Phnom Penh Port aims for November listing

29 May 2015

The Kingdom’s second-largest port, Phnom Penh Autonomous Port, is aiming to be listed on the Cambodia Securities Exchange by this November, which would help raise funds for the development of a new terminal. The public offering, which is being managed by Yong Yang Securities, will help increase the terminal’s capacity to 300,000 containers, from the 150,000 developed during the first phase.

Source:

http://www.phnompenhpost.com/business/phnom-penh-port-aims-november-listing

Cambodia's sea port reports 19% rise in container throughput in 4 months

29 May 2015

The Sihanouk Ville Autonomous Port has seen a 19% rise in container volume in the first four months of 2015. Containerized cargo tonnage increased 9% to 1.29 million tons from 1.18 million tons. The port also saw a 7% increase in the import of petroleum from 410,792 tons in the first four months last year to 440,070 tons over the same period this year. The Sihanouk Ville Autonomous Port handles more than 60% of the country's cargo traffic. 

Source:

http://thecambodiaherald.com/cambodia/cambodias-sea-port-reports-19-pct-rise-in-container-throughput-in-4-months-8651

Exim Bank vows strong support for border trade

29 May 2015

Total export value by the end of 2014 was US$227.57 billion (Bt7.68 trillion), and the top four markets last year were China, the United States, Japan and the European Union.

The economies of Cambodia, Laos, Myanmar and Vietnam (CLMV) are expected to expand by 7.2, 7.3, 8.3 and 6%. It is expected to grow by 7-8% annually over the next five years. Non-alcoholic beverages and vehicles, parts and engines are doing well in Cambodia. Exim Thailand has launched five products to support Thai business expansion along the border areas this year. The bank's services include short- and long-term loans, export credit insurance.

Source:

http://www.nationmultimedia.com/business/Exim-Bank-vows-strong-support-for-border-trade-30261075.html

Cambodia, EU Sign EU Multiannual Indicative Program 2014-2020

29 May 2015

Cambodia and the European Union (EU) signed cooperation the EU Multiannual Indicative Program (MIP) 2014-2020. This MIP with US$460 million is to support three priority sectors of the Rectangular Strategy-Phase III, including agriculture and natural resource management (EUR 144 million); education, vocational training and skills (EUR 140 million); and governance and administration (EUR 120 million).

Source:

http://www.akp.gov.kh/?p=63030

Cambodia appoints 7 new ambassadors to foreign countries

28 May 2015

Cambodia has appointed seven new ambassadors to foreign countries such as: ambassador to the United States, Australia, New Zealand, Kuwait, Indonesia, Japan, Belgium, and India. The National Assembly president told them to do all their best to further promote ties and cooperation between Cambodia and those host countries. Moreover, he urged them to attract investors and tourists in those countries to Cambodia.

Source:

http://thecambodiaherald.com/cambodia/cambodia-appoints-7-new-ambassadors-to-foreign-countries-8646

Gov’t seeks to reclassify croc status for export

27 May 2015

The government is proposing to de-list the Siamese crocodile as a highly endangered species in a bid to help crocodile farmers reach new markets.

Because the Siamese crocodile is listed as an Appendix I animal, which means it is a threatened species under the international wildlife protection treaty CITES, or the Convention on International Trade in Endangered Species of Wild Fauna and Flora, it is banned from export. And the government would attempt to list the reptile under Appendix II, making it possible for farmers to export them.

Source:

http://www.phnompenhpost.com/business/govt-seeks-reclassify-croc-status-export

Centre targets $47.5-billion textile exports in 2015-16

27 May 2015

The government has set the textile and clothing export target at $47.5 billion for the current fiscal, aiming for an almost 14% rise in outbound shipments from the actual level of 2014-15.

The country’s overall textile and garment exports grew roughly 5% in the last fiscal to $41.4 billion from a year before, said a textile ministry official. Still, the exports fell short of the official target of $45 billion for 2014-15. Earlier, quick estimates had showed that the exports during the April-February period went up by nearly 2% from a year before. The industry wants certain incentives to capture markets in countries such as Bangladesh, Vietnam and Cambodia.

Source:

http://www.financialexpress.com/article/economy/centre-targets-47-5-billion-textile-exports-in-2015-16/76187/

Maybank chief urges firms to focus on ASEAN for growth

27 May 2015

The private sector should take the lead in pursuing an Asean growth strategy to become true Asean multinationals. Doing business in this region is no longer about biding your time until suitable opportunities come along, but about being a frontrunner and making your mark on the young, impressionable, up-and-coming Asean consumer. A survey was quoted whereby 80.9% of non-Asean companies polled had a strategy oriented around the Asean region, while the figure among Asean-based companies was lesser at 55%.

