoring in the 10% tax hike. Mom Kong, executive director of NGO Cambodian Movement for Health said increasing taxes will mean higher prices and consumption will decline. A 2011 World Health Organization report found that nearly 10,000 people die each year from tobacco-related diseases in Cambodia.

An industry group had a different view. Any tax increase will have an impact. The price of the product as a whole will go up, and if the price increases, then sales will probably go down, and the revenues for tobacco companies will decrease.

Source:
http://www.phnompenhpost.com/national/cambodia%E2%80%99s-tobacco-tax-go-slightly

Yield of GI pepper up, but lower than hoped

28 May 2014

This season’s Kampot pepper production is expected to reach 27 tons, up from 21 tons last year thanks to a larger area of harvested land. Despite the increase, adverse weather conditions meant the estimate was still below farmers’ expectations. The weather was hot and dry for about five months consistently – that harmed the crop of many farmers.

Harvest season runs from March to early June, with 16 hectares to be harvested this year. Kampot pepper has the WTO’s geographical indication (GI) status linking the quality of the product to its origin. Exports and prices have been on the rise since receiving the status in 2010. The total cultivated area of GI Kampot pepper reached 90 hectares this year, twice that of 2013.

Source:
http://www.phnompenhpost.com/business/yield-gi-pepper-lower-hoped

Idemitsu of Japan To Implement Contraction Farming on 13,000 ha of Landmine-cleared Area in Battambang

28 May 2014

The Cambodian Mine Action Center (CMAC) held a discussion last week with Idenmitsu of Japan on contraction farming project after the company reached a Memorandum of Understanding on Biomass Development Project in Cambodia with the Ministry of Agriculture in 2012.
The contraction framing project will cover some 13,000 hectares of landmine-cleared area in Battambang province’s Phnom Preuk district at the total cost of some US$70 million. The project will be implemented directly with local farmers to plant cassava and construct a bio-fuel factory. Through this project, local farmers will get experience and technical knowledge as well as many other benefits.

Source:
http://www.akp.gov.kh/?p=45827

Commerce Ministry To Establish 2 New General Departments

28 May 2014

The Ministry of Commerce of Cambodia is going to establish two new general departments to boost the country’s trade activities. It is part of the institutional reform of the Ministry of Commerce in the past three months. The two new general departments are Trade Service General Department and Trade Promotion General Department.

The Trade Service General Department is divided into three departments including Property Rights Department, Import-Export Department, and Business Registration Department with trade representatives at special economic zones; while the Trade Promotion General Department also has three departments such as Marketing Development Department, Expo Department, and Trade Policy Department, as well as overseas trade representatives.

Source:
http://www.akp.gov.kh/?p=45831

Tuesday, May 27, 2014

Cell Aquaculture updates on soft opening of Cambodia casino

27 May 2014

Cell Aquaculture updates on soft opening of Cambodia casino Cell Aquaculture (ASX:CAQ) has advised the soft opening of the Roxy Casino in Cambodia for which it has executed the Heads of Agreement to acquire.

It had in March agreed to acquire Roxy Casino and the Haikou Free Trade Zone project from vendors Noble Rate Limited, Tang Dashun and Beijing Properties in return for 533.3 million shares worth $83 million. The Roxy Casino is located in Bavet City, Syay Rieng Province, Cambodia. It is 160 kilometres from Phnom Penh and 87 kilometres from Ho Chi Minh City, Vietnam. It sits on 2,700 square metres of land and has a built up area of 1,700 square metres.

The Casino license is a perpetual license which allows for all types of table games, slots and online gaming including sports betting. The main hall of the Casino can hold up to 25 gaming tables and up to 15 online tables. The Casino has 20 hotel rooms, administrative offices, a restaurant that can seat up to 50 people, and associated facilities.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

Source:
http://www.proactiveinvestors.com.au/companies/news/55215/cell-aquaculture-updates-on-soft-opening-of-cambodia-casino-55215.html

Tourism Sector Earns US$700 Million in Q1

27 May 2014

Cambodia’s tourism sector generated some US$700 million as income in the first quarter of this year. During the January-March 2014 period, about 1.27 million foreign tourists visited the country, up 10% year-on-year.

Of the total number of foreign visitors, 30% or 424,300 visitors were from other ASEAN member countries, an increase by 4% over the same period last year. Meanwhile, there were over 20,000 Cambodian outbound tourists, up 4% if compared with the same period in 2013. The most visited countries for Cambodian people are Thailand, Vietnam, Malaysia, Singapore, China, Korea and Japan. The increase in Cambodian outbound tourists reflected better cost of living of Cambodian people and the Kingdom’s economic growth. Cambodia’s GDP per capita rose from US$760 in 2008 to nearly US$1,000 in 2012, and over US$1,000 in 2013.

