WTO Cuts 2016 Global Trade Growth

28 September 2016

The World Trade Organization (WTO) yesterday revised down its 2016 global trade forecast by more than a percentage point. The global trade will expand by just 1.7 percent in 2016, compared to its April projection of 2.8 percent, and compared to a projection last year that trade would swell by 3.9 percent this year.

Source:

http://www.khmertimeskh.com/news/30241/wto-cuts-2016-global-trade-growth/

Cambodia's economy on growth path: ADB

28 September 2016

After attaining lower-middle-income status in July, Cambodia remains robust with exports from the garment and footwear industry rising by 9.4 percent in the first half of this year, while growth in credit sector moderated to 28.1 percent year-on-year in June 2016.

Source:

http://www.phnompenhpost.com/business/cambodias-economy-growth-path-adb

Cambodia-India Direct Air Route Opens

28 September 2016

The Cambodia-India direct air route is now open for business and tourism; airline companies have been invited to file their applications to operate flights between the two countries. In the first seven months of the year, 24,329 Indian tourists visited Cambodia ‒ representing a 30 percent increase compared to the same period last year.

Source:

http://www.khmertimeskh.com/news/30242/cambodia-india-direct-air-route-opens/

Oz-Food Craving Chinese Leave Huge Tax Hole

28 September 2016

Australia might be missing out on up to A$1 billion ($763.30 million) in uncollected taxes annually from Chinese agents who ship food back home to meet insatiable demand from a booming middle class. While the transactions almost exclusively occur offshore in daigou bank accounts, it made difficulties to track by local tax authorities.

Source:

http://www.khmertimeskh.com/news/30240/oz-food-craving-chinese-leave-huge-tax-hole/

Vouchers to Enjoy Holidays

28 September 2016

The government plans to create holiday vouchers by 2017 to encourage middle-income Cambodians to travel within the country. This project needed support from private companies, hotels and restaurants.

Source:

http://www.khmertimeskh.com/news/30244/vouchers-to-enjoy-holidays/

NBC Plans to Boost Riel Liquidity

27 September 2016

The National Bank of Cambodia (NBC) will launch a campaign next month to promote greater liquidity of the riel in the country’s financial system. The program will be insured by putting non-convertible debentures up as collateral, in either riel or US dollars.

Source:

http://www.khmertimeskh.com/news/30194/nbc-plans-to-boost-riel-liquidity/

Speed up Rice Loan, China Told

27 September 2016

The government has asked China to make good on its pledge to buy 200,000 tons of rice annually from the Kingdom and also to speed up the approval of a $300 million loan to the country’s beleaguered rice sector. China pledged to double China’s annual purchase of 100,000 tons of Cambodian rice to 200,000 tons, starting from next year.

Source:

http://www.khmertimeskh.com/news/30195/speed-up-rice-loan--china-told/

Krungsri Acquisition Approved

27 September 2016

Thailand’s Bank of Ayudhya PLC., known more commonly as Krungsri was entering the Cambodian microfinance market with the acquisition of Hatta Kaksekar Limited (HKL) as the fourth largest microfinance institution in Cambodia, with total assets of $517 million.

Source:

http://www.khmertimeskh.com/news/30191/krungsri-acquisition-approved/

New mining licences issued, others revoked

27 September 2016

Over 40 new mining licences were issued during the first half of the year to satisfy the high demand for construction materials by Cambodian infrastructure and real estate projects, while more than 100 licences were revoked due to environmental concerns or inactivity. A total of 505 mining licences, covering mineral exploration, construction materials and industrial purposes were active as of the end of July. Over 400 of these licences authorise the extraction of construction materials.  

Source:

http://www.phnompenhpost.com/business/new-mining-licences-issued-others-revoked

NagaCorp in final round for Cyprus casino bid

26 September 2016

NagaCorp Ltd, the operator of Phnom Penh’s NagaWorld casino and hotel complex, is in the final bidding stage for the exclusive rights to build and operate a casino in Cyprus. Winning bidder will receive a 30-year casino licence and have the right to be the country’s exclusive casino operator for 15 of those years.

Source:

http://www.phnompenhpost.com/business/nagacorp-final-round-cyprus-casino-bid

Air link could give Indonesian trade more lift

26 September 2016

A three-day trade and tourism conference aimed at promoting Indonesian-made products and hoped to boost bilateral trade between the two countries. Indonesian tourists to Cambodia reached 23,266 visitors in first six months this year, an increase of 17 percent compared to the same time last year. Meanwhile, bilateral trade between the two countries reached $450 million in 2015, a slight uptick from $434 million a year earlier.

