Japan Posts Half-Year Surplus

26 July 2016

The first half-year 2016, Japan trade surplus since the 2011 Fukushima nuclear disaster, after the accident sent energy import bills soaring and led to a string of deficits. The world’s third-largest economy logged a January-June surplus of 1.8 trillion yen ($17 billion), against a 1.69 trillion yen deficit in the same period last year.

Source:

http://www.khmertimeskh.com/news/27633/japan-posts-half-year-surplus/

Exercise fad sends sales of bicycles freewheeling

26 July 2016

With a greater number of Cambodians devoting time and money to exercise, bicycles are shedding their lowly image as a cheap means of transportation and fast becoming a symbol of the wealthier, more health-conscious elite. Giant bike sales have increased 40% this year and show no sign of slowing down.

Source:

http://www.phnompenhpost.com/business/exercise-fad-sends-sales-bicycles-freewheeling

Joint CCC-Matrade Agreements

26 July 2016

The Cambodia Chamber of Commerce (CCC) will for the first time sign bilateral cooperation agreements with Malaysia’s External Trade Development Corporation (Matrade) to pave the way for businesses in both countries to carry out matching activities, like events and expositions.

Source:

http://www.khmertimeskh.com/news/27631/joint-ccc-matrade-agreements/

Nike aims for traction in Cambodia with first retail store

26 July 2016

American sporting goods giant Nike has opened its first dedicated retail store in Cambodia in what observers have described as another sign the Kingdom’s strong economy and rising incomes had not gone unnoticed by international retail giants.

Source:

http://www.phnompenhpost.com/business/nike-aims-traction-cambodia-first-retail-store

Over 200 ELC Companies Get Investment Principles from RGC in First Semester

26 July 2016

By the first semester of 2016, a total of 223 Economic Land Concession (ELC) companies have got investment principles from Cambodia which signed with Ministry of Agriculture, Forestry and Fisheries and Ministry of Environment. The ELCs granted to the 223 companies are located in 18 provinces on a total area of more than 1.5 million hectares.

Source:

http://www.akp.gov.kh/?p=84268

Acleda Bank Loans for e-Bikes

25 July 2016

Acleda Bank has entered into an agreement with Green E-bike to provide loans to the bank’s customers to purchase electric bikes, also known as an e-bike. By using our e-bike instead of motor vehicles, you limit air pollution and support energy sustainability in the Kingdom of Cambodia.

Source:

http://www.khmertimeskh.com/news/27584/acleda-bank-loans-for-e-bikes/

Chinese tourists lead the pack in early 2016

25 July 2016

Over a quarter of a million Chinese tourists visited Cambodia during the first six months of year, leading all other foreign nationalities by numbers. It is 20% more than during the same period a year before. American, South Korean, Thai and French tourists made up the rest of the top five foreign visitor nationalities.

Source:

http://www.phnompenhpost.com/business/chinese-tourists-lead-pack-early-2016

Cambodia Sells First Carbon Credits

25 July 2016

The Royal Government of Cambodia in partnership with Wildlife Conservation Society (WCS), has sold successfully the first carbon credits from a climate change mitigation project in Keo Seima Wildlife Sanctuary, which encompasses a total area of 292,690 hectares to Disney.

Source:

http://www.akp.gov.kh/?p=84238

China Real Estate Sector Slows Down

22 July 2016

Growth of investment in China’s real estate sector slowed in the first half of 2016, raising expectations that more stimulus may be injected over the rest of the year to boost sales, especially in smaller cities experiencing a persistent glut. Property investment in January-June rose 6.1% from a year earlier.

Source:

http://www.khmertimeskh.com/news/27534/china-real-estate-sector-slows-down/

Revised gas caps see premium, diesel fall

22 July 2016

The government maintained the price ceiling on regular gasoline, while marginally decreasing caps on premium gasoline and diesel at petrol stations sold across the Kingdom. The government revises retail fuel price caps every 10 days using a pricing formula aimed at ensure prices at the pump respond to changes in global oil prices.

Source:

http://www.phnompenhpost.com/business/revised-gas-caps-see-premium-diesel-fall

Condo Market on Solid Ground

22 July 2016

A total of 13,730 condominium units were sold in Phnom Penh in the first half of this year, compared with 13,050 in the same period last year, representing an approximate increase in sales of 5%. However, insiders believe the condominium sector is set to face a slowdown due to a glut of units for sale.