Based on the Royal Government of Cambodia (RGC)’s expectation, the Cambodian economy will grow by over 7% this year, while World Bank (WB) projected the country’s economic growth at 7.2 %, and the Asian Development Bank (ADB) at 7%.

Source:
http://www.akp.gov.kh/?p=45771

New Company Welcomed for PP Waste Management

27 May 2014

Phnom Penh Municipality welcomed the intention of a Japanese company to invest in the capital’s waste management.

The welcome was shared in the meeting late last week between Phnom Penh Deputy Governor H.E. Eang Aun Ny and Mr. Yuske Okumara, Director of Koua Corporation at the municipal hall.

Phnom Penh daily disposes of 1.600 tons. The current inclusively commissioned to manage the waste is not capable enough for the deal with the increasing waste disposal, making it one of the major challenges of the Phnom Penh Municipality. The municipality is looking for a qualified partner not only to ensure the capital’s cleanliness but to process the waste appropriately. Mr. Yusuke Okumura appreciated the opening of Phnom Penh authority and will study carefully the current waste management in Cambodia before the next move.

Phnom Penh’s new dumping site is located in the south-western suburb with the total 12.5 hectares. The first two giant holes of the dumping site are expected to be filled up late this year.

Source:
http://www.akp.gov.kh/?p=45794

Monday, May 26, 2014

Singapore project to recruit Cambodian maids struggles to take off

26 May 2014

A pilot project to recruit maids from Cambodia is struggling to take off as workers are turned off by high recruitment fees, and the fear of not being able to adapt to life in Singapore.

Under a Ministry of Manpower (MOM) pilot scheme that began last August, Cambodian maids are, for the first time, allowed to work in Singapore. The ministry had set a target of 400 maids to arrive by February but only about 200 are in Singapore now, based on figures from the Cambodian Embassy. This has prompted MOM to push the deadline to August for Cambodian and Singapore agents to bring in all 400 maids.

Source:
http://thecambodiaherald.com/cambodia/detail/1?page=13&token=ZjM1YmMxNDkxZWR

Chinese Universities Attend 2nd China Higher Education Exhibition in Cambodia

26 May 2014

The China Higher Education Exhibition was held on 22 May at the Confucius Institute of the Royal Academy of Cambodia with the participation of 22 Chinese higher education institutions.

The event, the 2nd of its kind, is aimed at encouraging Cambodian students to study in China as well at promoting the education cooperation between the two countries.

Presided over the opening ceremony, Deputy Prime Minister Sok An laid stress on the significance of the exhibition, saying that it will contribute not only to enhancing the quality and efficiency of human resource development in Cambodia, but also to boosting the education cooperation between Cambodia and China.

The Cambodian DPM also took the opportunity to thank China for granting scholarships to Cambodian students. Currently, some 1,400 Cambodian students are pursuing their studies in different majors in China.

Source:
http://www.akp.gov.kh/?p=45757

Friday, May 23, 2014

Party talks ‘make progress’

23 May 2014

The opposition and ruling parties made good progress during face-to-face talks yesterday with the reform of electoral institutions on top of the agenda at the meeting, the first to take place as part of a renewed push by both sides to end the political deadlock.

Cambodia National Rescue Party lawmaker-elect Kuoy Bunroeun said that his two-hour meeting with Prum Sokha, a Cambodian People’s Party delegate and secretary of state at the Interior Ministry, saw an agreement reached on election reforms that would require legal amendments in parliament.

Both Sokha and Bunroeun were optimistic that remaining political issues could be solved.

Source:
http://www.phnompenhpost.com/national/party-talks-%E2%80%98make-progress%E2%80%99

Imports of petroleum on the rise last quarter

23 May 2014

Cambodia’s petrol bill topped $440 million at the end of the first quarter, up 11% from $397 million during the same period last year.

Cambodia imported a total of 453,000 tons of petroleum during the first quarter this year, 10% more than the amount imported during the three months of 2013. Cambodia spends over $1 billion on more than one million tons of oil imports per year. The majority of imports come from Vietnam, Singapore and Thailand. Meanwhile, US-based energy giant Chevron to negotiations with the Cambodian government over taxation issues.

Cambodia Petrochemical Company (CPC) plans to build an 80-hectare oil refinery worth an estimated $2.3 billion in Preah Sihanouk and Kampot provinces. Construction of the refinery, however, has been delayed and it is not expected to be operational until 2016.

