Thai king’s death bad luck for border casino

27 February 2017

Casino operator Donaco International Ltd reported that its revenue fell by 14.3 percent to $45 million during the six-month period after the death of the Thai monarch. The Cambodian casino saw revenue fall by 16 percent to $34.3 million as daily foot traffic slowed by 15 percent compared to the same time the previous year.

Source:

http://www.phnompenhpost.com/business/thai-kings-death-bad-luck-border-casino

Electricity $4.4B closer to sufficiency

27 February 2017

Over $3.2 billion was invested last year into increasing domestic electricity production, with an additional $1.2 billion sunk into infrastructure.

Source:

http://www.phnompenhpost.com/business/electricity-44b-closer-sufficiency

Bentleys to be sold in Cambodia

24 February 2017

Bentley Motors Group, which is based in the United Kingdom, has collaborated with and has now authorized the Cambodian-based HGB Group to bring the upmarket Bentley cars into the local market starting on February 22. In one year, Britain produces approximately 1.6 billion units.

Source:

http://www.khmertimeskh.com/news/35806/bentleys-to-be-sold-in-cambodia/

Kingdom sees major increase in United States investment

24 February 2017

US injections of capital into Cambodia ballooned from about $7.5 million in 2015 to almost $122 million in 2016. Total exports from Cambodia to the US were more than $2.8 billion last year compared with more than $3 billion in 2015.

Source:

http://www.khmertimeskh.com/news/35808/kingdom-sees-major-increase-in-united-states-investment/

Mining revenue rises on improved collection

24 February 2017

The Ministry of Mines and Energy collected $20.3 million in non-tax revenue last year, a 20 percent increase over the previous year. The Ministry of Mines and Energy approved a total of 401 licences for mining of minerals for construction by the end of 2016 while granting 61 licences for mining exploration.

Source:

http://www.phnompenhpost.com/business/mining-revenue-rises-improved-collection

KrisEnergy to consider selling stake in Block A

24 February 2017

Singapore-listed KrisEnergy Ltd is considering selling or farming out a stake in its Cambodia Block A offshore oilfield to ease its debt burden.  Block A contains Cambodia’s only confirmed oil deposit and has been estimated to hold 700 million barrels of oil as well as 3 trillion to 5 trillion cubic feet of natural gas.

Source:

http://www.phnompenhpost.com/business/krisenergy-consider-selling-stake-block

Meat imports rack up $100M tab

24 February 2017

Cambodians spent over $100 million on imported 280,000 tonnnes of meat last year, further widening the gap of domestic supply as local producers failed to capture the lucrative protein market. The meat consumption will grow to 290,000 tonnes next year and reach 300,000 tonnes by 2020.

Source:

http://www.phnompenhpost.com/business/meat-imports-rack-100m-tab

Hot springs to attract tourists

23 February 2017

The Ministry of Tourism is preparing to develop a hot spring area in Kampong Speu province to attract more local and international tourists.

Source:

http://www.khmertimeskh.com/news/35751/hot-springs-to-attract-tourists/

Tax holiday offered to SMEs that join real regime

23 February 2017

Under the legislation, the two-year tax exemption signed by Cambodian government when a business first declares revenue and shelters. A small business has to have an annual turnover from $62,000 to $175,000, while medium sized is classified from $175,000 to $500,000.

Source:

http://www.phnompenhpost.com/business/tax-holiday-offered-smes-join-real-regime

JC airlines is almost ready to fly

22 February 2017

The Cambodian-registered airline, JC International Airlines, managed by China’s Yunnan Jingcheng Group, the parent firm of China’s Ruili Airlines, expects to launch its first flight on March 17. Initial service will cover domestic routes, flying between Phnom Penh and Siem Reap, and Siem Reap and Sihanoukville.

Source:

http://www.phnompenhpost.com/business/jc-airlines-almost-ready-fly

CSX developing app for securities trading

22 February 2017

A new online trading platform is being developed to spur interest in Cambodia’s sleepy stock market by allowing traders to access the exchange remotely via software compatible with smartphones. Since launched in 2011, the CSX has four listed companies.

