Trade Value and Deficit Rise

27 December 2016

The value of foreign direct investment was $1.199 billion over the first nine months of this year, an increase of about 59 percent from $489.5 billion over the same period last year. The government approved about 70 investment projects, which were 57 in the industrial sector, four in the agriculture sector, two in the services sector and seven in the tourism sector.

Source:

http://www.khmertimeskh.com/news/33590/trade-value-and-deficit-rise/

Bourse gears up for block trades

27 December 2016

The Cambodia Securities Exchange (CSX) had developed an in-house platform to promote the securities market development and submits soon to the Securities and Exchange Commission of Cambodia (SECC) for approval. Cambodia’s stock exchange, launched in 2011, has just four listed companies.

Source:

http://www.phnompenhpost.com/business/bourse-gears-block-trades

Angkor Air in another A320 deal

27 December 2016

Cambodia Angkor Air, the Kingdom’s flag carrier, received two of Airbus A320; the twin-engine A320 is one of the world’s most popular civilian aircraft with seating capacity of up to 180 passengers and a range of nearly 6,500 kilometers; European aircraft manufacturer Airbus lists the new A320 at an average unit price of $98 million.

Source:

http://www.phnompenhpost.com/business/angkor-air-another-a320-deal

Sihanoukville Airport Improved

26 December 2016

Cambodia’s airport partner French concessionaire Vinci on Saturday held the ground-breaking ceremony for the extension of the terminal and taxiway at Sihanoukville International Airport to accommodate up to 500,000 tourists a year to visit the province. The work is expected to be finished by the end of 2017 or by early 2018 at the latest.

Source:

http://www.khmertimeskh.com/news/33550/sihanoukville-airport-improved/

Plugging into digital payments

26 December 2016

While Cambodia’s e-commerce sector has been slow to take off, several private firms are pushing for the development of forms of online payments such as citing Wing, TrueMoney, eMoney, Pay&Go and Smart, though many of those services still require physical agents for people to go and deposit money on their virtual accounts.

Source:

http://www.phnompenhpost.com/business/plugging-digital-payments

Oz’s Crown Resorts Leaves Las Vegas

16 December 2016

Australia’s No. 1 casino company Crown Resorts Ltd. is planning a near-total exit from the world’s two biggest gaming hubs, Las Vegas and Macau, as a gambling crackdown in China hits profits and throws its expansion plans into disarray. Crown’s first-half results are due in February 2017.

Source:

http://www.khmertimeskh.com/news/33215/oz---s-crown-resorts-leaves-las-vegas/

Businesses Granted Extension for CO

16 December 2016

Exporters, producers and traders will have an additional 20 days to sign up for the certificate of origin (CO) using automated systems because many companies had yet to apply despite the system having been in operation since August 26.

Source:

http://www.khmertimeskh.com/news/33217/businesses-granted-extension-for-co/

Plan for Jurassic park is hatched

14 December 2016

MQ Technology Bhd, a Malaysian investment firm and its Cambodian-registered partner are looking to build a “Jurassic Theme Park” as part of a proposed $51 million entertainment complex including a casino, hotel and 500 serviced apartments set in Prey Veng province near the Vietnamese border. This project will be completed within the next six years.

Source:

http://www.phnompenhpost.com/business/plan-jurassic-park-hatched

Securities Exchange Attracts SMEs

14 December 2016

The Cambodia Securities Exchange’s (CSX) Growth Board, a new trading platform for small and medium-sized enterprises (SMEs) formed last September for SMEs to have a minimum capital of $500,000 to be listed on the stock exchange, compared to $10 million for public companies.

Source:

http://www.khmertimeskh.com/news/33102/securities-exchange-attracts-smes/

Thailand Gives Train Engine to Cambodia

14 December 2016

Thailand will provide a train engine to Cambodia for the transport of goods and tourists between the two countries. The official railway link between both countries would be made by year’s end.

Source:

http://www.khmertimeskh.com/news/33101/thailand-gives-train-engine-to-cambodia/

Oil Prices Soar on OPEC Deal

13 December 2016

Oil prices shot to their highest levels since mid-2015 yesterday after the Organization of Petroleum Exporting Countries (OPEC). OPEC plans to slash output by 1.2 million bpd from January 1, with top exporter Saudi Arabia cutting around 486,000 bpd in a bid to end overproduction that has dogged markets for two years.