Source:
http://www.phnompenhpost.com/business/imports-petroleum-rise-last-quarter

Traffic Light System in Phnom Penh To Be Changed in 2015 under JICA’s Support

23 May 2014

Traffic light system at some 100 places in Phnom Penh city will be changed in the upcoming 2015 under the support of Japan International Cooperation Agency (JICA) to promote safety and reduce traffic congestion.

The plan was made known on Tuesday at the closing ceremony of a two-day workshop on land road traffic safety.

The seminar provided the participants with skills of elaborating prioritized land road safety plans to be implemented with high effectiveness so as to reduce tragedies along the roads. Through the workshop, National Road Safety Committee (NRSC) encouraged municipal and provincial authorities to prepare their active plans on road safety at their localities by focusing on helmet wearing and the impacts of drink-driving in order to prevent and reduce the number of casualties to the minimal level.

For the first step of this training, NRSC has set 15 targeted provinces and municipality with the support budget from Global Road Safety Partnership in Cambodia. There were in total 4,322 cases of traffic accidents in 2013, killing 1,901 people, injuring thousands others, and costing the country about US$300 million.

Source:
http://www.akp.gov.kh/?p=45648

Cambodia, Japan To Sign Exchange of Notes Worth 295 Million Yen

23 May 2014

Cambodia and Japan are going to sign on Monday next week the Exchange of Notes and Record of Discussions on the extension of Grand Aid up to 295 million Yen.

The documents will be signed by Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation and Japanese Ambassador to Cambodia. The budget will be used to implement the Project for Human Resources Development Scholarship (Fiscal Year 2014).

Source:
http://www.akp.gov.kh/?p=45650

Draft Law on Government’s Settlement Contract with a French Company Adopted

23 May 2014

The National Assembly of Cambodia has approved a draft law on the settlement contract between the Royal Government of Cambodia (RGC) and CITELUM S.A., a French company investing in the development of public lighting infrastructure in Phnom Penh Capital.

The three-article draft law is part of the RGC’s efforts to attract more tourists and enhance the people’s living standards. The development of public lighting infrastructure project will increase income from the tourism sector, from about US$12 million in 2015 to US$60 million in 2019, and create some 15,000-16,000 careers, while the tax income will rise and the traffic accidents will be reduced.

Source:
http://www.akp.gov.kh/?p=45674

Thursday, May 22, 2014

Transparency Group to Launch Anti-Graft App

22 May 2014

Transparency International Cambodia (T.I.) will next week launch an app for smartphones that allows users to log instances of bribery with the advocacy group.

Bribespot, the work of a team of German computer programmers, will encourage users to share details of corrupt activity in real time, which will be stored in a database by T.I. Users will not be required to create accounts or provide identification, however, meaning T.I. will have no way to judge if claims submitted are legitimate. The data will be used for advocacy purposes only, and will allow T.I. to create a map of corruption in Cambodia.

Vice chairman of the Anti-Corruption Unit welcomed any attempts to spread messages against graft but warned that only the ACU had authority to act on complaints.

Source:
http://www.cambodiadaily.com/news/transparency-group-to-launch-anti-graft-app-59242/

Some 2,000 Chinese flee Vietnam to Cambodia: Cambodian deputy PM

22 May 2014

Approximately 2,000 Chinese businesspeople and tourists have crossed the Vietnamese border into Cambodia these days to escape anti-China riots in Vietnam.

Deputy Prime Minister and Interior Minister told reporters. "We treat them the same as other tourists." The violence has left two Chinese dead and more than 100 others injured. Firms from countries like Singapore, Japan and the Republic of Korea in Vietnam were also affected.

Source:
http://news.xinhuanet.com/english/china/2014-05/20/c_133348158.htm

Acleda joins WEF growth club

22 May 2014

Acleda Bank has been adopted into the World Economic Forum’s group of Global Growth Companies (GGC), an exclusive club made up of some of the world’s fastest-growing medium-size firms.

The WEF yesterday announced that 20 companies from the Asia-Pacific region had been added to the list of 360, including six from Japan, three from South Korea, two from Vietnam and two from Myanmar. The WEF is a Swiss nonprofit organisation boasting some of the world’s largest firms, including Microsoft and Facebook. In January, Acleda Bank reported a profit of $18.3 million at the end of the first quarter of this year, down slightly from $18.8 million during the same period in 2013. It has, however seen four years straight of profit increases, from $26.6 million in 2010, to $77.8 million last year.