Source:

http://thecambodiaherald.com/world/maybank-chief-urges-firms-to-focus-on-asean-for-growth-13116

China's Huawei wins bid to build Malaysia-Cambodia-Thailand undersea communications cable

26 May 2015

China's Huawei Marine Networks, a global submarine network provider, said on Monday that it won a bid to build the Malaysia-Cambodia-Thailand (MCT) undersea cable system. Spanning approximately 1,300 km, the MCT cable system will provide connectivity between Cherating in Malaysia and Rayong in Thailand with a branching unit connecting from the main trunk into Sihanoukville in Cambodia.

Source:

http://thecambodiaherald.com/cambodia/chinas-huawei-wins-bid-to-build-malaysia-cambodia-thailand-undersea-communications-cable-8635

Cambodia invited for Philippine rice tender

25 May 2015

Cambodia has been invited by the Philippines to bid for a 250,000 ton rice tender in June to boost the latter’s rice buffer stock during the lean months of July to September. Philippines’ National Food Authority has been tasked with issuing a tender in June for the import of 25% broken rice via a government-to-government deal, with delivery expected to be between July and August.

Source:

http://www.phnompenhpost.com/business/cambodia-invited-phlippine-rice-tender

A 400 megawatt controversial hydropower dam achieves 55%

25 May 2015

The construction of Lower Sesan 2 hydropower dam, one of the controversial development projects in Stung Treng, a northeastern province has achieved more than 55%. The construction of the 400-megawatt Lower Sesan 2 hydropower dam started processing in 2013, after the Cambodian lawmakers approved and expected to complete by the end of 2017 in order to respond the energy shortage in the country.

Source:

http://thecambodiaherald.com/cambodia/a-400-megawatt-controversial-hydropower-dam-achieves-55-percent-8618

Trade talks aim to boost quota

22 May 2015

A Chinese trade delegation due to arrive in Cambodia next week has added to the hopes that the Kingdom’s rice export quota to China will be drastically raised. The three-day visit, which will be led by China’s Vice Minister of Commerce, begins on Monday and will discuss strengthening trade ties with Cambodia. Cambodian ask to double Cambodia’s rice export quota to 200,000 tons for the period between May 2015 and April 2016.

Source:

http://www.phnompenhpost.com/business/trade-talks-aim-boost-quota

Cambodia: Marginal growth in March

22 May 2015

Cambodia’s tourist arrivals registered an increase of 4.2% in March, this year. Most of the arrivals were generated by neighbouring markets and China. For January to March this year, the country welcomed 1,307,836 international travelers improving 3.1% from 1,267,922 visits in 2014. Outbound trips reached 246,912 growing 18.2% during the first quarter this year compared to 208,972 trips during the same period last year.

Source:

http://www.ttrweekly.com/site/2015/05/cambodia-marginal-growth-in-march/

Amru nearing organic rice deal with the US

20 May 2015

Local rice exporter Amru Rice is close to signing an agreement with an American importer to bring Cambodian organic rice to the American market.

Cambodia’s primary organic rice exporter, the Cambodian Center for Study and Development in Agriculture, known as CEDAC, shipped 540 tons of fragrant organic rice to international markets last year, an increase 20% compared to 2013. The rice exporter is aiming to export 1,000 tons in 2015. “Cambodian organic rice is really good, as Hong Kong’s consumers prefer organic products.”

Source:

http://www.phnompenhpost.com/business/amru-nearing-organic-rice-deal-us

UN ESCAP: Cambodia’s Economic Growth Expected to Reach 7.3% in 2015

20 May 2015

The Cambodian economy would grow by 7.3% this year. Although most of Cambodian people are farmers and have low income, Cambodia’s economy has grown remarkably for a couple of years and poverty was alleviated significantly if compared to some countries in the region.

Source:

http://www.akp.gov.kh/?p=62620

Cambodia Prime Minister announces $100 million stadium

19 May 2015

Cambodia Prime Minister yesterday took the wraps off the final design for the new national stadium – due to serve as the centrepiece of the 2023 Cambodia SEA Games and also announced a near doubling of the wages of national athletes, coaches and administrators. The 60,000-seat main stadium, which is estimated to cost about $100 million and will be built by a Chinese construction firm, will be completed in the next four to five years with a Chinese grant covering the entire project.

Source:

http://www.phnompenhpost.com/national/hun-sen-announces-100-million-stadium

Cambodia promotes "code of conduct" for visitors to Angkor heritage site

19 May 2015

Cambodia has promoted a "Visitor Code of Conduct" for tourists visiting the famed Angkor Archaeological Park in Siem Reap province.

The Apsara National Authority, which manages the site, the code tells tourists of the rules against wearing revealing clothes, touching carvings or sitting on fragile structures, smoking, and entering restricted areas at the temples. The site attracted 2.35 million foreign tourists in 2014, generating a gross revenue of 59.3 million U.S. dollars from ticket sales.