Source:

http://www.phnompenhpost.com/business/air-link-could-give-indonesian-trade-more-lift

BLA Enters Life Insurance Market

26 September 2016

Bangkok Life Assurance (BLA) will enter the Cambodian market next year, after recently receiving its operating license, making it the fourth life insurance provider in the Kingdom. Gross premium of life insurance grew to $8.9 million during the first quarter of 2016, up 123 percent compared to the same period last year.

Source:

http://www.khmertimeskh.com/news/30145/bla-enters-life-insurance-market/

Coastal airport project gets nod

23 September 2016

Chinese developer, Tianjin Union Development Group (UDG), behind a massive $3.8 billion tourism project being built a new international airport with 45,000-hectare land concession in Botum Sakor and Kiri Sakor, Koh Kong province to serve the coastal resort and company’s related developments. This airport’s plan can handle 10 million passengers annually and service planes as large as an Airbus 380.

Source:

http://www.phnompenhpost.com/business/coastal-airport-project-gets-nod

Minimum tax poised to fall

23 September 2016

Tax professionals have hailed the government’s declared intention to scrap one of the most controversial elements of Cambodia’s tax system, eliminating the 1 percent minimum tax that increases the tax burden of companies and constricts their cash flows. Meanwhile, the removal of the minimum tax could encourage more international companies to invest in Cambodia.  

Source:

http://www.phnompenhpost.com/business/minimum-tax-poised-fall

Investment from Vietnam hits a dry patch: CDC

23 September 2016

Vietnamese investors shied away from the Cambodian market during the first half of the year for the first time in its 22-year history. The governments of both countries had set a target to boost bilateral trade to $5 billion by 2015, but failed to reach their goal as total exchange reached just $3.37 billion last year.

Source:

http://www.phnompenhpost.com/business/investment-vietnam-hits-dry-patch-cdc

Hyatt Hotel for Phnom Penh

23 September 2016

Hyatt Hotel Corporation announced this week that it will be adding another luxury hotel to its Asian portfolio, and Phnom Penh’s skyline, with a 250-room luxury hotel near the Royal Palace. It will be built and expected to be completed by 2020.

Source:

http://www.khmertimeskh.com/news/30095/hyatt-hotel-for-phnom-penh/

Sino-Cambodian Condo Project in M’sia

23 September 2016

Century 21 Cambodia, a local real estate agent, reached an agreement with China-based Country Group Development to build and sell condos and apartments to Cambodians who are keen to invest in Malaysia. The joint Sino-Cambodian project will be located in the Forest City joint venture project between China and Malaysia in the Malaysian state of Johor, bordering Singapore.

Source:

http://www.khmertimeskh.com/news/30099/sino-cambodian-condo-project-in-m---sia/

Cambodia, Timor-Leste To Sign 3 MoUs in October

23 September 2016

Cambodia and Timor-Leste will ink three Memorandums of Understanding (MoUs) next month. The MoUs focus on general cooperation in the trade sector, technical collaboration of the National Logistic Centres, and strengthening cooperation between chambers of commerce of the two countries.

Source:

http://www.akp.gov.kh/?p=87708

Non-Taxpayers Targeted

22 September 2016

The government will not increase the rate for income tax and other taxes for the next two years but it will take into account that there are still many individuals and businesses that do not pay tax in the country. The tax collection in the first eight months rose to $1.07 billion, up by about 75.6 percent compared to the same period last year.

Source:

http://www.khmertimeskh.com/news/30034/non-taxpayers-targeted/

M’sian Palm Refiners Face Low Margins

22 September 2016

Malaysian palm oil refiners are facing thinning margins and underutilized capacities, as market supplies of crude palm oil (CPO) tighten in a high-priced environment. Current low supplies of the tropical oil have been rallying benchmark palm prices, which surged to a five month high of 2,728 ringgit ($660) yesterday before trading around 0.6 percent higher at 2,708 ringgit per ton in the afternoon.

