Officials bid to increase South Korean investment

30 June 2016

A delegation of Cambodian investment officials and prominent private sector businessmen held a seminar in Seoul, South Korea, yesterday in an effort to drum up more Korean investment in Cambodia’s growing agro-industrial sector. South Korea ranks second after China in terms of total FDI in Cambodia, with significant investments in the Kingdom’s property, banking and agricultural sectors.

Source:

http://www.phnompenhpost.com/business/officials-bid-increase-south-korean-investment

White Paper on China Ready for Cambodia Tourism Launched

30 June 2016

Cambodia’s Ministry of Tourism has launched here recently the White Paper on China Ready for Cambodia Tourism. This is aimed to attract some 2 million Chinese visitors to the Kingdom by 2020. Last year, about 4.8 million foreign tourists visited Cambodia, among them 700,000 are Chinese. Currently, China is one of the three main tourism markets of Cambodia beside Vietnam, South Korea.

Source:

http://www.akp.gov.kh/?p=83132

US Ambassador Urges Investment Treaty

28 June 2016

Cambodia has been asked to accelerate the final negotiations for a bilateral investment treaty with the United States to pave the way for more American investment in the Kingdom. One of the prerequisites for Cambodia to join the TPP is that it must first have a bilateral investment agreement with the United States.

Source:

http://www.khmertimeskh.com/news/26569/us-ambassador-urges-investment-treaty/

Chinese firm floats proposal for rail link to capital’s port

28 June 2016

A Chinese state railway construction contractor has approached the government with a bid to conduct a feasibility study on connecting the capital’s river port to the Kingdom’s sole operating railway line. A representative of China Railway discusses with Transportation Minister about a $250 million project proposal from Phnom Penh to Sihanoukville.

Source:

http://www.phnompenhpost.com/business/chinese-firm-floats-proposal-rail-link-capitals-port

Carl’s Jr gears up to open capital’s first drive-thru

28 June 2016

Cambodia's first-ever restaurant drive-through is set to open in September when American burger chain Carl’s Jr launches operations in Phnom Penh, though not everyone is convinced Cambodians will adopt the American car-oriented food-order service. One personally believes Cambodian people prefer to dine in rather than order food on-the-go.

Source:

http://www.phnompenhpost.com/business/carls-jr-gears-open-capitals-first-drive-thru

Local gold sales spike following Brexit vote

27 June 2016

Local shops dealing in gold reported a surge in activity following the United Kingdom’s vote on Friday to leave the European Union – a decision that pushed international gold prices up sharply as worried investors sought a safe-haven asset. Gold prices in Cambodia – which have climbed steadily since the start of the year – surged another 6.5% to reach $1,620 per damlung on Friday.

Source:

http://www.phnompenhpost.com/business/local-gold-sales-spike-following-brexit-vote

Global Transactions Easier with Acleda MasterCard

27 June 2016

Cambodia’s leading commercial bank Acleda in partnership with MasterCard Asia and the Pacific, last week launched the Acleda MasterCard electronic plastic card to allow customers to make withdrawals through any ATM as well as make payments around the world where the MasterCard logo is displayed. The National Bank of Cambodia revealed that at the end of last year 39,836 credit cards were issued by 11 banks.

Source:

http://www.khmertimeskh.com/news/26520/global-transactions-easier-with-acleda-mastercard/

Cambodia’s Role in the Maritime Silk Road

27 June 2016

Cambodia Prime Minister and China’s Ambassador to Cambodia officially opened the 21st Century Maritime Silk Road Research Center to strengthen relations and cooperation, how it benefits Cambodia, how it could boost the relationship between Cambodia and China and the economic aspects Cambodia can expect to see.

Source:

http://www.khmertimeskh.com/news/26526/cambodia---s-role-in-the-maritime-silk-road/

Interest shown in Siem Reap rail connection

24 June 2016

Private sector companies have expressed interest in building a high-speed railway to connect Phnom Penh to Siem Reap and the Thai border town of Poipet. A ministry spokesman later clarified that there was no concrete plan for a new railway link at this time, but if top-level discussions progress a feasibility study will be commissioned.

Source:

http://www.phnompenhpost.com/business/interest-shown-siem-reap-rail-connection

Home Loans Up Despite Slowdown

24 June 2016

Cambodia’s commercial banks, in the first five months this year, saw strong growth in housing loans despite the government’s prediction of the construction boom heading towards a five-year slowdown. We will see a slowdown in the construction sector. But that’s a good thing for the Cambodian economy because the property sector is reaching the stage where there is an oversupply of building space.