Source:

http://thecambodiaherald.com/cambodia/cambodia-promotes-%22code-of-conduct%22-for-visitors-to-angkor-heritage-site-8593

Rural focus for inclusiveness

19 May 2015

The Cambodian economy is expected to grow by 7.3% in 2015 and 2016 but will need to concentrate on development in the rural areas in order to ensure inclusive growth. The construction and tourism will be the main drivers of the economy, whereas the garment sector, a traditional growth engine, will see competitiveness eroded over the next two years due to a rising wages.

Source:

http://www.phnompenhpost.com/business/rural-focus-inclusiveness

First quarter airport arrivals up 12%

18 May 2015

Passenger arrivals at Cambodia’s two main international airports increased around 12% in the first quarter of this year, as compared to the same period in 2014, on account of an uptick in tourist and business visitor arrivals. Of the 919,550 arrivals, Phnom Penh International Airport received 380,969 passengers, an increase of 15.2% and Siem Reap International Airport recorded 538,581 arrivals, a rise of 9.3%.

Source:

http://www.phnompenhpost.com/business/first-quarter-airport-arrivals-12-cent

EU, the Biggest Market for Cambodia’s Garment Products in Q1

18 May 2015

The biggest market of Cambodian-made garment products in the first quarter of this year is the EU, followed by the U.S. In the period of January-March 2015, Cambodia’s apparel exports to the EU increased 16% to US$680 million. Garment and textiles accounted for 80% of the country’s total exports, and were valued at US$1.73 billion in this first three months of this year, up 11% from US$1.56 billion in the same period last year.

Source:

http://www.akp.gov.kh/?p=62415

Cambodia, France To Sign 4 Financing Agreements

18 May 2015

Cambodia and France are going to sign four financing agreements worth more than US$40 million to support the economic and social development in Cambodia. The agreements will be inked by Cambodian Minister of Economy and Finance and French Secretary of State for Development and Francophonie, during the latter’s visit to Cambodia next week.

Source:

http://www.akp.gov.kh/?p=62413

Cambodia gets travel laurel

11 May 2015

Cambodian tourism authorities expect the sector, which saw tourist arrivals drop in 2014, to get a boost this year, after the country was accorded an award for being the best cultural and heritage tourist destination at last week’s World Travel Fair in Shanghai. The award was based on criteria such as clean and green environment, good security for tourists, food and hospitality services among others.

Source:

http://www.phnompenhpost.com/business/cambodia-gets-travel-laurel

FAO expects world fish production to rise 2.6% this year

11 May 2015

The Food and Agriculture Organisation of the United Nations (FAO) expects world fish production to rise 2.6% from last year to 168.6 million tons in 2015. "Supply in 2015 is likely to see a small rebound in wild catches from the 2014 El Niño-related shortfall, to 90.6 million tons, and a further 5% growth in aquaculture production to 78 million tons." 

Source:

http://thecambodiaherald.com/cambodia/fao-expects-world-fish-production-to-rise-26-pct-this-year-8523

PM: Cambodia’s Economic Growth Expected to Be Stronger

11 May 2015

Cambodia Prime Minster has affirmed that the Cambodian economy would see a 7.3% and 7.4% growth this year and next year. While the International Monetary Fund (IMF) say will growth will be at 7.2% and the ADB’s Asian Development Outlook 2015 will expand by 7.3% in 2015 and will climb to 7.5% next year.

Source:

http://www.akp.gov.kh/?p=62172

Banking profits up, construction credit climbing

8 May 2015

The National Bank of Cambodia’s Supervision Annual Report 2014 showed that profits for the banking sector stood at $311 million, a 30% increase from 2013, with commercial banks bringing in major portion of these profits – $305 million. Some banks have well surpassed the 100 per cent mark and are supplementing their loan financing from local and foreign inter-bank lending.

Source:

http://www.phnompenhpost.com/business/banking-profits-construction-credit-climbing

Cambodia, Japan To Sign Exchange of Notes on Grand Aid

8 May 2015

Cambodia and Japan will sign here on Monday next week the Exchange of Notes and Record of Discussions on the extension of Grant Aid up to the amount of ¥3,284 million (over US$27 million). This financial aid will be used for the implementation of the Project for Expansion of Water Supply System in Kampot province and the Project for Human Resource Development Scholarship.

