Ministries And Higher Education Institutions Sign MoUs And Agreement To Promote Cambodia's Digitalisation
Phnom Penh, June 01, 2023 --Ministry of Post and Telecommunications (MPTC) and Ministry of Environment (MoE) have signed Memorandums of Understanding (MoUs) and agreement to further promote Cambodia's digitalisation.The signing ceremony took place here in Phnom Penh on May 31 under the presidency of H.E. Chea Vandeth, Minister of MPTC, H.E. Hang Chuon Naron, Minister of Education, Youth and Sports, and H.E. Say Samal, Minister of MoE.The signed documents include a MoU and an agreement on the launch of "verify.gov.kh", preparation of digital technology, infrastructure, and internet connection between MPTC and MoE and between MPTC and nine higher education institutions, respectively.The rest is the MoU on the cooperation on environmental protection, natural resource and biodiversity protection and preservation between the MoE and the Rector’s Council of Cambodia.On the "verify.gov.kh", the MPTC had also inked MoUs and agreements with the National University of Management, the Ministry of Agriculture, Forestry and Fisheries, and eleven other higher education institutions.The "verify.gov.kh" is a platform of the Royal Government of Cambodia developed by the MPTC to eliminate the falsification of documents, authenticate documents, and save time and money for users, especially students as well as to boost the country’s digital transformation.
Effects of Universal Basic Income (UBI)
Universal basic income (UBI) system is a government program or proposal for a social cash transfer policy that provides people with regular payments regularly. The objectives of a basic income system are to reduce poverty and to take the role of existing need-based social programs that could involve more bureaucracy. The government would receive financing from taxes or other sources, such as income from natural resources, to implement a universal basic income program.BenefitsSome forms of UBI may lessen poverty while enhancing recipients' well-being and mental health. However, the cost would be high. Even while many low- to middle-income individuals would benefit overall after receipt of their UBI payment is taken into account, it would need considerable increases in tax rates, which some may be unwilling to accept. Providing cash without restrictions may encounter opposition from the general people.Drawbacks • If people had greater financial security, they may demand higher pay; • Central banks might need to increase money printing to cover government debt resulting from UBI.Source: JRF
CDC Approves Three More Investment Projects Worth Over US$15 Million
Phnom Penh, May 30, 2023 --The Council for the Development of Cambodia (CDC) has given green light to three new investment projects with a total capital of US$15.4 million.The new projects belong to BOLITO GARMENT CO., LTD., XIN LI AN SHOES CO., LTD. and NEW HM KNITTING CLOTHING (CAMBODIA) CO., LTD., the CDC said in a press release issued yesterday afternoon.The three companies will invest in the manufacturing of clothes in the provinces of Kandal and Kampong Speu and shoe accessories in the capital of Phnom Penh, it pointed out.More than 3,000 jobs are expected to be generated for the locals by the three newly approved projects, the source added.
Cambodian eWTP-Alibaba Working Group’s Visit to Alibaba Headquarter to Facilitate Partnership and Promote Cambodian Exports to Chinese Market
May 28, 2023The eWTP-Alibaba working group visited Alibaba's headquarters in Hangzhou, Republic of China, under the direction of H.E. Buon Sarak Mony, Secretary of State, Ministry of Commerce. Along with H.E. Dr. Horn Theara, Director General of the General Department of Posts of the Ministry of Post and Telecommunications, H.E. Chhor Sunhong, Under Secretary of State for the Ministry of Commerce, H.E. Hong Narit, Under Secretary of State for the Ministry of Agriculture, Forestry, and Fisheries, and H.E. Chea Kok Hong, Secretariat Director of the Entrepreneurship Development Fund of the Ministry of Economy and Finance, participated in this mission.The goals of this visit are to learn more about the ecosystem and operations of Alibaba's e-commerce platform and to finalize the draft Memorandum of Understanding (MOU) between the Ministry of Commerce and Alibaba. This MOU will promote opportunities for Cambodian products to be exported, skill development, tourism promotion, and collaboration through the eWTP Partnership Project.The MoU also aims to benefit from the Regional Comprehensive Economic Partnership (RCEP) and the CCFTA between China and Cambodia. As a result, the two sides had a thorough discussion and came to an understanding regarding the important provision of the MoU, which is anticipated to be signed soon.This partnership has a great deal of potential to support EDF's mission to foster a thriving business ecosystem and promote business activities through cross-border business networking, especially in leveraging the e-commerce platform to promote trade between the two countries and, ultimately, cultivate a thriving business ecosystem in Cambodia. The Cambodian government and Alibaba are working together in a positive way, and it's a big step forward for the country's business environment in terms of expanding prospects for growth, supporting innovation, and advancing digital connectivity.The Alibaba Group formally launched eWTP, and it was mentioned in the communiqué from the 2016 G20 Hangzhou Summit. As the home of eWTP, Hangzhou is recognized as China's first ecommerce metropolis and is sometimes referred to as "China's Silicon Valley" to promote the growth of the digital economy. With the assistance of the local government, Alibaba Group was founded here and has developed into one of the top technology and e-commerce enterprises in the world.