Source:

http://www.khmertimeskh.com/news/26483/home-loans-up-despite-slowdown/

Export Cassava to Thailand, Says Ministry

24 June 2016

Cambodia export cassava to Thailand market due to high demand to produce ethanol, animal feed and flour. It is Cambodia’s biggest market, followed by Vietnam and China. The raw cassava is then processed in these countries for export to Malaysia and the European Union. Thailand exports around 45% of its cassava starch, valued at around $550 million, to China.

Source:

http://www.khmertimeskh.com/news/26425/export-cassava-to-thailand--says-ministry/

Cambodia, Timor-Leste Plan to Sign MoU on Labor Sector

24 June 2016

Cambodia and Timor-Leste are planning to sign a cooperation MoU on labor and training sectors. Cambodia will learn about oil, gas and mine resource management from Timor-Leste whereas Timor-Leste will draw Cambodia’s experience in the fields of garment, tourism, and so on.

Source:

http://www.akp.gov.kh/?p=82726

South Korean cargo line aims to double shipments

23 June 2016

The volume of goods shipped has grown steadily in the three months since South Korean sea shipping line Hyundai Merchant Marine began calling at Sihanoukville port, and cargo sizes are expected to double in the coming month. The ships deliver goods such as textiles, factory equipment and spare parts to support the local garment industry. The traffic of goods between South Korea or Japan and Cambodia is increasing every year.

Source:

http://www.phnompenhpost.com/business/south-korean-cargo-line-aims-double-shipments

Ministry of Commerce Hosts 25th SSC.TD-TRI Meeting

23 June 2016

The 25th Sub-Steering Committee on Trade Development and Trade Related Investment (SSC.TD-TRI) Meeting was held here on Tuesday to shape up the Kingdom’s export competitiveness performance through exploring new markets and moving up value chain for existing sectors.

Source:

http://www.akp.gov.kh/?p=82689

Sweden To Support Cambodia’s Candidacy as Member of UN Economic and Social Council

23 June 2016

The Outgoing Swedish Ambassador to Cambodia informed Cambodia Prime Minister during her meeting here yesterday that her government will support Cambodia’s candidacy as a member of the UN Economic and Social Council for 2017-2019.

Source:

http://www.akp.gov.kh/?p=82697

Banks offer credit for those with steady jobs

22 June 2016

The number of banks offering advance salary loans has grown since Acleda Bank first introduced the concept in Cambodia in late 2013, though some financial institutions remain wary of offering the unsecured lines of credit. The loan can be used for any purpose, whether for investment or personal consumption. Interest rates on advance is typically run from 1.8% to 2% per month, with repayment periods of up to 36 months.

Source:

http://www.phnompenhpost.com/business/banks-offer-credit-those-steady-jobs

Cambodia, Thailand To Promote Connectivity and Bilateral Trade

22 June 2016

Cambodia and Thailand have agreed to boost their road, rail, air and maritime connectivity and bilateral trade. Both sides agreed to push for the opening of Stung Bat international border gate, upgrade four border checkpoints into international border gates. They agree to boost the two-way trade at the border so as to reach their countries’ target of tripling their bilateral trade up to US$15 billion by 2020.

Source:

http://www.akp.gov.kh/?p=82650

PPAP net profit up 26% in Q1

22 June 2016

Listed port operator Phnom Penh Autonomous Port (PPAP) reported increases in both revenue and net profit during the first quarter of the year. Total revenue reached 10%, net profit rose 26% year-on-year increase. PPAP became the third company to list on the CSX after raising $5.2 million in an initial public offering late last year.

Source:

http://www.phnompenhpost.com/business/ppap-net-profit-26-q1

Exim Bank plans first foray into Cambodia

21 June 2016

State-owned Export-Import Bank of Thailand (Exim Bank) will open a representative office in Cambodia as part of its regional expansion. The expansion is aimed at providing financial services to Thai operators that are making inroads into the Cambodia, Laos, Myanmar and Vietnam (CLMV) region, boosting Thailand’s outward direct investment in the region.

Source:

http://www.phnompenhpost.com/business/exim-bank-plans-first-foray-cambodia

New cement factory sets itself apart from the rest

21 June 2016

A Chinese-Khmer company has announced plans to build a $230 million cement factory, which when it comes online in 2017 will become only the country’s fourth cement plant, and the first in its underserved northwest. The increasing local production of cement will reduce reliance on imports and support the country’s rapidly expanding construction sector.

Source:

http://www.phnompenhpost.com/business/new-cement-factory-sets-itself-apart-rest

Demand for Cambodia’s Palm Sugar Increases at International Markets

21 June 2016

Local and foreign demands for organic palm sugar, especially from Kampong Speu province, have increased remarkably this year. In 2016, the community is expected to produce around 250-260 tons of palm sugar, up from 180 tons last year. This year the company is planning to export some 160 tons of palm sugar while only 110 tons have been collected.