In 2003 they were awarded a commercial banking licesnse and at the end of March Acleda had 251 branches throughout Cambodia. This year the bank began handling government revenues and expenditures, civil servants payroll and the bank now also accept tax payments as part of the governments public finance reforms.

Source:
http://www.phnompenhpost.com/business/acleda-joins-wef-growth-club

Customs agreement gets green light at NA

22 May 2014

The National Assembly approved changes to the country’s customs law yesterday, in order to comply with Association of Southeast Asian Nations integration standards.

The changes demand border operations increase human resources, reduce paperwork and modernize procedures in order to simplify border exchange and facilitate trade between member states. The approved amendments also include stricter terrorism and smuggling prevention clauses. It states that information can be directly exchanged at the border between ASEAN countries.

Cambodia signed on to the ASEAN agreement on customs in March 2012 and has been hurriedly introducing a raft of reforms since then, as regional economic integration in 2015 edges closer.

Source:
http://www.phnompenhpost.com/business/customs-agreement-gets-green-light-na

Cambodia may present safer base for Taiwanese businesses

22 May 2014

Cambodia is a promising target for Taiwanese entrepreneurs seeking cheap labor without risking the social unrest that has surged through Vietnam.

Riots have broken out in Vietnam against China's oil rig in disputed waters near the Paracel islands in the South China Sea, which are claimed by both countries. Vietnamese protesters have destroyed foreign-invested factories, including those operated by Taiwanese. Cambodia is on its way to democracy and the country's institutions are gradually taking on rules and laws. On top of that, local wages are low, which is an advantage for Taiwanese businesses.

However, Lee Chun, a spokesman for the Taiwan-based Chung-Hua Institution for Economic Research (CIER), said Vietnam will most likely continue to draw investment despite the anti-China riots because of huge local demand.

Source:
http://www.wantchinatimes.com/news-subclass-cnt.aspx?id=20140521000069&cid=1202

Cambodian Ministry of Information To Host Two Important Events in August and November

22 May 2014

The Ministry of Tourism with the Asia-Pacific Institution for Broadcasting Development (AIBD) will host and organize two important regional events in August and November this year. The 40th Annual Gathering/13th AIBD General Conference and Associated meetings will be organized in Phnom Penh in August 2014. In addition, the Ministry of Information in cooperation with the Ministry of Culture and Fine Arts will organize the 49th Meeting of the ASEAN Committee on Culture and Information in Siem Reap in November.

Source:
http://www.akp.gov.kh/?p=45585

Wednesday, May 21, 2014

Amret MFI gets $10M loan to aid SME reach

21 May 2014

Amret Microfinance received a $10 million boost yesterday by a loan from German development bank KfW.

CEO of Amret Microfinance Institution said that the new loan – equal to nearly double its profit for 2013 – will be used to increase access to financing for Cambodia’s smallest businesses. Amret’s outstanding loans total is currently $245 million. One of a handful of MFI’s licensed to take deposits; the former credit NGO currently holds $113 million in client savings. Director at KfW said that though the number of MFIs has grown significantly in Cambodia in recent times, access to finance is still a problem in most rural areas.

According to Lazer, only 8% of all households use formal financial services and less than 43% of micro- and small- to medium-size enterprises have a bank account. Industry-wide, MFI loans outstanding at the end of the first quarter this year reached $1.51 billion, up from $1.32 billion at the end of 2013.

Source:
http://www.phnompenhpost.com/business/amret-mfi-gets-10m-loan-aid-sme-reach

Cambodia’s tourism short of staff

21 May 2014

Cambodia’s Ministry of Tourism says the country’s tourism sector is growing at an unsustainable rate that will cause a massive shortfall in skilled tourism-related labour.

It is agreed that the country lacks skilled workers and there are not enough training institutions to resolve the shortage. Cooks and housekeepers are included in 32 positions in six labour divisions that will have the freedom to work in any of the ASEAN Economic Community countries next year. Last year, Cambodia attracted 4,210,165 visits increasing 17.5% from 3,584,307 visits in 2012. Just over 2 million overland trips came from neighbouring Vietnam, Laos and Thailand.

Source:
http://www.ttrweekly.com/site/2014/05/cambodias-tourism-short-of-staff/

Exports to Japan see a big jump

21 May 2014

Cambodia’s exports to Japan increased sharply by 39% over the first three months of 2014 compared to the same period last year.

Total exports reached more than $178 million at the end of March, compared to $128 million for the first quarter of 2013. While the majority of exports were garment products, the shipment of electronics was also on the rise, led in part by recent Japanese investment in Cambodian manufacturing. So far, the main export destinations are US and EU. However, now Japan could be one of the important export destinations not only for the garment sector but also for parts industry under good supply chain systems among Asian countries.