Source:

http://www.phnompenhpost.com/business/csx-developing-app-securities-trading

Emirates set to launch flights to Phnom Penh

22 February 2017

Emirates Airlines will expand its presence in Cambodia by launching a daily passenger flight between Dubai and Phnom Penh, to forecast to rise to 8 million by 2020.

Source:

http://www.phnompenhpost.com/business/emirates-set-launch-flights-phnom-penh

Push to standardize leasing sector regulations

22 February 2017

The Commerce Ministry is pushing for leasing sector regulations to be internationally standardized to boost business activities both domestically and internationally and further diversify businesses in the country. By the end of 2016 there were 12 financial leasing companies in Cambodia with total assets of about $156 million.

Source:

http://www.khmertimeskh.com/news/35695/push-to-standardize-leasing-sector-regulations/

Delegation of US companies meets gov’t7 Biz

22 February 2017

A delegation of 14 leading US companies consulted with high-ranking government officials yesterday on efforts to “Rebrand Cambodia” and ways to expand stakeholder consultation while on a two-day visit to the kingdom.

Source:

http://www.khmertimeskh.com/news/35692/delegation-of-us-companies-meets-gov---t7-biz/

Over 287,000 International Tourists Visit Angkor Temples in First Month of 2017

21 February 2017

During the first month of this year, more than 287,000 international tourists visited the Angkor Archeological Park – almost 16 percent increase compared to the same period in 2016.

Source:

http://www.akp.gov.kh/?p=96787

Thai firm to energise Poipet industrial park

21 February 2017

Poipet PPSEZ Co Ltd, a wholly-owned subsidiary of Phnom Penh SEZ Plc signed a memorandum of understanding yesterday with a leading Thai energy provider to supply power to the 66-hectare industrial park. The initial investment amount will be between $2 million and $3 million.

Source
http://www.phnompenhpost.com/business/thai-firm-energise-poipet-industrial-park

Cluster model to entice SEZ investors

21 February 2017

Kerry WorldBridge Logistics SEZ signed a memorandum of understanding (MoU) with German-based consultancy firm and management firm InSITE Bavaria to address the barriers that deter German manufacturers from establishing factories in the Kingdom.

Source:

http://www.phnompenhpost.com/business/cluster-model-entice-sez-investors

Cabinet approves power projects

20 February 2017

The Cabinet of ministers approved on Friday two electricity development projects in a bid to address the increasing demand for electricity in the kingdom. Both of which are expected to begin generating electricity by 2019.

Source:

http://www.khmertimeskh.com/news/35605/cabinet-approves-power-projects/

Luxury in the city

17 February 2017

A five-star luxury hotel owned by the international Rosewood chain will open later this year in Phnom Penh at Vattanc Capital Tower One, and will be the only five-star hotel in Cambodia located in a skyscraper, with aiming to capitalize on the growth of tourism in Cambodia by 2020.  

Source:

http://www.khmertimeskh.com/news/35555/luxury-in-the-city/

Thais seek business opportunities

17 February 2017

More than 30 small and medium enterprises (SMEs) from Thailand came to Cambodia this week to explore business prospects and investment opportunities. Bilateral trade volume between Cambodia and Thailand amounts to about $5.2 billion each year.

Source:

http://www.khmertimeskh.com/news/35554/thais-seek-business-opportunities/

Slowdown in port container traffic

17 February 2017

Total container throughput at Cambodia’s sole deep-sea port, Sihanoukville Autonomous Port (SAP), amounted to 400,187 20-foot-equivalent units in 2016, an increase of 2.1 percent compared to 2015. Meanwhile, Phnom Penh Autonomous Port (PPAP) recorded a total of 151,781 TEU, a 4.8 percent increase.

Source:

http://www.phnompenhpost.com/business/slowdown-port-container-traffic

Tourism feels shifting axis

16 February 2017

Tourist arrivals from Vietnam fell 3 percent to 950,000 last year, while Chinese arrivals surged 19 percent to 830,000 over the same period. The Ministry of Tourism still needs to increase the number of direct flights to the Kingdom in order to reach the country’s target of welcoming 7 million tourists by 2020, including 2 million Chinese visitors.