Source:

http://www.akp.gov.kh/?p=82469

GTI profits rise 157%

10 June 2016

After posting an overall decline in profit of 70% in 2015, Grand Twins International (GTI) showed that net profits soared by 157% to $1.6 million, up from $628,000 during the same time last year. The firms share price rallied yesterday and increased by 4%. The shares price closed at 3,900 riel ($0.96) up from 3,720 riel ($0.91).

Source:

http://www.phnompenhpost.com/business/gti-profits-rise-157-cent

US official pushes for investment agreement

10 June 2016

A visiting US government official urged Cambodia to continue with negotiations to develop a bilateral investment agreement between the two nations that could be used for further trade inclusion. US had already submitted a framework agreement to the Cambodian government.

Source:

http://www.phnompenhpost.com/business/us-official-pushes-investment-agreement

A New Driver’s License Renewal Center To Be Launched Next Week

10 June 2016

A new Driver’s License Renewal Center is going be launched by Ministry of Public Works and Transport (MPWT) at AEON Mall next week, 15 June 2016. It is aimed to improve transparency, to save time and to reduce the cost concerning driver’s license renewal services.

Source:

http://www.akp.gov.kh/?p=82048

Cambodia Angkor Air, Korea’s Jin Air Sign Cooperation MoU

10 June 2016

Cambodia Angkor Air, the national flag carrier of Cambodia, and Jin Air, a subsidiary of Korean Air, have reached a cooperation deal on flight route and flight safety through information sharing and technical assistance. Under this cooperation, Cambodia Angkor Air will enhance its flight service following the international standard of Jin Air.

Source:

http://www.akp.gov.kh/?p=82036

Trading low as gold prices stay stable

9 June 2016

Gold retailers continue to enter into the Cambodian market despite a drop in demand in recent months as prices remain stable. Ly Hour Money Exchange and Jewelry, the girl said “I sell about 20 damlung of gold a day for $1,505, if prices decrease to 1,300 per damlung, I can sell nearly 100 damlung of gold per day.”

Source:

http://www.phnompenhpost.com/business/trading-low-gold-prices-stay-stable

CAMFOOD expo set to bring in foreign goods

9 June 2016

The fifth annual CAMFOOD and CAMHOTEL expo is scheduled for 22 October and will mostly feature foreign companies, giving local companies the opportunity to learn from foreign business practices as well as showcase their own products. The local companies cannot get this experience in any class or any school. Cambodians have very good products but they need to learn branding and marketing.

Source:

http://www.phnompenhpost.com/business/camfood-expo-set-bring-foreign-goods

Cambodia’s Pharmaceutical Product Import Increases by 10%

9 June 2016

Cambodia’s import of pharmaceutical products increase of around 10%. This increase in medicine import is not because of people’s poor health, but of the population growth, explained the same source. The pharmaceutical products are mostly imported from France, India, Thailand, China, and Indonesia at a total cost of some US$100 million a year.

Source:

http://www.akp.gov.kh/?p=81879

Malaysian Businessmen Urged to Invest in Cambodia

6 June 2016

The President of the Cambodia Chamber of Commerce (CCC), a leading organization representing the private sector in the Kingdom, has urged Malaysian investors and businessmen to invest in and do business with Cambodia to forge a stronger relationship between the two Asean states. Last year, the total trade volume between the two countries was about $388 million.

Source:

http://www.khmertimeskh.com/news/25770/malaysian-businessmen-urged-to-invest-in-cambodia/

Fuel prices steadily increase

6 June 2016

Nearly four months after the Ministry of Commerce implemented a fuel-pricing mechanism that lowered prices at the pump to reflect the fall in the global commodity last March, petrol prices have inched back up to pre-intervention levels.

Now, crude oil was nearly $50 per barrel. Cambodia imports between 1.5 million and 2 million tons of petrol and diesel annually. It is estimated that up to 5 to 7 million litres of fuel products are consumed daily.

Source:

http://www.phnompenhpost.com/business/fuel-prices-steadily-increase

Phillip Bank launches collateral-free credit

6 June 2016

Singapore-based Phillip Bank announced yesterday that Cambodian borrowers that can prove a consistent monthly income will be able to access lines of credit without putting down collateral. The collateral-free credit product hopes that this will provide the opportunity to capitalise on consumer’s abilities to make regular repayments.

Source:

http://www.phnompenhpost.com/business/phillip-bank-launches-collateral-free-credit

Grow Asia targeting six local cash crops

6 June 2016

Grow Asia, which formally launched a partnership with Cambodia late last year, will reconvene on 13 June in Phnom Penh to kick-off working groups between the public and private sector, including NGOs, after targeting six crops for market potential.  The six crops: rice, cassava, coconut, palm sugar, pepper and vegetables.

Source:

http://www.phnompenhpost.com/business/grow-asia-targeting-six-local-cash-crops