Source:
http://www.phnompenhpost.com/business/exports-japan-see-big-jump

Norway Redirects Its Financial Contribution to ECCC National Component

21 May 2014

The Government of Norway has approved that its recent financial contribution of NOK6 million (approximately US$1 million) can be redirected from the international component to the national component of the Extraordinary Chambers in the Courts of Cambodia (ECCC).

Acting Director of the Office of Administration H.E. Kranh Tony also appealed to donor countries to provide more voluntary contributions to secure necessary funding for the 2014 budget of the national component of the ECCC. The financial assistance provided by Norway to the ECCC exceeds US$7 million, and the country has supported the Court since its inception.

Source:
http://www.akp.gov.kh/?p=45548

Cambodia NA Approves 4 Regional Cooperation Documents

21 May 2014

The National Assembly (NA) of Cambodia approved four important documents for regional cooperation.

The approved documents include the Protocol of Amendment to the International Convention on the Simplification and Harmonization of Customs Procedures; the ASEAN Agreement on Customs; the Agreement on the Privileges and Immunities of the Association of Southeast Asian Nations; and the Protocol to the ASEAN Charter on Dispute Settlement Mechanisms.

Source:
http://www.akp.gov.kh/?p=45551

Tuesday, May 20, 2014

Exports expand: HK the new market for organic rice

20 May 2014

In a first for the Kingdom’s organic rice, the Cambodian Center for Study and Development in Agriculture (CEDAC), successfully exported its produce to Hong Kong earlier this month.

While the US and Germany have traditionally been the key markets for Cambodian organic rice, with about 300 tons sent there last year, CEDAC president Yang Saing Koma told the Post that his organization has exported 30 tons to Hong Kong this year, as the market for the Kingdom’s natural produce expands. It is another positive sign to prove that Cambodia has new market for her product.

Farmed without using synthetic pesticides or chemical fertilizers, organic rice production must adhere to a stringent process in order to receive certification. It is estimated that CEDAC will export at least 400 tons this year, up from about 320 tons in 2013.

Source:
http://www.phnompenhpost.com/business/exports-expand-hk-new-market-organic-rice

Hundreds of Chinese enter Cambodia, fleeing Vietnam violence

20 May 2014

Hundreds of Chinese nationals have fled to Cambodia to escape anti-China riots in Vietnam in which at least 20 people are reported to have been killed.

More than 600 Chinese people from Vietnam crossed at Bavet international checkpoint into Cambodia, yesterday. "After the situation calms down, they may go back to Vietnam or to other places." Bavet is on a highway stretching from Ho Chi Minh City, Vietnam's commercial centre, to Cambodia's capital, Phnom Penh. Thousands of Vietnamese set fire to foreign factories and rampaged through industrial zones in the south of the country in an angry reaction to Chinese oil drilling in a part of the South China Sea claimed by Vietnam.

Source:
http://www.vision.org/visionmedia/article.aspx?id=84785

China To Provide Nearly 1 Billion Yuan in Financial Assistance to Cambodia

20 May 2014

The Government of China has decided to provide 700 million Yuan in grant aid and 200 million Yuan in concessional loan to support the social and economic development in Cambodia.

The decision was made between Cambodian Prime Minister Hun Sen and Chinese President H.E. Xi Jinping, on the sidelines of the 4th Summit of the Conference on Interaction and Confidence Building Measures in Asia (CICA) to be held on May 20-21 in Shanghai. Furthermore, the Chinese leader affirmed to continue to assist Cambodia through the purchase of Cambodian agricultural produce and the encouragement of Chinese tourists to visit Cambodia.

Source:
http://www.akp.gov.kh/?p=45507

Monday, May 19, 2014

Cambodia exports to US rise by over 10 %

19 May 2014

Driven by a slowly recovering American economy, Cambodian exports to the US increased 11 % in the first quarter of 2014 compared with the same period last year.

Cambodian exports from January to March totaled $771 million, up from $694 million a year earlier. The figures caused Cambodia to climb one spot on the US’s list of biggest importing countries to 58th position.

The US – along with Europe – is among the largest buyers of Cambodian garment products. In the last three months of 2013, manufacturers exported almost $2 billion worth of garment products to the US.

Source:
http://www.phnompenhpost.com/business/cambodia-exports-us-rise-over-10-pct

Cambodia To Host the OCA General Assembly in 2016

19 May 2014

Cambodia will host the Olympic Council of Asia (OCA) General Assembly in 2016. The Royal Government of Cambodia has already given its approval and this three-day event would gather from 300 to 500 representatives of the National Olympic Committees of 45 countries in Asia, the Olympic Solidarity, the Association of National Olympic Committees (ANOC) of Asia, the International Olympic Committee (IOC), and so on. On the occasion, Cambodia will officially announce its decision to host the 32nd SEA Games in 2023.