Source:

http://www.khmertimeskh.com/news/30030/m---sian-palm-refiners-face-low-margins/

Generalised System of Preferences exemption pitched

21 September 2016

A group of manufacturer visited to Hong Kong this week to pitch Cambodia’s newly received duty-free access on travel goods to the US market was successful. Cambodia was one of just two countries in the Asia-Pacific region to be granted a tariff exemption on travel goods on July 1. Cambodia’s share of the travel-products market remains small, but has grown impressively in the last five years. Total exports were just $240,000 in 2011, but topped $48 million last year.

Source:

http://www.phnompenhpost.com/business/gsp-exemption-pitched

Thai AirAsia to connect Phuket with Siem Reap

21 September 2016

Thai AirAsia has announced it will launch daily flights between Phuket and Siem Reap in November. The low-cost carrier’s three daily direct flights from Bangkok to Siem Reap maintain an 85-90 percent load factor year-round. AirAsia has fleet of 49 Airbus 320 aircraft serve 32 destinations in Asia.

Source:

http://www.phnompenhpost.com/business/thai-airasia-connect-phuket-siem-reap

Crisis Looming Over China Banks

20 September 2016

Excessive credit growth in China is signaling an increasing risk of a banking crisis in the next three years. An early warning of financial overheating ‒ the credit-to-GDP gap ‒ hit 30.1 in China in the first quarter of this year. China’s indicator is way above the second highest level of 12.1 for Canada and the highest of the countries assessed by Bank for International Settlements (BIS).

 

Source:

http://www.khmertimeskh.com/news/29914/crisis-looming-over-china-banks/

Banks Commit to Sustainable Finance

20 September 2016

Banks in Cambodia will strive to improve sustainability, and integrate environmental and social safeguards into future business decisions. The effort to ensure Cambodian banks do better in regard to safer, more sustainable lending, as well as in helping to protect the country’s threatened environments, is being supported by the Mekong Partnership for the Environment, a $15 million project funded by the US government.

Source:

http://www.khmertimeskh.com/news/29918/banks-commit-to-sustainable-finance/

Cambodia Woos Hong Kong Firms

20 September 2016

Cambodia is actively wooing Hong Kong firms to invest in the country’s travel goods manufacturing sector following Washington’s decision to grant the Kingdom duty-free access to US markets for products like luggage, backpacks, handbags and wallets. There was no specific time limit for Cambodia’s duty-free status for travel goods under the Generalized System of Preferences (GSP).

Source:

http://www.khmertimeskh.com/news/29919/cambodia-woos-hong-kong-firms/

Gold Green for Knai Bang Chatt

20 September 2016

Kep province’s Knai Bang Chatt hotel is the first in Cambodia to receive the gold certification in the international Green Growth 2050 initiative after it was accredited by an Australian team of industry experts. Gold Green certificate was provided to hotel which covered more than 400 corporate social responsibility and sustainability indicators, ranging from human rights to environmental stewardship.

Source:

http://www.khmertimeskh.com/news/29916/gold-green-for-knai-bang-chatt/

Japan building Mekong supply chain

20 September 2016

Greater connectivity between Japan and Cambodia is tightening economic links between the two countries while catalysing Japan’s ambitions to develop a chain of industrial complexes that cut a tract through the Lower Mekong region. Cambodia imported $366 million worth of goods from Japan in 2015, mainly vehicles and machinery, compared to nearly $1.2 billion in exports – mostly garments, footwear and electrical components.

Source:

http://www.phnompenhpost.com/business/japan-building-mekong-supply-chain

Sihanoukille, Poipet to host int’l poker events

19 September 2016

The World Poker Tour (WPT), a group founded in the US and which organises international poker tournaments, has announced that it will host two events in Cambodia around New Year. The WPT National Thailand tournament will take place at the Holiday Palace Casino and Resort in Poipet in late December with a $1,100 buy-in. The National Cambodia tournament will be held at Queenco Hotel and Casino in Sihanoukville in early January with a buy-in of $1,485.

Source:

http://www.phnompenhpost.com/business/sihanoukille-poipet-host-intl-poker-events

Small Planet bids for air operating licence

19 September 2016

Small Planet Airlines is seeking approval from the Kingdom’s aviation body to operate flights out of Cambodia to South Korea and China after the Lithuania-based carrier’s bid for a commercial operating licence in Thailand failed to materialize. Small Planet expects to receive approval no later than January 2017.