Source:

http://www.khmertimeskh.com/news/27535/condo-market-on-solid-ground/

Ministry of Tourism Sets out 8 Points for ASEAN Tourism Strategic Plan 2016-2025

22 July 2016

To achieve the Cambodia Tourism Development Strategic Plan 2016-2025, the Ministry of Tourism has set forth eight points. Those key points include One Service, One Standard; increasing competitiveness in tourism sector; developing tourism products and coastal tourism; IT in tourism; promoting the “Clean City, Clean Resort, Good Service, Good Hospitality” campaign; and public administration and financial reform etc.

Source:

http://www.akp.gov.kh/?p=84146

Petroleum Law a Step Closer

21 July 2016

The Ministry of Mines and Energy (MME) yesterday sent the newly-drafted petroleum law to civil society organizations and other partner institutions working in the extractive sector for consultations before submitting it to the Council of Ministers for approval by the end of this year. Cambodia spent $926 million on oil-based products last year, down 57% from the $1.46 billion in the year before, stated the ministry.

Source:

http://www.khmertimeskh.com/news/27469/petroleum-law-a-step-closer/

Netflix says subscription fee will not change in Cambodia

21 July 2016

Netflix Inc, which operates the world’s biggest internet television network, will not raise its subscription price in Cambodia amid concern rolling price increases in the US are causing the company’s subscribers to cancel the popular streaming service. Maybe we have some competition [from Netflix,] but it is limited because their content is all international.

Source:

http://www.phnompenhpost.com/business/netflix-says-subscription-fee-will-not-change-cambodia

3rd Buy Cambodia Trade Fair To Take Place in Preah Sihanouk Province Next Week

21 July 2016

The Ministry of Commerce will organise the 3rd Buy Cambodia Trade Fair in Preah Sihanouk, a coastal province, next week for four days from 28-31 July 2016 support the local products. This is part of the campaign to promote the Cambodian products among the Cambodian people as well as to help strengthen Cambodian industry’s capacity.

Source:

http://www.akp.gov.kh/?p=84074

EU: Seek Other Rice Markets

18 July 2016

Cambodia’s rice industry has been advised by the European Union (EU) to seek other markets and not just concentrate its exports to Europe. There are calls within the industry to diversify the market and concentrate on exports of jasmine and organic rice. There are higher profit margins in the export of organic rice, with prices more stable than non-organic rice in the marketplace.

Source:

http://www.khmertimeskh.com/news/27318/eu--seek-other-rice-markets/

FAST payments to move riel quickly

18 July 2016

Three months since the central bank soft-launched its FAST payment system it is taking the system public, making electronic riel-denominated transfers available to the customers of more than a dozen financial institutions. The transaction fee is also very much lower than before. For example: less than 4 million riel ($1,000) are charged a transaction fee of 4,000 riel ($1).

Source:

http://www.phnompenhpost.com/business/fast-payments-move-riel-quickly

FAST payments to move riel quickly

18 July 2016

Three months since the central bank soft-launched its FAST payment system it is taking the system public, making electronic riel-denominated transfers available to the customers of more than a dozen financial institutions. The transaction fee is also very much lower than before. For example: less than 4 million riel ($1,000) are charged a transaction fee of 4,000 riel ($1).

Source:

http://www.phnompenhpost.com/business/fast-payments-move-riel-quickly

Asia-Pacific Development Specialised Bank Plc. Opened

18 July 2016

The Asia-Pacific Development Specialised Bank Plc. was officially inaugurated in Phnom Penh last Saturday. It is the growing trust from both local and foreign milieus on Cambodia’s banking sector as well as economic development. By early 2016, active assets increased to US$25 billion, of which loans covered some US$15.6 billion.

Source:

http://www.akp.gov.kh/?p=83615

City Land Prices Stay Stable

15 July 2016

Land prices in central Phnom Penh’s Tonle Bassac and Boeung Keng Kang (BKK) districts remained stable in the first half of the year due to overdevelopment and a slowdown in new investments. The prices are at the maximum now and that’s why they are stable. It is expected not to fall.