SEA Games or the Southeast Asian Games is a biennial multi-sport event participated by the ASEAN member countries including Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.

Source:
http://www.akp.gov.kh/?p=45320

Ease of Doing Business 2014: Cambodia Gets 0.17% Point Higher Than the Previous Year

19 May 2014

The Ease of Doing Business 2014, a World Bank’s recently released report, said Cambodia got 51.36% points, a 0.17% point higher than the previous year.

The report attributed this achievement to the country’s business reform, particularly in getting credit, paying taxes, trading across border and enforcing the contracts. Getting credit in Cambodia in 2014 was ranked 42th, against 52th in the previous report; paying taxes 65th against 66th; trading across border 114th against 115th; and enforcing contracts 162nd against 163rd.

Source:
http://www.akp.gov.kh/?p=45377

Friday, May 16, 2014

MEA, WAPCOS sign agreements for assisting Cambodia in water resources management

16 May 2014

The Ministry of External Affairs today signed two agreements with the public sector WAPCOS Limited for assisting Cambodia in water resources management.

The agreements were signed by Joint Secretary in the Ministry of External Affairs and Chairman-cum-Managing Director, WAPCOS Ltd. The agreement on Study of Ground Water Resources in Kampong Spue is for the establishment of hydrograph network stations. Shallow open and bore wells will be fitted with handpumps for better efficiency and there will be monthly monitoring of water levels to maintain the ground water regime.

India and Cambodia share excellent bilateral relations and India is a major partner of Cambodia in its socio-economic development programme.

Source:
http://netindian.in/news/2014/05/14/00029084/mea-wapcos-sign-agreements-assisting-cambodia-water-resources-management

Standard forms aim for public bid transparency

16 May 2014

The Ministry of Economy and Finance on Monday announced the release of standardized bidding forms for public contracts, a measure it said would increase transparency and accountability.

The documents would be used across all ministries for procurement and new construction projects, and will promote a transparent, accountable, fair and equal process and best use of the money at all [of the] government’s institutions.

Source:
http://www.phnompenhpost.com/national/standard-forms-aim-public-bid-transparency

GDT Collects US$144.2 Million in April

16 May 2014

The Ministry of Economy and Finance’s General Department of Taxation (GDT) collected roughly US$144.2 million as income in April, showing an increase by 69.4 % as compared with the income in March.

If compared to the income in April 2013, there was an increase only by 3.6 %. This amount of tax revenues came from tax on profit, withholding tax, tax on salary, value added tax, special tax on certain merchandises and services, turnover tax, vehicle tax, patent tax and property tax, etc. H.E. Kong Vibol recommended taxation officers at all levels to continue enforcing law implementation, work discipline, professional code of ethics in order to improve the work efficiency.

Source:
http://www.akp.gov.kh/?p=45261

Singaporean Investors Seek Investment Opportunity in Cambodia

16 May 2014

A Singaporean company is seeking the investment opportunity in Cambodia. While meeting with Phnom Penh Municipal Governor on Friday last week, visiting Mr. Fabian Ong, Chairman of the Board of Directors of Linen & Fabian Consultant Holdings Co., Ltd. said that his company has had many experience in overseas investment such as in China, Vietnam, and Thailand, and now it is willing to invest in Cambodia. The governor further informed his guest that Phnom Penh city has remarkably developed with a total population of over 2 million, and more than 500 factories and enterprises, stressing that local authorities have been expanding their administrative tasks to ensure the living and stability of investors in Cambodia

Source:
http://www.akp.gov.kh/?p=45275

Inter Trade Fair 2014

16 May 2014

Thailand’s Inter Trade Fair 2014 will take place from May 15-18 at Koh Pich Convention and Exhibition Center, Phnom Penh.

Thai companies will display their products, ranging from kitchen and house appliances to food and beverage, clothes, and cosmetic products, on 160 stalls. There will be also stalls for Cambodian, Japanese, Korean, and Singaporean products. The Inter Trade Fair 2014 is scheduled to be held four times in Cambodia. The first one in Phnom Penh from 15 to 18 May, the second in Siem Reap province from 17 to 20 July, the third in Battambang province from 4 to 7 September, and the fourth in Kampong Cham province from 20 to 23 November.