Source:

http://www.phnompenhpost.com/business/small-planet-bids-air-operating-licence

More Chinese FDI on the horizon

16 September 2016

China has pledged to increase its investment in Cambodia in return for the Kingdom’s commitment to its regional policies and economic initiatives in Southeast Asia. China is the biggest investor in Cambodia, accounting for up to 44 percent of the $19.2 billion in foreign direct investment (FDI) pumped into the Kingdom between 1994 and 2014.

Source:

http://www.phnompenhpost.com/business/more-chinese-fdi-horizon

Estate Agents Get M’sian Help

16 September 2016

Cambodian property valuers and real estate agents are set to get a skills boost via the University of Technology, Malaysia (UTM), in an effort to fend of foreign competition. Cambodian Valuers and Estate Agents Association (CVEA) will sign an MoU with UTM and Real Estate and Housing Developers Association early next month to strengthen the training frameworks for students and professionals in Cambodia.

Source:

http://www.khmertimeskh.com/news/29825/estate-agents-get-m---sian-help/

M’sia Developers Can Lend to Buyers

16 September 2016

Malaysia is reviewing a move to allow property developers to lend to buyers, after concerns that it may cause a subprime mortgage crisis in a country that already has one of Asia’s highest household debt burdens. Home buyers will have an option to borrow from builders and it can be charged interest rates of up to 18 percent.

Source:

http://www.khmertimeskh.com/news/29823/m---sia-developers-can-lend-to-buyers/

NagaWorld reaches $15M tax settlement with gov’t

15 September 2016

NagaWorld, Phnom Penh’s landmark casino resort complex, paid more than $15 million last week to settle its tax liabilities on non-gaming business operations following a government audit of its parent company’s 2015 financial statements. NagaWorld paid just $6.9 million in taxes on $327.8 million gross profit last year, having generated a record $503.7 million in revenue. The company also paid an additional $9.4 million “non-gaming obligation payment” after a government audit of its 2014 financials turned up what MEF officials described as “discrepancies”.

Source:

http://www.phnompenhpost.com/business/nagaworld-reaches-15m-tax-settlement-govt

Direct Flights to India Next Year

15 September 2016

Direct flights between India and Cambodia will begin next year if current bilateral discussions are successful. Sin Chansereyvutha, spokesman for State Secretariat of Civil Aviation (SSCA), said Cambodia offered three international airports in Phnom Penh, Siem Reap and Sihanoukville for Indian international flights to land.

Source:

http://www.khmertimeskh.com/news/29749/direct-flights-to-india-next-year/

NagaWorld Reaches Tax Deal

14 September 2016

NagaWorld, a subsidiary of a Hong Kong-listed NagaCorp, reached a deal with the Ministry of Economy and Finance to pay a new tax rate on their non-gaming operations. NagaWorld already agreed on the revised tax rate over its business operation and has agreed to pay in total about $23 million this year. Last year, NagaWorld had paid the government about $15 million in taxes.

Source:

http://www.khmertimeskh.com/news/29693/nagaworld-reaches-tax-deal/

Thai bank’s buyout of local MFI finalised

14 September 2016

Bank of Ayudhya, Thailand’s fifth-largest commercial lender with nearly $50 billion in assets, has officially reached an agreement to acquire the full shareholding of Cambodian’s fourth micro lender Hattha Kaksekar Ltd (HKL). In a statement released in January, Bank of Ayudhya, also known as Krungsri Bank, announced its intention to acquire HKL in a deal reported to be valued at upwards of $140 million.

Source:

http://www.phnompenhpost.com/business/thai-banks-buyout-local-mfi-finalised

Gov't Dissuades Bavet Rail Link

14 September 2016

Jiangzi International (Cambodia) and Transport Minister Sun Chanthol on Monday discussed about a proposal to build a rail line from Bavet city, Svay Rieng province to Phnom Penh. Undersecretary of state for the ministry said the government had already completed a feasibility study on a railway linking Phnom Penh to Vietnam, and signed a memorandum of understanding (MoU) with the Vietnamese.

Source:

http://www.khmertimeskh.com/news/29691/gov-t-dissuades-bavet-rail-link/

Tax Collection Rises

14 September 2016

Tax collection in the first eight months of the year rose to $1.07 billion, up to about 75.69 percent compared to the same period last year. According to the media statement, 22.6 percent from revenue taxes, while 25.8 percent from salary taxes, 21.9 percent of the $1.07 billion from value-added tax, and 22.1 percent from special taxes.