Source:

http://www.khmertimeskh.com/news/27268/city-land-prices-stay-stable/

More Active Participation from Private Sector in Cambodia’s Tourism Development Needed

15 July 2016

Minister of Tourism has called for more active participation from the private sector in the development of Cambodian tourism sector, mainly in improving the quality standards in all services. The Ministry is increasing the dissemination and development of tourism products, strengthening quality of tourism services, human resource development and so on.

Source:

http://www.akp.gov.kh/?p=83791

A boom year for building projects

15 July 2016

A stunning rise in the value of construction projects approved by the government in the first half year show that 990 construction projects valued at over $6.5 billion were approved. The increasing scale and ambition of Cambodia’s construction projects will in turn attract more investors, which will have far-reaching benefits for the national economy.

Source:

http://www.phnompenhpost.com/business/boom-year-building-projects

Demand Grows for Organic Rice

14 July 2016

As the demand for organic rice in European and United States markets keeps growing, many local rice millers and exporters are moving quickly and signing contract farming deals to supply them with the premium product. The companies are working directly with farmers now so that they can produce between 2,000 and 3,000 tons of organic rice per year.

Source:

http://www.khmertimeskh.com/news/27204/demand-grows-for-organic-rice/

Mobile services often first step to banking

14 July 2016

The rapid growth in the number of Cambodians using mobile money services to transfer remittances is a positive step towards greater financial inclusion, and is serving as a gateway to financial services for the largely unbanked rural population. “Educating is one thing, but if we are able to apply customers’ actual experiences, then they will become more familiar with the services and able to be easily understand them”.

Source:

http://www.phnompenhpost.com/business/mobile-services-often-first-step-banking

Revenue from customs and excise up 20%

14 July 2016

Revenue collected by the customs and excise department jumped nearly 20% during the first six months of the year, compared with the same period a year earlier. General director of the General Department of Customs and Excise (GDCE) had collected $883 million this year, 19.4% year-on-year increase and more than 55% of its target as outlined in the 2016 national budget.

Source:

http://www.phnompenhpost.com/business/revenue-customs-and-excise-20-cent

Officials and Students Trained on Effective Use of Solar Energy

14 July 2016

Korean expert is providing a training course to Mines and Energy Ministry officials and students on effective use of solar power both at the workplace and home. Happening in Phnom Penh from 13-14 July the course is attended by some 30 participants. The trend in using the natural power will rise in Cambodia in the near future.

Source:

http://www.akp.gov.kh/?p=83756

Railway Link on Track

12 July 2016

Cambodia is committed to complete construction of the 6.5-kilometer cross-border railway linking Poipet city in Banteay Meanchey province to neighboring Thailand’s Sa Keo province by the year’s end. The railway track between Poipet and Sisophon is part of the eastern corridor of the rail link between Singapore and China’s Kunming province that will connect the whole of Asean.

Source:

http://www.khmertimeskh.com/news/27096/railway-link-on-track/

New Director General of Green Trade Company

12 July 2016

Green Trade Company is a state-owned company, which under the control of the Ministry of Commerce. It is to contribute to the management and stock taking of reserved foodstuff as an intervention to potential food crisis and emergencies in the country and in ASEAN. Its tasks are to conduct trading of agro products and foodstuff, to support the stabilization of food prices in the market and to provide other services.

Source:

http://www.akp.gov.kh/?p=83576

Asia set for e-commerce boom

12 July 2016

A new report by market research firm TNS identifies five triggers that acted together as catalysts for the dramatic changes in consumer behavior that led to China’s “explosive” e-commerce growth, and suggests other Asian economies could be on the same trajectory.

Source:

http://www.phnompenhpost.com/business/asia-set-e-commerce-boom

Japanese investor acquires local MFI

11 July 2016

A Japanese businessman has acquired a majority stake of microfinance company Farmer Union Development Fund (FUDF) and plans to expand its lending to the real estate sector as well as small- and medium-sized enterprises. It purchased a 90% stake in FUDF, which he has renamed as Atom Capital Microfinance Institution and now manages as its chief executive officer.

Source:

http://www.phnompenhpost.com/business/japanese-investor-acquires-local-mfi

Cambodia, Japan Enter MoU to Ease Cambodians for Overseas Work

11 July 2016

Cambodian and Japanese companies have entered a memorandum of understanding (MoU) to better manage and send Cambodian workers for overseas jobs. The agreement will ease employment contract of Cambodian workers in Thailand and their internship in Japan.