Source:

http://www.akp.gov.kh/?p=62073

Cambodia expects growth to stabilise at around 7% this year

7 May 2015

Cambodia expects economic growth rate to remain stable at around 7% this year. In a statement to the annual meeting of the Asian Development Bank in the Azerbaijani capital of Baku, he pointed to increased productivity and yields in agriculture and continued growth in the tourism, construction, garment and light manufacturing sectors. "Macroeconomic stability continues to be maintained with inflation being at 3.5 percent this year due to sustained lower oil prices, reduced food prices and stable dollar/riel exchange rate,"

Source:

http://thecambodiaherald.com/cambodia/cambodia-expects-growth-to-stabilise-at-around-7-pct-this-year-8511

Cambodia exports over 200,000 tons of rice in four months

7 May 2015

Cambodia exported 201,183 tons of rice in the first four months of 2015, a 67.2% over the same period last year. In April alone, the country exported 51,719 tons of rice, up from 35,961 tons shipped in March. The rice was exported to 32 countries by 66 local companies. Last year, the country exported 387,061 tons, compared with 378,856 tons a year earlier.

Source:

http://thecambodiaherald.com/cambodia/cambodia-exports-over-200000-tons-of-rice-in-four-months-8518

Laos, Cambodia tighten ties, cooperation

7 May 2015

Cambodian Minister of Foreign Affairs and International Cooperation and Laos Minister of Foreign Affairs met at the Ministry of Foreign Affairs in Vientiane on Tuesday to discuss bilateral cooperation in the past and the potential for future cooperation. The two sides encouraged the responsible sectors from both countries to realise the decisions agreed to at the meeting, such as cooperation in politics and security, economics, trade, transport, tourism, and energy.

Source:

http://thecambodiaherald.com/cambodia/laos-cambodia-tighten-ties-cooperation-8512

Cambodia, One of 7 Countries in New IMF Report

7 May 2015

Cambodia is one of the 7 countries in the “Frontier and Developing Asia: The Next Generation of Emerging Markets” of the International Monetary Fund (IMF) released recently. Frontier economies are receiving increasing attention from policymakers, investors, and academics. This book looks at the growing importance of the countries that make up frontier and developing Asia from different angles, including achieving inclusive growth, financial sector deepening, and strengthening policy frameworks.

Source:

http://www.akp.gov.kh/?p=61962

SMEs, the Core of Economic Growth in ASEAN

5 May 2015

Small and medium-sized enterprises (SMEs) are the core of development and contribute to the economic growth of the ASEAN countries. SMEs is creating jobs and promoting gender equality through running businesses and expanding operation both in the urban and rural areas. It is 89-99% of companies in ASEAN were SMEs. SMEs in Cambodia generated jobs for 73% of the total labor.

Source:

http://www.akp.gov.kh/?p=61913

Attention turns to waterway transport

4 May 2015

The government has received a grant of $5.5 million from the Korea International Cooperation Agency (KOICA) to conduct a feasibility study on how the Kingdom’s waterways and ports can be better utilised for transport.

The feasibility study is looking at how to improve the movement of goods along 215 kilometres of rivers and estuaries from Phnom Penh to Kampong Cham and Kratie provinces. Improving logistics along other waterways from Phnom Penh to Vietnam and from Bassac River to Siem Reap province have also been looked at with support from the Japan International Cooperation Agency (JICA). The waterways will ease transportation of agricultural products, especially rice, from the eastern provinces to nearby provinces as well as the port in the capital, while bringing down the cost of transport.

Source:

http://www.phnompenhpost.com/business/attention-turns-waterway-transport

Cambodia's microfinance lenders see 13% rise in Q1 lending

4 May 2015

Cambodia's 40 Microfinance Institutions (MFIs) had reported a 13% rise in loan disbursements in the first quarter of 2015. The MFIs had lent about 2.29 billion U.S. dollars to customers as of March this year, up from 2.03 billion U.S. dollars at the end of last year. Cambodia sees MFIs as a key player in helping the government reduce poverty in rural areas and the sector has been well developed in the last decade.

Source:

http://thecambodiaherald.com/cambodia/cambodias-microfinance-lenders-see-13-pct-rise-in-q1-lending-8491

Cambodia holds Expo to promote local products

4 May 2015

The 5th edition of One Village One Product Expo kicked off here on Friday afternoon, aiming to promote local products to consumers and tourists. More than 80 producers from 13 cities and provinces have their products, including jewelry, cosmetics, traditional silk, stone and wooden sculptures, food, and fruit, displayed at the three-day event.

Source:

http://thecambodiaherald.com/cambodia/cambodia-holds-expo-to-promote-local-products-8493

Chinese demand ups longan exports

4 May 2015

Exports of longan fruits from Pailin saw a 60% increase this year compared to the same period last year due to rising demand from China. From January to May this year, more than 1,100 tons of longan were exported to China, up 63% from the 676 tons last year. One kilogram of longan costs around 5,000 riel, or $1.25, almost a two-fold increase from three years ago when the price stood at $0.70.

Source:

http://www.phnompenhpost.com/business/chinese-demand-ups-longan-exports