Source:

http://www.phnompenhpost.com/business/tourism-feels-shifting-axis

Hun Sen issues a clarion call

16 February 2017

As Cambodia prepares to host the World Economic Forum on Asean in May, Prime Minister Hun Sen yesterday made a global call for more investment flows into the region. He said was safe and secure for investors, and fast becoming a manufacturing powerhouse in the Asia-Pacific.

Source:

http://www.khmertimeskh.com/news/35505/hun-sen-issues-a-clarion-call/

Vietnam to upgrade border warehouses

15 February 2017

Vietnam’s Industry and Trade Ministry agreed to build 116 warehouses with better logistics capabilities for the import and export of goods at the border. This project will start on January 23 and will finish by 2035. Bilateral trade between Cambodia and Vietnam decreased slightly last year, dropping to a total of $3 billion – $2.2 billion in exports to Cambodia and $725.7 billion in imports.

Source:

http://www.khmertimeskh.com/news/35458/vietnam-to-upgrade-border-warehouses/

Modest growth for NagaWorld

10 February 2017

NagaWorld, a subsidiary of Hong Kong-listed NagaCorp filing on Wednesday, mass market revenues rose by seven percent to $129.7 million while revenues from electronic gaming machines increased by six percent to $145.5 million. VIP earnings, however, only saw a one percent increase to $225.7 million.

Source:

http://www.khmertimeskh.com/news/35315/modest-growth-for-nagaworld/

Park Café to invest in own local brew

10 February 2017

Local food and beverage company Park Café will establish a coffee plantation on 100 hectares of land in Mondulkiri province to produce coffee for its own restaurants and help reduce dependency on imported blends. Park Café currently has 10 branches, consuming a total of nearly 15 tonnes of coffee a year. Cambodia had only 121 hectares of coffee planted as of the end of last year.

Source:

http://www.phnompenhpost.com/business/park-cafe-invest-own-local-brew

Pay up early, mobile companies told

10 February 2017

The government has called for telecommunication companies to speed up declaration of their revenues and pay their debts by the end of the month to enhance tax collection from the industry. By the end of last year, there were six mobile companies with 19.45 subscribers — of which 7.4 million were internet subscribers.

Source:

http://www.khmertimeskh.com/news/35314/pay-up-early--mobile-companies-told/

Cambodian exports to US down

9 February 2017

Total exports from Cambodia to the United States were more than $2.8 billion last year compared with more than $ $3 billion in 2015, due to uncertainties in the US presidential race and rising exports from Vietnam and new market player Myanmar.

Source:

http://www.khmertimeskh.com/news/35260/cambodian-exports-to-us-down/

Water taxis for Phnom Penh

9 February 2017

A waterway passenger transport service via the Tonle Sap and Tonle Bassac rivers will be launched next year, bringing hopes of eased traffic congestion in Phnom Penh and providing a new option for tourists. The project is estimated to cost $22 million and will be run by City Hall.

Source:

http://www.khmertimeskh.com/news/35259/water-taxis-for-phnom-penh/

KBank unveils capital branch

9 February 2017

Kasikornbank (KBank), one of the largest banks in Thailand, officially unveiled its first branch in Phnom Penh with the offering financial services to local businesses, both Thai and Cambodian. The bank first invested $50 million of capital into Cambodia and expected to expand its loan to about $43 million, in the next three to five years.

Source:

http://www.khmertimeskh.com/news/35257/kbank-unveils-capital-branch/

Royal joint venture with Taiwan firm

8 February 2017

A joint venture leasing company between Royal Group of Companies and Taiwan-based Chailease Holding Co. – one of Asia’s leading finance companies, yesterday officially launched its financial services for small and medium size enterprises (SMEs). By end of 2016 there were 12 financial leasing companies in Cambodia with total assets of about $156 million.

Source:

http://www.khmertimeskh.com/news/35212/royal-joint-venture-with-taiwan-firm/

Insurers chart a growth path

8 February 2017

Cambodia's insurance industry saw impressive growth last year as overall gross premiums grew by 35.6 percent, swelling from $83.7 million to $113.6 million. General insurance grew by 14 percent, while life insurance grew by 95 percent, though from a low base.