Source:
http://www.akp.gov.kh/?p=45306

Monday, May 12, 2014

Standards must improve: official

12 May 2014

Small food and beverage makers are at risk of being uncertified when the ASEAN economic community takes shape in 2015, with the vast majority far from achieving international quality and safety standards. Deputy Director of National Productivity Center said just 30 of the estimated 500,000 small and medium-sized enterprises (SMEs) operating in Cambodia have internationally recognised food certification. Not having the standards in place will cancel out the opportunity to export and will make competition with imports tougher when trade barriers are loosened in 2015 during ASEAN integration.

Source:
http://www.phnompenhpost.com/business/standards-must-improve-official

Economic expansion of Cambodia; an opportunity for Thai entrepreneurs

12 May 2014
 
 
The retail marketing business in Cambodia has been growing at approximately 8% a year for the last 10 years and is expected to increase by 7.5% a year from 2014-2018. This economic expansion and greater purchasing power of Cambodians, is seen as presenting great opportunities to Thai entrepreneurs wanting to invest in retail business and modern forms of trade and marketing.

There are huge opportunities for investment in Cambodia in new concept businesses, supermarkets, discount stores and mini marts. Interesting cities for investment are Phnom Penh and Siem Reap. The capital Phnom Penh is highly populated, and its people have better purchasing power than elsewhere. However, Siem Reap is the most popular city for tourism. It attracts approximately 2.2 million tourists a year because of its position next to Angkor Wat and as such is likely to increase in size and activity. One real advantage for Thai products is that Cambodians prefer them to similar Chinese goods. Higher-income Cambodians love to visit big shopping malls and often come to Thailand to follow trends in fashion. Familiar companies operating in Thailand such as KFC, Swensen’s, Burger King and Black Canyon have expanded their shops or restaurants into Cambodia. CB Richard Ellis (CBRE), the world's leading real estate agency reports that the retail space renting rate is USD20-32/sq.m. in Phnom Penh.
 
Many countries are interested in investing in this city. However, all investors need to consider the limitations of the country as well, such as the undeveloped transportation system, which might cause delays and damage during product shipping.

Source:
http://thainews.prd.go.th/centerweb/newsen/NewsDetail?NT01_NewsID=WNRPT5705080010001

Parking rules kicked to kerb

12 May 2014

Phnom Penh Governor yesterday said the municipality plans to cancel old contracts awarding private companies the right to charge for parking in certain parts of the city, and introduce new restrictions on roadside parking in a bid to ease traffic for both vehicles and pedestrians.

The new measures will put an end to parking on sidewalks, and curb the amount of space occupied by street vendors. “For contracted parking and anarchic parking along some roads in the city [where] they charge for parking in front of residents’ houses, the Phnom Penh Municipality has decided to cancel this. However, the supervisor of a large office building on Monivong Boulevard whose sidewalks were thick with cars and SUVs yesterday said she worried that a lack of parking might drive away business.

A date for implementing the plan hasn’t been set, but some City Hall officials speaking on condition of anonymity hinted it could come after the coming municipal, provincial and district council elections.

Source:
http://www.phnompenhpost.com/national/parking-rules-kicked-kerb

Cambodian Cabinet Ministers Approve 4 Documents

12 May 2014

The Cambodian cabinet meeting under the chairmanship of Prime Minister Hun Sen approved four important documents.

The first approved document is the draft national policy on housing elaborated by the Ministry of Land Management, Urban Planning and Construction based on a census in 2008 estimating that Cambodia would have a total population of about 18 million by 2030 and need over 1.1 million new houses. The second document is the draft sub-decree on the management of adult entertainment centers while some of those centers have been affecting social order and provoking negative impacts including sex and drug trafficking. This nine-chapter of 25-article sub-decree was drafted by the Ministry of Tourism.

In addition, the cabinet meeting also agreed to submit the Treaty on extradition between Cambodia and Vietnam; and the Agreement on Mutual Legal Assistance in civil matters between Cambodia and Vietnam to the legislative body for approval.

Source:
http://www.akp.gov.kh/?p=45089

Friday, May 9, 2014

Developers see near completion of cable-stayed bridge as positive for trade and property prices

9 May 2014

Set to open next year, Cambodia’s first cable-stayed bridge is now more than 70% complete.

The bridge is 2,220 metres long, 13 metres wide and 37.5 metres above the water level during the rainy season, and it will have two wide lanes for traffic. The Neak Loeung Bridge will be the longest bridge in Cambodia. The bridge will bring benefits to everyone because of its proximity to Vietnam and Thailand. The bridge is 61 kilometres southeast of Phnom Penh in Prey Veng province.