Source:

http://www.khmertimeskh.com/news/29687/tax-collection-rises/

Cambodia-Thailand Bilateral Trade Down in First 7 months

14 September 2016

From January to July, Thailand’s export to Cambodia decreased by 16.96 percent, from US$2,925 million to US$2,429 million, while Cambodia exported US$679 million worth of goods to Thailand during the same period, up some 52 percent.

Source:

http://www.akp.gov.kh/?p=87099

Cambodia-Laos MoU on GI

13 September 2016

Cambodia’s Ministry of Commerce and Laos’ Ministry of Science and Technology last week signed a memorandum of understanding (MoU) to cooperate in the protection of trademarks and geographical indications (GI). Cambodia has many potential products that could seek GI recognition, but registration was expensive and funds were needed from development partners to pursue it.

Source:

http://www.khmertimeskh.com/news/29639/cambodia-laos-mou-on-gi/

Thais Eye 3 Mil Tourists

13 September 2016

The Tourism Authority of Thailand (TAT) expects to attract three million tourists next year from three markets in Cambodia, Vietnam and Laos. According to TAT’s reports, more than 2.4 million tourists from these countries had visited Thailand last year, generating an income of Bt65 billion ($1.86 billion).

Source:

http://www.khmertimeskh.com/news/29637/thais-eye-3-mil-tourists/

Chinese Moot Airline School

13 September 2016

Chinese budget carrier Spring Airlines is in discussions with the government to open an airline pilot training school in Cambodia as well as expand its flights to the Kingdom. Spring Airlines presently operates charter flights to Siem Reap, but is looking to begin daily services to Shanghai and Guangxi from Siem Reap.

Source:

http://www.khmertimeskh.com/news/29636/chinese-moot-airline-school/

Vietnam casino status quo good for NagaWorld

9 September 2016

Vietnam's Ministry of Finance announced yesterday that its nationals would remain banned from entering the country’s casinos despite a draft decree submitted last month to the government that was expected to amend the existing law and end the ban. The continuation of the status quo could benefit Cambodia’s NagaWorld casino, which feared lifting of the ban would cut into its revenue.

Source:

http://www.phnompenhpost.com/business/vietnam-casino-status-quo-good-nagaworld

Start-ups urged to register abroad

9 September 2016

The Mekong Angel Investor Network (MAIN),  who hailed from the US, Australia, Europe and Vietnam, are conducting a series of workshops aimed at helping local start-ups develop their business model and receiving pitches from local entrepreneurs. The MAIN program – which was established by the Asian Development Bank’s Mekong Business Initiative with financial support from the Australian government – only investors willing to commit $10,000 each to projects across the Cambodia, Laos, Myanmar and Vietnam (CLMV) region were flown in to view a list of prospective local start-ups.

Source:

http://www.phnompenhpost.com/business/start-ups-urged-register-abroad

$50 Mil Japanese Hotel Planned

9 September 2016

On the back of continued economic growth and increasing tourism into the country, Japanese-owned Starts (Cambodia) Corporation announced yesterday that it was beginning construction of a four-star hotel in Phnom Penh. According to the Ministry of Tourism, tourism to Cambodia increased 2.6 percent in the first half of the year over the same period last year, to 2.36 million. Almost 91,000 were Japanese visitors, an increase of 3.6 percent.

Source:

http://www.khmertimeskh.com/news/29546/-50-mil-japanese-hotel-planned/

Thai bank’s $140M offer to buy Cambodian MFI on hold

9 September 2016

Eight months since announcing the biggest acquisition deal in the history of Cambodia’s financial sector, Thailand-based Bank of Ayudhya, also known as Krungsri Bank, has yet to receive approval for the landmark deal. In a statement released in January, Bank of Ayudhya announced its intention to acquire Cambodian microfinance institution (MFI) Hattha Kaksekar Ltd (HKL) – a deal valued at upwards of $140 million.

Source:

http://www.phnompenhpost.com/business/thai-banks-140m-offer-buy-cambodian-mfi-hold

China Dominates Construction

9 September 2016

China is the top-ranking foreign investor in the construction and property sectors in Cambodia, with South Korea and Japan coming second and third. Since 2000, investment from 18 foreign countries had pumped more than $4 billion into 284 construction and property projects in Cambodia, with China contributing the most.