Source:

http://www.khmertimeskh.com/news/33041/oil-prices-soar-on-opec-deal/

Chamber to Open Hubs Abroad to Boost Ties

13 December 2016

The Cambodia Chamber of Commerce is set to open branches overseas as it seeks to become the point of contact for foreign investors interested in establishing ties in the country. The first overseas office was likely to be established in a country with a large Cambodian population—possibly France, Canada, the U.S., Australia or New Zealand.

Source:

https://www.cambodiadaily.com/news/chamber-open-hubs-abroad-boost-ties-121888/

$30B casino, theme park project mooted

12 December 2016

MQ Technology Bhd, a Malaysian investment holding company, is looking to form a joint venture with Cambodian Resorts and Entertainment Co Ltd, to build a $30 million casino and theme park in Prey Veng province near the Vietnamese border. The joint venture could be linked to NagaCorp Ltd, the operator of Phnom Penh’s NagaWorld casino and hotel complex.

Source:

http://www.phnompenhpost.com/business/30b-casino-theme-park-project-mooted

Low-Income Housing Project to Start

12 December 2016

Building affordable public housing for the lower middle class, low-income earners and state workers will start next month on 7 January 2017, with the cost about $60 to $70 million. The project will be about 18 kilometers from the capital. The demand for housing for Cambodia will be one million units in 2030, of which the demand in the capital will be about 52,000 units.

Source:

http://www.khmertimeskh.com/news/32992/low-income-housing-project-to-start/

Gov’t to Manage Online Gaming

8 December 2016

The government is planning to set up a server to manage and control online gaming which is on the rise in the Kingdom, a move to prevent locals from gambling. There are 77 licensed casinos in Cambodia, 65 of which are in operation. The $37.4 million in taxes was collected from casinos in the first nine months of this year.

Source:

http://www.khmertimeskh.com/news/32896/gov---t-to-manage-online-gaming/

Rail Link to Thailand on Schedule

8 December 2016

Cambodia and Thailand will be linked by a railway by the end of 2016 as planned, to boost travel and bilateral trade to up to $15 billion by 2020.

Source:

http://www.khmertimeskh.com/news/32895/rail-link-to-thailand-on-schedule/

River Luxury in Siem Reap

8 December 2016

One of Siem Reap’s leading luxury hotels, Belmond La Residence d’Angkor – owned by SNCF, the French government rail system– has reopened in its prime downtown riverside location after extensive renovations. Belmond had 56 rooms and eight suites.

Source:

http://www.khmertimeskh.com/news/32892/river-luxury-in-siem-reap/

Industrial rail project gathers steam with government push

7 December 2016

The rail link will be built to reinvigorate a long-dormant project to connect the Kingdom’s sole operating railway line to the capital’s biggest industrial park – a move that would boost rail traffic ahead of the completion of a rail link to northwestern Cambodia and Thailand. This project planned cost of nearly $4 million.

Source:

http://www.phnompenhpost.com/business/industrial-rail-project-gathers-steam-government-push

Woodland Project Breaks Ground

7 December 2016

Furi Real Estate and the Singapore-based Naki Group have broken ground on the $70 million Woodland borey project, a service-style hotel villa concept that is a first in the country. In the first phase of this project spent $28 million to develop this project and the estimation of the whole project will need $70 million.

Source:

http://www.khmertimeskh.com/news/32825/woodland-project-breaks-ground/

NBC Issues Prakas for Riel Loans

7 December 2016

The National Bank of Cambodia issued a prakas, or directive, last week instructing financial institutions to make out more riel loans to their customers, to promote the use of the national currency. The prakas stated that all financial institutions should have at least 10 percent of their loan portfolio in riel. The directive will be effective until the end of 2019.

Source:

http://www.khmertimeskh.com/news/32828/nbc-issues-prakas-for-riel-loans/

Targeting Rich Chinese Medical Tourists

7 December 2016

Some 483,000 people traveled from China to Thailand for medical tourism last year, with spending $6.3 billion on treatment and a further $3.4 billion on travel and accommodation, making outbound Chinese medical tourism a $9.7-billion business. The number of Chinese medical tourists is expected to surpass 800,000 in 2020.