Source:

http://www.phnompenhpost.com/business/insurers-chart-growth-path

Bonds starting to take shape

8 February 2017

The Cambodian government is finalising legislation that would regulate the establishment of a corporate bond market, and plans to find a suitable private sector company to pilot the first issuance by 2018.

Source:

http://www.phnompenhpost.com/business/bonds-starting-take-shape

JICA study on urban railway

8 February 2017

A feasibility study on building an urban railway in Phnom Penh will begin in April and the final draft is expected to be completed in May 2018, with the aim of developing a master plan to reduce traffic congestion in the capital. This project will cost approximately $800 million.

Source:

http://www.khmertimeskh.com/news/35210/jica-study-on-urban-railway/

Cambodian exports to Japan soar

7 February 2017

The latest figures from the Japan External Trade Organization (JETRO), Cambodian exports to Japan reached more than $1.2 billion last year, an increase of 24.4 percent compared with a year earlier.

Source:

http://www.khmertimeskh.com/news/35150/cambodian-exports-to-japan-soar/

Record growth in insurance

7 February 2017

Cambodia’s insurance industry saw record growth in 2016 and was valued at $113 million, an increase of 35.6 percent compared with $85.7 million in 2015.

Source:

http://www.khmertimeskh.com/news/35153/record-growth-in-insurance/

Casinos could feel heat from Vietnam sports betting

7 February 2017

Cambodia's gaming industry could see increased competition following a decree by the Vietnamese government that will allow its citizens to place bets on regulated sporting events. 35 of the Kingdom’s 65 licensed, casinos had launched online gaming portals.

Source:

http://www.phnompenhpost.com/business/casinos-could-feel-heat-vietnam-sports-betting

Cambodia’s fundamentals makes Isuzu think big

6 February 2017

Isuzu is coming back big to Cambodia, with the Japanese car-maker convinced that it can corner at least 30 percent of the consumer market in about five years. Last year, Cambodia imported around 7,000 new cars and imported 70,000 used cars.

Source:

http://www.khmertimeskh.com/news/35108/cambodia---s-fundamentals-makes-isuzu-think-big/

Railway links construction date set

6 February 2017

The government has set March next year as the date for the ground-breaking ceremony for the building of the rail link to Phnom Penh International Airport and Phnom Penh Special Economic Zone (PPSEZ). The projects are intended to facilitate transport of passengers, workers, and goods.

Source:

http://www.khmertimeskh.com/news/35106/railway-links-construction-date-set/

ANZ to offer online tax payment system

6 February 2017

ANZ Royal customers will be able to make tax payments in local currency and in US dollars at all bank branches and online starting in April following the signing of a memorandum of understanding (MoU) with the Economy and Finance Ministry on Friday. Tax revenue from 2016 was about $1.49 billion, an increase of 14.94 percent compared to 2015.  

Source:

http://www.khmertimeskh.com/news/35105/anz-to-offer-online-tax-payment-system/

New regional platform to develop tourism companies

1 February 2017

The Mekong Business Initiative (MBI) program this month will be launched by the Asian Development Bank (ADB) and funded by the Australian government, to develop the Mekong Innovative Startup Tourism (MIST) platform, with an initial budget of $200,000.

Source:

http://www.phnompenhpost.com/business/new-regional-platform-develop-tourism-companies

Report: Digital finance boosts GDP

1 February 2017

Digital finance could potentially boost Cambodia’s gross domestic product (GDP) by six percent, produce more than $1.7 billion in additional electronic payment flows, lead to more than $500 million in savings.

Source:

http://www.khmertimeskh.com/news/34964/report--digital-finance-boosts-gdp/

Thailand to aid halal industry

1 February 2017

Thailand, one of the main halal food producers, is seeking to invest in halal food production in Cambodia, targeting Muslim Cambodians and tourists. The number of tourists from Muslim countries visiting Cambodia is totally about 300,000 from Indonesia, Malaysia, and Brunei and the Middle East for the first 11 months of last year.

Source:

http://www.khmertimeskh.com/news/34963/thailand-to-aid-halal-industry/