Source:

http://www.khmertimeskh.com/news/29552/china-dominates-construction/

Cambuild’16 Takes Off

9 September 2016

Local property developers and agents will have a good opportunity for networking with their foreign counterparts at the three-day Cambuild’16 exposition which opened yesterday on Diamond Island’s exhibition grounds. There are around 400 exhibiting companies from 23 countries including pavilions from China, India, Malaysia, Japan, Taiwan, Thailand and Singapore.

Source:

http://www.khmertimeskh.com/news/29551/cambuild---16-takes-off/

Cambodia, Laos Sign MoU on Trademark and Place of Origin Cooperation

9 September 2016

Cambodia and Laos have reached a Memorandum of Understanding (MoU) on cooperation on trademarks and place of origin. The signing also aimed to strengthen cooperation between the two countries on intellectual property promoting economic cooperation between the two countries and their efforts to integrate into the regional economy as well as the implementation of the economic development strategy of the ASEAN Community and Millennium Development Goals.

Source:

http://www.akp.gov.kh/?p=86812

ASEAN Launches Tourism Logo to Celebrate 50 years

9 September 2016

The Association of Southeast Asian Nations (ASEAN) will celebrate its 50th anniversary next year and a joint tourism campaign. The Campaign’s main targets are visitors from Europe, the Middle East, North America, China, Japan, South Korea, India and Australia.  ASEAN hopes that 121 million travellers will visit the region in 2017, an increase from 108 million in 2015. It could generate US$83 billion next year compared with US$75 billion in 2014.

Source:

http://www.akp.gov.kh/?p=86804

Approved Construction Projects Soar to $7.2 Billion

8 September 2016

The value of approved commercial construction projects more than doubled to 1,753 projects worth $7.2 billion in the first eight months of this year, compared to 2,305 projects worth $3.3 billion in all of last year. Between 2000 and August of this year, foreign investment in 284 projects totaled $4.2 billion.

Source:

https://www.cambodiadaily.com/second2/approved-construction-projects-soar-7-2-billion-117756/

Daily Return Flights from HK

8 September 2016

Cathay Dragon, which was rebranded from Dragon Air, and is a sister company of Cathay Pacific will fly daily return flights from Hong Kong to Phnom Penh in September 21 and from Hong Kong to Siem Reap in November.  Currently, it has 12 flights a week from Hong Kong to Phnom Penh and four flights weekly from Hong Kong to Siem Reap.

Source:

http://www.khmertimeskh.com/news/29484/daily-return-flights-from-hk/

Bank of China to expand operations in Cambodia

7 September 2016

Bank of China, one of the five biggest state-owned commercial banks in China, will expand its operations in Cambodia by opening new branches in Siem Reap and Sihanoukville by the end of this year, with promoting business transactions in China’s Yuan currency, offering cross-border remittance settlements services, investment and import and export payments.  

Source:

http://www.phnompenhpost.com/business/bank-china-expand-operations-cambodia

Ministry Pushes Support of Ecotourism

7 September 2016

At a tourism conference, the Tourism Ministry on Monday released a joint statement with relevant stakeholders in the tourism sector to support and promote ecotourism and community-based tourism in Cambodia. According to Tourism Minister, the ecotourism and community-based tourism were growing regionally and globally with ecotourism rising about 20 percent per year.

Source:

http://www.khmertimeskh.com/news/29420/ministry-pushes-support-of-ecotourism/

China to Enter Insurance Market

7 September 2016

China Export and Credit Insurance Corporation (Sinosure) planned to enter Cambodia’s insurance market with offering credit insurance, which protects exporters when buyers fail to pay for deliveries. Presently, Cambodia has seven general insurance companies and three life insurance companies. The Insurance Association of Cambodia (IAC) recently reported an increase in total gross premiums by 37 percent in the first half of 2016, at $56 million. This came from a 16.2 percent increase in general insurance, and 113.2 percent growth in life insurance.

Source:

http://www.khmertimeskh.com/news/29419/china-to-enter-insurance-market/

Cambodia, China sign new MoU on money laundering

6 September 2016

Cambodia’s Financial Intelligence Unit (FIU) and China’s Anti-Money Laundering Monitoring and Analysis Center last Tuesday signed a memorandum of understanding to cooperate to fight money laundering and terrorism financing. Both parties planned to strengthen cooperation focusing on training, capacity-building and technical assistance.