Source:

http://www.khmertimeskh.com/news/32826/targeting-rich-chinese-medical-tourists/

Coca-Cola opens new $100M plant at capital economic zone

6 December 2016

Global beverage giant Coca-Cola officially inaugurated its new $100 million Cambodian production facility yesterday, built on the 25,000-square-metre factory, situated on 12.5 hectares in the Phnom Penh Special Economic Zone, to replace Coca-Cola’s former production plant in the capital’s Russei Keo district.

Source:

http://www.phnompenhpost.com/business/coca-cola-opens-new-100m-plant-capital-economic-zone

Mongolian Hot Pot Coming to Capital

6 December 2016

Little Sheep Hot Pot, a Yum Brands Inc. company, yesterday signed a partnership agreement with HGB Food Industry Co. Ltd. to bring its Mongolian hot pot restaurant to Cambodia. Yum Brands, which owns KFC, Taco Bell and Pizza Hut, bought the Mongolian hot pot chain in 2012.

Source:

http://www.khmertimeskh.com/news/32781/mongolian-hot-pot-coming-to-capital/

Negative Start for Trading Link

6 December 2016

A long-delayed trading link between the exchanges of Hong Kong and Shenzhen in China got off a disappointing start yesterday. The link will open another door to the mainland’s cloistered stock markets, allowing foreigners to buy shares in more than 800 Chinese firms for the first time, while also giving mainlanders further access to Hong Kong-listed stocks.

Source:

http://www.khmertimeskh.com/news/32778/negative-start-for-trading-link/

Chinese firm eyes steel mill

5 December 2016

One of China’s largest steelmakers, Hangzhou Iron and Steel Group with $10 billion in assets, is seeking partners in Cambodia to build a steel mill that will reduce the Kingdom’s dependency on imported steel for its construction sector. Cambodia imported over 265,000 tonnes of steel last year, mostly from Vietnam and China.

Source:

http://www.phnompenhpost.com/business/chinese-firm-eyes-steel-mill

China to Align Asean Policy With Cambodia

5 December 2016

China is considering setting up an industrial zone in Cambodia and says it will announce new areas of cooperation with Asean nations in line with Cambodia’s industrial development policy. China is the largest foreign investor in Cambodia with an accumulated investment of more than $14 billion between 1994 and October this year.

Source:

http://www.khmertimeskh.com/news/32729/china-to-align-asean-policy-with-cambodia/

Firms Okay Friendship City

2 December 2016

Cambodian-owned LYP Group and the China Minsheng Investment Group, the largest privately owned investment group in China, yesterday signed a $1.5 billion deal to build the Cambodia-China Friendship City. The total investment in the construction sector until October was $7.86 billion, an increase of 300 percent from the same period in 2015.

Source:

http://www.khmertimeskh.com/news/32676/firms-okay-friendship-city/

Hungarian Trade Boost

2 December 2016

Earlier this year, Hungary opened a trade office in Phnom Penh to boost bilateral trade from the present $1 million a year to at least $10 million by 2017. Cambodia exports rice, tobacco, garments and footwear to Hungary, and imports electronics, medical devices and mechanical spare parts.

Source:

http://www.khmertimeskh.com/news/32673/hungarian-trade-boost/

Henan Tourism Push Sought

1 December 2016

The Tourism Ministry is pushing for direct flights between Cambodia and China’s central Henan province, one of China’s most populous with over 90 million people and two big airports, to respond to the Cambodian Tourism strategy to attract two million Chinese tourists by 2020.

Source:

http://www.khmertimeskh.com/news/32626/henan-tourism-push-sought/

Agro-Industry Park Planned

1 December 2016

An agro-industry park on 300 hectares with $2 billion is being planned in Kampong Speu province to help facilitate the export of agricultural products. The park will include warehouses, silos, institutes for certification of origin, certification of sanitation, processing factories and other relevant units in the same place.

Source:

http://www.khmertimeskh.com/news/32627/agro-industry-park-planned/

Luxury Time-Share Resort

1 December 2016

A Japan-based firm plans to invest $3 million to develop a time-share resort built to five-star hotel standards on Kirirom Mountain – with construction to start next year. The project is a part of VKirirom Pine Resort, which received a 2,000 hectare land concession from the government.

Source:

http://www.khmertimeskh.com/news/32625/luxury-time-share-resort/