Source:

http://www.akp.gov.kh/?p=83497

Cambodia Property Awards

8 July 2016

The Cambodia Property Awards is back for a second year to reward the best developers, projects and designs in the Kingdom.  The 2017 event aims to surpass last year’s guest list and the total number of eligible entries for categories covering the condominium, housing and villa, office and serviced apartment segments.

Source:

http://www.khmertimeskh.com/news/27003/cambodia-property-awards/

Rice sector continues its struggle in first half

8 July 2016

Cambodian rice exports decreased nearly 6% year-on-year during the first semester, reinforcing concerns about the future of the rice industry, the Kingdom’s most important agricultural sector. The government agreed last week to provide up to $30 million in emergency loans to members of the Cambodian Rice Federation (CRF) to help buoy the struggling rice sector.

Source:

http://www.phnompenhpost.com/business/rice-sector-continues-its-struggle-first-half

Casino Game Machines Sold

8 July 2016

A Nasdaq-listed gaming supplier Entertainment Gaming Asia Inc, reached a $2.5 million deal to sell all its 670 electronic gaming machines (EGMs) placed in Phnom Penh’s NagaWorld casino to an unnamed third party in Cambodia. It had reached a $2.5 million deal to sell the gaming machines in NagaWorld, but it did not name the buyer.

Source:

http://www.khmertimeskh.com/news/26998/casino-game-machines-sold/

France Grants Scholarships to 51 Cambodian Students for Academic Year 2016-2017

8 July 2016

France has provided scholarships to 51 Cambodian students in the fields of economics, law, engineering science, French language, and psychology for academic year 2016-2017. France welcome each year more than 600 Cambodian students, making it the third most popular destination for Cambodian students.

Source:

http://www.akp.gov.kh/?p=83444

A $50M copper mine at Kou Sa site envisaged

7 July 2016

Australian-listed mining firm GeoPacific announced its first resource estimate on its copper-gold project in northern Cambodia, estimating 51,000 tons of copper equivalent at two adjacent prospects on its Kou Sa project site. It said the plant could be built for less than $20 million.

Source:

http://www.phnompenhpost.com/business/50m-copper-mine-kou-sa-site-envisaged

WB Help Sought for Logistics

7 July 2016

Cambodia has asked the World Bank to assist in the development of the terms of reference for its planned National Logistics Committee, a move that is hoped to improve the transportation sector and reduce costs for exporters. The country needs about $1.2 billion in infrastructure spending each year.

Source:

http://www.khmertimeskh.com/news/26944/wb-help-sought-for-logistics/

City Bus Service to go Provincial

7 July 2016

Provinces could soon have their own public transport system if Phnom Penh City Hall’s proposal to expand its bus service outside the capital gets underway. The expansion public bus routes to Kampong Cham, Battambang, and Siem Reap provinces. City Hall also has plans to run a luxury bus service from Phnom Penh to neighboring Thailand and Vietnam.
 

Source:

www.khmertimeskh.com/news/26942/city-bus-service-to-go-provincial/

Cambodia International Textile and Garment Industry Fair To Be Held Late August

7 July 2016

Cambodia International Textile and Garment Industry Fair is going to be held at Koh Pich (Diamond Island) Convention and Exhibition Center, from 26-29 August 2016. More than 400 exhibitors from 14 countries are expected to participate in the four-day event by displaying their latest products on over 250 booths.

Source:

http://www.akp.gov.kh/?p=83414

U.S Provides Duty Free Access for Travel Goods Made in Cambodia

7 July 2016

Travel goods, including luggage, backpacks, handbags, and wallets made in Cambodia will be exported to U.S’ market duty free, under the Generalized System of Preferences (GSP).  This is the advantage and new opportunity for Cambodian manufacturers, which would help to diversify Cambodia’s economic base, spur economic growth, and alleviate poverty.

Source:

http://www.akp.gov.kh/?p=83408

Free Metfone School Internet

6 July 2016

Metfone, the Kingdom’s leading Telecommunications Company, yesterday signed a memorandum of understanding (MoU) to renew the agreement with the Ministry of Education, Youth and Sport (MoEYS) to provide free internet to schools nationwide. 