Source:

http://www.phnompenhpost.com/national/cambodia-china-sign-new-mou-money-laundering

Legislation to regulate eco-tourism segment

6 September 2016

The Ministry of Tourism is preparing a draft law for eco-tourism with the hope that it will keep Cambodia’s tourism industry competitive while protecting the Kingdom’s natural resources and promoting conservation efforts. The ministry is collaborating with France’s University of Toulouse to develop the legislation, with additional support provided by Acting For Life, an NGO that specializes in sustainable tourism initiatives.

Source:

http://www.phnompenhpost.com/business/legislation-regulate-eco-tourism-segment

Skepticism on Liquidity Providers

6 September 2016

Almost two weeks after the Cambodia Securities Exchange (CSX) announced that it was accepting applications for the newly approved liquidity providers (LPs) option. The CSX invited all licensed underwriters and securities dealers to apply, promising exemption from trading fees, in the hope that it would increase the liquidity of Cambodia’s securities exchange.

Source:

http://www.khmertimeskh.com/news/29363/skepticism-on-liquidity-providers/

$800 Million for Mass Transit System

6 September 2016

Cambodia is seeking a budget of $800 million to develop an automated gateway transit (AGT) system, as an electric-powered mass transit system can carry a maximum of 30 passengers each and will run at a speed of 60 kilometers per hour. The AGT will link the city center to Phnom Penh International Airport and would be the answer to Phnom Penh’s traffic woes.

Source:

http://www.khmertimeskh.com/news/29362/-800-million-for-mass-transit-system/

City Gets Ready for Cambuild’16

6 September 2016

Cambuild’16 – Cambodia’s biggest international exhibition ‒ will kick off on Thursday at the Diamond Island Exhibition Center with more than 50,000 international trade visitors expected to be in Phnom Penh this week. There will be around 400 exhibiting companies from 23 countries including pavilions from China, India, Malaysia, Japan, Taiwan, Thailand and Singapore. The three-day fair will feature exhibitions from the construction, water management, energy, fire and security, air conditioning and property sectors.

Source:

http://www.khmertimeskh.com/news/29360/city-gets-ready-for-cambuild---16/

Krabey Island Resort 70% Complete

6 September 2016

A $20 million resort being developed on Krabey Island off the coast from Sihanoukville is about 70 percent complete and will open in mid-2017. On the top of this, Krabey Island will become the model island in Cambodia. 378,919 foreign tourists visited Sihanoukville in the first half of the year, an increase of six percent over the same period last year.

Source:

http://www.khmertimeskh.com/news/29359/krabey-island-resort-70--complete/

Canada Wants Trade Pact

6 September 2016

Canada is keen to sign an investment protection agreement with Cambodia to boost trade between both countries. Cambodia is also a country benefiting from Canada’s Market Access Initiative for least developed countries, allowing the Kingdom quota-free and duty-free access to their markets. Cambodian exports to Canada – mostly garments and footwear – increased from $20.9 million in 2002 to more than $827.7 million in 2014.

Source:

http://www.khmertimeskh.com/news/29361/canada-wants-trade-pact/

Junket investor’s profit falls but sticking to its Cambodia bets

5 September 2016

Jimei International Entertainment Group, a Hong Kong-listed casino junket investor reported a steep decline in profit during the first half of 2016 despite increased turnover. The company’s net profit plummeted to HKD28.6 million ($3.7 million) during the first six months of the year, down by 46 per cent compared to the same period a year earlier. Meanwhile, revenue rose to HKD132.7 million ($17.1 million) during the first half, an 18 per cent year-on-year increase.

Source:

http://www.phnompenhpost.com/business/junket-investors-profit-falls-sticking-its-cambodia-bets

SMEs in Anti-Graft Partnership

5 September 2016

The Federation of Associations of Small and Medium Enterprises of Cambodia (FASMAC) has sought support from the anti-corruption organization Transparency International, to prepare it to be a graft-free business entity and help its members to be listed on the Cambodia Stock Exchange (CSX).

Source:

http://www.khmertimeskh.com/news/29307/smes-in-anti-graft-partnership/

Cambodia, Canada To Deepen Bilateral Cooperation

5 September 2016

Cambodian and Canadian top diplomats have been determined to further tighten and expand the relationship and cooperation between both countries in all domains. Last year, the two-way trade between Cambodia and Canada reached more than US$800 million, and at the same time, Cambodia attracted some 57,000 Canadian visitors.

