New firm seeks to enter gold trading

26 May 2016

Golden FX Link (Cambodia) has joined in the running to become a legally licensed firm to trade derivatives. With a registered capital of $5 million, the company received a license in principle from the Securities and Exchange Commission of Cambodia (SECC). The firm will focus on the global foreign currency (forex) markets, as well as trading gold, silver and oil.

Source:

http://www.phnompenhpost.com/business/new-firm-seeks-enter-gold-trading

Singapore, Cambodia Sign Tax Treaty

26 May 2016

Singapore and Cambodia have entered into a double taxation avoidance agreement to boost cross-border trade and investment between the two countries. The Agreement clarifies the taxing rights of both countries on all forms of income flows arising from cross-border business activities, and ensures that income will not be taxed twice.

Source:

http://www.tax-news.com/news/Singapore_Cambodia_Sign_Tax_Treaty____71308.html

Construction of Second AEON Shopping Mall To Begin in June

26 May 2016

The groundbreaking ceremony for the second AEON Mall in the northern part of Phnom Penh Capital, will start next month. The construction would take about 20 months and the new mall is expected to open in 2018. This second AEON Mall is in response to the rapid development of Phnom Penh Capital to demand for quality services and commodities.

Source:

http://www.akp.gov.kh/?p=81314

Sathapana Bank gets $35 million from Taiwan lenders

25 May 2016

Facilitated by Taiwan’s First Commercial Bank, seven foreign banks provided $35 million in a syndicated loan to Sathapana Bank Plc, a newly formed Cambodian commercial bank, to expand its existing microfinance operations and broaden its commercial lending portfolio. Its total loan portfolio amounts to $533 million, while total deposits are $367 million.

Source:

http://www.phnompenhpost.com/business/sathapana-bank-gets-35-million-taiwan-lenders

Sihanoukville is top choice for Russia flight plan

25 May 2016

Regularly scheduled direct flights between Cambodia and Russia proposed by Cambodia Prime Minister last week in Moscow might land in the coastal town of Sihanouk Ville. Russia tourist arrivals fell by 17.6% during the first quarter of this year. However, Russians are still ranked as Sihanoukville’s second highest visitor, following the Chinese.

Source:

http://www.phnompenhpost.com/business/sihanoukville-top-choice-russia-flight-plan

China Invests over US$30 Million in Khmer Specialized Bank in Cambodia

25 May 2016

Chinese investor has invested more than US$30.5 million in establishing Khmer Specialized Bank PLC in Phnom Penh with an aim to provide wide credit services for Cambodian people and SMEs that need capital to expand their businesses. The Khmer Specialized Bank was upgraded from Angkor ACE Star Credits Limited and subsidiary to Khmer Holdings Group Co., Ltd.

Source:

http://www.akp.gov.kh/?p=81142

Turkey joins the air cargo business

23 May 2016

Turkish Airlines, a member of the Star Alliance network, has become the newest player to enter into Cambodia’s air freight business after launching operations last Saturday. The new route will see an Airbus 330, with a capacity to hold 60 tons, fly between Phnom Penh and Istanbul every Saturday.

Source:

http://www.phnompenhpost.com/business/turkey-joins-air-cargo-business

Cambodia, U.S. Boost Cooperation in Garment Sector

23 May 2016

Cambodia and United States of America continue to discuss cooperation to further improve the supply and demand sides of garment sector between the two countries. From the supply side, Cambodia is expecting health and retirement insurances for garment factory workers next year and the following year respectively. Since the 1999 this bilateral agreement has been exporting US$6 billion worth products.

Source:

http://www.akp.gov.kh/?p=81050

Pig skin to kick off leather industry

17 May 2016

Agro-industrial giant Mong Reththy Group is finalising construction on the Kingdom’s first pig skin processing factory and expects production to begin by the end of the year. The factory, located at the group’s private port in Preah Sihanouk province, would process imported pig skins to produce leather for the European market.

Source:

http://www.phnompenhpost.com/business/pig-skin-kick-leather-industry

Emerald back on ASX after turning to gold

17 May 2016

Emerald Resources NL, an Australian mining firm with interests in Cambodia, will relist on the Australian Securities Exchange (ASX) on Tuesday following the company’s compliance with chapters 1 and 2 of the exchange’s listing rules and rule 11.1.3. Some 1.3 million shares will be available when trading resumes.

Source:

http://www.phnompenhpost.com/business/emerald-back-asx-after-turning-gold

Norway To Invest US$24 Million in Marine Aquaculture in Preah Sihanouk Province

17 May 2016

Vitamar A.S. Company of Norway is planning to invest US$24 million for its 8-year large-scale marine fish farm in Cambodia’s Preah Sihanouk province. The investment project was made known here last Friday from 2016 to 2023. The investment project is expected to create direct jobs for some 200 aquaculture officials and local people.

Source:

http://www.akp.gov.kh/?p=80576

Number of Foreign Arrivals Up 2.6% in Q1

17 May 2016

In the first quarter of this year, the number of foreign visitors to Cambodia reached some 1.34 million, up only 2.6% from 1.30 million in the same period last year. The Vietnamese remained at the top of foreign tourists to Cambodia, followed by the Chinese, Koreans, Thais, Americans, Laotians and Japanese.

Source:

http://www.akp.gov.kh/?p=80947

Mangoes bound for European market

6 May 2016

Mong Reththy Group, the largest agro-industrial company in Cambodia, has sent 13 shipments of mangoes to Europe this year totalling 54 tons. It is not the first time that Cambodia has exported these [mangoes] to Europe. “Our mangoes are sent to Thailand and Vietnam to be checked for phytosanitary approval before being shipped to Europe.”

Source:

http://www.phnompenhpost.com/business/mangoes-bound-european-market

Port operator reports earnings up by 49%

6 May 2016

Phnom Penh Autonomous Port (PPAP) posted more than 14% growth in revenue last year, while earnings soared by 49%.

PPAP operates the capital’s river port, which is Cambodia’s second-largest port by throughput. Feeding the Kingdom’s construction boom, 60% of imports were building materials, while exports were dominated by garments at 52%, with rice at 38%.

Source:

http://www.phnompenhpost.com/business/port-operator-reports-earnings-49pct

Investment Value in Cambodia’s Construction Sector Reaches US$1,647 Million in Q1

6 May 2016

During the first three months of 2016, Cambodia has attracted some 473 investment projects in the construction sector worth in total US$1,647 million, showing an increase of 257.51% compared to last year. It is thanks to the country’s high economic growth, political and social stability, open-skies policy, and favorable conditions for investors.

Source:

http://www.akp.gov.kh/?p=80457

Chinese Company Invests US$250 Million in Condominium Construction in Cambodia

4 May 2016

The China-based J & L Property Development Co., Ltd. has invested US$250 million in Cambodia to construct a skyscraper condominium called SKY Tree in Sangkat Tuol Sangkae, Russey Keo district, Phnom Penh. The company’s decision to invest in Cambodia by the country’s political stability and strong economic growth, which makes Cambodia further develop in the next 10 years. The construction of SKY Tree has started since early this year and is expected to complete in 2019.

Source:

http://www.akp.gov.kh/?p=80203

Stronger yen sees return of Japanese investment

4 May 2016

A stronger Japanese yen is rekindling investor interest in Cambodia and pushing Japanese firms to establish or expand their presence in the Kingdom. Some 262 new Japanese firms launched operations in Cambodia during the first three months of the year, a 40% increase over the same period in 2015. The investments included factories, construction, restaurants and consultancy services.

Source:

http://www.phnompenhpost.com/business/stronger-yen-sees-return-japanese-investment