Source:

http://www.khmertimeskh.com/news/26886/free-metfone-school-internet/

Palm oil yields up as crop matures

6 July 2016

Export of crude palm oil from Mong Reththy Group, the Kingdom’s only active producer, doubled during the first half of the year despite prices showing no indication of improving. The group subsidiary exported 13,000 tons of crude palm oil during the first six months of 2016, a 116% increase. The crude palm oil from the company’s plantation is primarily exported to Malaysia, China, South Korea and the EU.

Source:

http://www.phnompenhpost.com/business/palm-oil-yields-crop-matures

Russian cargo airline to add Cambodia flight

6 July 2016

Russia's largest cargo airline, AirBridge Cargo Airlines, will launch a weekly flight to Cambodia this month as part of its expansion of services in Southeast Asia. The freight carrier will transport cargo from Moscow to Phnom Penh via Singapore and vice versa once a week. The service aims at widening trade lanes for Cambodian textile and garment exports to reach Europe and the US.

Source:

http://www.phnompenhpost.com/business/russian-cargo-airline-add-cambodia-flight

Thai Power Plant for Cambodia

6 July 2016

Two of Thailand’s leading small-sized power producers have entered into a joint venture to build biomass power plants in Cambodia and Myanmar with a total investment of about $20 million. National present price is 800 riel (20 cents) per kilowatt hour (kWh) but the government charges only 480 riel (12 cents) per kWh for households using less than 10 kWh a month especially for farmers to operate their water pumps for irrigation.

Source:

http://www.khmertimeskh.com/news/26880/thai-power-plant-for-cambodia/

Cambodian Top Diplomat Holds Talks with U.S. Ambassador on Future Cooperation

6 July 2016

Cambodia’s Minister of the Foreign Affairs and International Cooperation and U.S. Ambassador to Cambodia met here on Tuesday afternoon for a talk on future cooperation between the two countries. U.S.’ decision is to expand more market’s gates for Cambodian products and the possibility to provide nearly US$80 million in aid to Cambodia for 2017.

Source:

http://www.akp.gov.kh/?p=83384

Another Wing e-Payment Deal Sealed

5 July 2016

Business registration fees and payments for certificates of origin, used in international trade, can now be made electronically through Wing specialized bank’s agents nationwide after it entered into an agreement with the Ministry of Commerce yesterday.

Source:

http://www.khmertimeskh.com/news/26837/another-wing-e-payment-deal-sealed/

Cambodia's economic status raised to lower-middle income

5 July 2016

The World Bank has officially revised the status of Cambodia’s economy, moving it up a rung from the low-income bracket into lower-middle income territory – a reclassification that economists expect will lead to a scale-back of foreign aid and preferential trade access over the coming years.

Source:

http://www.phnompenhpost.com/business/cambodias-economic-status-raised-lower-middle-income

K Mile Air launches air freight service

5 July 2016

Thai airline K Mile Air launched cargo flights between Bangkok and Phnom Penh yesterday, adding to Cambodia’s growing network of air freight connections. The Bangkok-based cargo airline will use a Boeing 747-400 with a cargo capacity of 15 tons to fly between the two capitals five days a week.

Source:

http://www.phnompenhpost.com/business/k-mile-air-launches-air-freight-service

UK Small Lenders Struggle in Brexit

4 July 2016

Facing the prospect of their first UK recession, Britain's small specialist lenders could struggle to cope with a downturn, especially in the small and medium-sized business sector that is their lifeblood. The promises of the so-called challenger banks, many just a few years old, to improve customer choice and challenge the dominance of big High Street lenders are looking shaky after Britain voted to leave the European Union.

Source:

http://www.khmertimeskh.com/news/26779/uk-small-lenders-struggle-in-brexit/

Another setback for online company registration goal

4 July 2016

The Ministry of Commerce has extended the deadline for companies to register online after yet another poor response to its automated online business-registration system. Various reasons have been given for the private sector’s slow adoption of the new online business registration system, including its deceptive complexity and slow responses.

Source:

http://www.phnompenhpost.com/business/another-setback-online-company-registration-goal

Cambodia Rice Federation’s Achievement Review and Planning

04 July 2016

Cambodia Rice Federation organized a gathering with all its members at Hotel Sofitel Phnom Penh Phokeethra on Saturday to review its past term’s achievements and plan for the next. The vision is supplying most quality rice with competitive price to international markets and also boosts the standard and volume of rice production in the country.

Source:

http://www.akp.gov.kh/?p=83224