Source:

http://www.akp.gov.kh/?p=86460

Credit growth starts to cool off

5 September 2016

New data released by Cambodia’s independent credit reporting agency indicate a significant slowdown in the rate of lending during the second quarter of the year. According to the report, outstanding consumer lending balances increased by 6.75 percent during the second quarter to reach $2.73 billion, with some 631,000 new loans issued so far this year.

Source:

http://www.phnompenhpost.com/business/credit-growth-starts-cool

NagaCorp looking to shore up extra $120M

2 September 2016

Casino operator NagaCorp Ltd aims to raise at least $120 million in net proceeds through a placing and subscription agreement that will see 190,000,000 shares sold to no less than six parties in a bid to increase capital for its Naga 2 development in Phnom Penh. The massive $369 million, Naga 2 development is slated to be operational in 2017.

Source:

 http://www.phnompenhpost.com/business/nagacorp-looking-shore-extra-120m

NagaCorp to Assist Audit

2 September 2016

According to Mr. Ros Phirun, deputy director of the finance industry department at the Ministry of Economy and Finance, NagaWorld paid about $15 million in taxes last year. Cambodia’s new casino law will tighten a loosely regulated industry and would provide a legal framework to ensure the growing industry is more transparent and complies with international standards.

Source:

http://www.khmertimeskh.com/news/29261/nagacorp-to-assist-audit/

ANA Launches First Ever Daily Non-stop Services Between Tokyo and Phnom Penh

2 September 2016

The flight inauguration of ANA, Japan’s largest airline, presided by H.E. Thong Khon, Minister of Tourism, at Phnom Penh International Airport. Using Boeing 787-8 Dreamliner is a 240-seat passenger aircraft with 42 seats in Business Class and 198 seats in Economy Class. ANA’s daily service departs Phnom Penh at 22.50pm and arrives at Tokyo’s Narita Airport at 6.45am on the next day. The return flight departs Tokyo at 10.50am and arrives in Phnom Penh at 15.10pm.

Source:

http://www.akp.gov.kh/?p=86380

Hotels can apply for star ratings online now

2 September 2016

An online system launched this week will allow hotels in Cambodia to apply for a star rating, which classifies hotels according to their quality, amenities and creature comforts. Bonna Realty Group’s report 2015, 317 hotels with 15,000 rooms in Phnom Penh, 417 hotels with 17,000 rooms in Siem Reap, 133 hotels with 4,000 rooms in Sihanoukville, and 45 hotels with 1,600 rooms in Battambang.

Source:

http://www.phnompenhpost.com/business/hotels-can-apply-star-ratings-online-now

E-Commerce Drives Asia Plastics Demand

1 September 2016

Asian shoppers’ fondness for buying on the internet along with the region’s steady economic growth should boost Asia’s plastics demand for the next two years. This will open up demand for polyethylene, a plastic mainly used in packaging materials like films, grocery bags and bubble wraps. It is expected to reach 41 million tons in 2017, up 5.1% from 2016.

Source:

http://www.khmertimeskh.com/news/29187/e-commerce-drives-asia-plastics-demand/

FDI inflow seen as driving economic development

1 September 2016

A modest increase in the inflow of foreign direct investment is a sign that Cambodia remains an attractive destination to investors, and will go a long way toward the country’s development. Cambodian investors accounted for nearly 70% of the $4.6 billion. China was the top foreign investor, contributing nearly 20% of overall investment.

Source:

http://www.phnompenhpost.com/business/fdi-inflow-seen-driving-economic-development

India’s Mesco one step short of gold licence

1 September 2016

Indian miner Mesco has received approval from Cambodia’s CDC for underground mine for gold extraction in Ratanakiri province. The timeframe from exploration and proving economic quantity through to licensing has been approximately five years, which is remarkable given the 15-20 year averages experienced in many international mining jurisdictions.

Source:

http://www.phnompenhpost.com/business/indias-mesco-one-step-short-gold-licence

Koh Krabey Island Development Project Achieved by 70%

1 September 2016

Cambodia is promoting another tourism development project at Koh Krabey (Buffalo Island). The US$20 million tourism investment project, consisting of 40 luxury villas, a spa, a swimming pool, a sport club and a restaurant on the 10 hectare island. This project is expected to complete in mid-2017.

Source:

http://www.akp.gov.kh/?p=86307