As at present, land prices on the other side of the Preah Monivong Bridge in the vicinity of Phnom Penh ranged between $500 and $800 per square metre. General Manager of Key Real Estate says land prices along National Road 1 saw an increase from 10% to 20% in the first four months of this year compared with the same period last year.

Source:
http://www.phnompenhpost.com/real-estate/developers-see-near-completion-cable-stayed-bridge-positive-trade-and-property-prices

Survey Says Firms Confident Despite Deadlock

9 May 2014

Local and foreign firms have a high level of confidence in the current economic climate in Cambodia despite the political deadlock in the country since last year’s disputed election, and are optimistic about business over the next year.

The ANZ Royal Business Confidence Index, which was completed in cooperation with the London-based market research company TNS, gives business confidence in Cambodia an overall score of 83 out of 100, indicating a high level of confidence. A total of 40 CEOs and financial officers from the country’s service were asked how confident about the prospects of their business. Overall, the index scored confidence in the service sector at 85, the agricultural sector at 82 and the industry sector at 81.

Source:
http://www.cambodiadaily.com/business/survey-says-firms-confident-despite-deadlock-58295/

Exports of rubber up, but prices on the fall

9 May 2014

Despite a large increase in exports during the first quarter, natural rubber producers continue to see declining revenues, as world prices fall further. The latest figures from the Ministry of Commerce show natural rubber exports grew 26% during the first quarter of 2014.

Meanwhile, overall revenue from natural rubber sales fell 28%. Last year, rubber was selling at about $2,800 per ton, but early this year, surprisingly, the price has dropped to as low as $1,980 per ton. Prices had been on the decline since 2011. An end to the sector’s price slump could not be foreseen.

A lack of infrastructure meant Cambodia had little choice but to sell natural rubber straight to the market despite falling prices. The reason exports are increasing [despite low prices] is because Cambodia does not have processing plant or warehouse to stock the harvested rubber. Cambodia produced 85,000 ton in total of raw natural rubber in 2013.

Source:
http://www.phnompenhpost.com/business/exports-rubber-prices-fall

Commerce Ministry Boosts Local Potential Products to Be Registered as GI Products

9 May 2014

The Ministry of Commerce has been pushing farmers, communities, and companies to register Geographical Indication (GI) to promote local potential products and to boost the export as well.

The law on GI was signed by His Majesty the King on 20 January 2014 after it was approved by the National Assembly on 30 December 2013. The law will protect the quality of a product to its origin under international law and create brand recognition on the global stage, as well as preserve the knowledge and know-how of producers.

There are currently 22 kinds of potential products for GI status. Those products, ranging from rice, pepper, palm sugar to durians, lobsters and silk, are from the provinces of Takeo, Kampot, Rattanakiri, Siem Reap, Kandal, Banteay Meanchey, Stung Treng, Battambang, Kratie, Prey Veng, Kampong Cham, and Pursat.

Source:
http://www.akp.gov.kh/?p=45036

Thursday, May 8, 2014

Giant Development in Cambodia Hinges on Chinese Buyers

8 May 2014

There is an island in Cambodia that, unlike others in Southeast Asia, is not the object of an ownership dispute. But it is equally clear whom its current owners would like to land there: Chinese property buyers.

If all goes according to plan, Koh Pich — Diamond Island in English — a 100-hectare, or about 250-acre, spit of land hugging downtown Phnom Penh’s shoreline, will be home to more than 1,000 condominiums, hundreds of villas, two international schools, a replica of the Arc de Triomphe, a near-clone of Singapore’s Marina Bay Sands Hotel and one of the world’s tallest buildings.

Phnom Penh, Cambodia’s capital, is coming into its own as a regional business destination, and investment in its property market totaled $1.9 billion in the first half of 2013, compared with $1.2 billion in 2011.

After Cambodia passed a law in 2010 allowing foreigners to buy condominiums in towers above the first floor of approved buildings, developers in Phnom Penh have begun catering to growing foreign demand. A report in March by the Phnom Penh office of the property consultancy CBRE noted that 20 condominium projects had been completed or were under construction in the city.

The island’s largest such project is the $700 million Diamond Island Riviera: three 33-story condominium towers supporting a 650-foot infinity-edge pool, a shopping mall, hospital, an international school, two pedestrian shopping streets — plus two additional 29-story condominium towers. In a nod to Chinese superstition, which considers the number four unlucky, the buildings will not have 4th, 14th, 24th or 34th floors.

Source:
http://www.nytimes.com/2014/05/07/realestate/commercial/giant-development-in-cambodia-hinges-on-chinese-buyers.html?_r=2