Cambodia-Japan Digitalised Manufacturing Centre Online
Phnom Penh, May 25, 2023 --A Cambodia-Japan Digitalised Manufacturing Centre (CJDM) at the Royal University of Phnom Penh (RUPP) complex has been put for official use to support Cambodia's human resource development, especially under the Fourth Industrial Revolution.The inauguration ceremony of the centre took place here in Phnom Penh on May 24 under the presidency of H.E. Hang Chuon Naron, Minister of Education, Youth and Sports and H.E. UENO Atsushi, Ambassador of Japan to Cambodia.H.E. Hang Chuon Naron thanked the Government of Japan through the Ministries of Foreign Affairs and Economy, Trade and Industry of Japan for the support.He also expressed his appreciation of Dr. Masahiko MORI, Chairman of DMG MORI, for his good cooperation with RUPP to foster technology and computer numerical control (CNC) capacity building.CJDM will play a key role in promoting computer numerical control for Japan's factories and enterprises in Cambodia as well as for export.CJDM was expected to be a high technical training centre in Cambodia for both the country and regional markets based on research and development and CNC.
Cambodia, Vietnam Committed To Continuing Cooperation
Phnom Penh, May 25, 2023 --Cambodia and Vietnam are committed to continuing cooperation, especially under the framework of youth development.The commitment was made in a meeting between H.E. Mrs. Men Sam An, Deputy Prime Minister and Minister of Senate-National Assembly Relations and Inspection and H.E. Bui Quang Huy, Alternate Member of the Central Committee of Communist Party of Vietnam, First Secretary of the Central Committee of Youth Union and Chairman of the National Committee on Youth of Vietnam here in Phnom Penh on May 24.H.E. Bui Quang Huy congratulated Cambodia for effective COVID-19 containment and successful hosting of the 41st ASEAN Summit and Related Summits, AIPA, and the 32nd SEA Games; and believed that the forthcoming ASEAN-Para Games 2023 to be hosted by Cambodia will be also successful.H.E. Bui Quang Huy spoke highly of Cambodia's peace, political stability and development in all sectors under the leadership of the ruling Cambodian People's Party (CPP).He pledged to continue cooperation and strengthen solidarity, particularly between the youths of the two countries.H.E. Mrs. Men Sam An welcomed the visit of H.E. Bui Quang Huy to Cambodia that coincided with the celebration of the 56th anniversary of Cambodia-Vietnam diplomatic relations.She lauded youth friendship of the two countries and recommended the new generations to learn from older generations through exchange of experience and good lessons learned for development. Article in Khmer by Sous Samrith Article in English.
ARDB To Host Regional Financial Institution Association Annual Meeting
Phnom Penh, May 23, 2023 --State-run Agricultural and Rural Development Bank (ARDB) will host the 47th ADFIAP (Association of Development Financing Institutions in Asia and the Pacific) Annual Meeting from May 16-18, 2024, after becoming a member of ADFIAP for more than 20 years.The announcement was made in the 46th ADFIAP Annual Meeting, held from May 15-17, 2023 in Almaty, Kazakhstan.It is a great honour for the ARDB to host the annual meeting, which underscores the state-run bank's strength and active participation as a member in the past, said its Director General H.E. Kao Thach in a statement.“ARDB has been actively involved in implementing the Cambodian government's policy in providing special financing to support all actors in the agricultural, agro-industrial and socio-economic development chain,” H.E. Kao Thach said.Forty-one (41) countries and more than 90 Development Financing Institutions are expected to join the 47th ADFIAP Annual Meeting in Cambodia, he added.At the same time, ARDB has also won the “Development Awards 2023” for the Government Special Fund Financing Programme for Small and Medium Agricultural Enterprises Development in the 46th ADFIAP Annual Meeting in Kazakhstan.This Development Awards is one of the prestigious awards for development financing institutions who has excellent project, contributed to social development, rural economic development, as well as promoting sustainable financing.In 1976, the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) was established in the form of a non-governmental organisation advising the Economic and Social Council of the United Nations, with a permanent secretariat in Makati, Manila, the Philippines.ADFIAP's mission is to promote sustainable development through the strengthening of institutions and financial functions for development, capacity building of members, and advocacy for financial innovation for development.ADFIAP currently has 90-member development finance institutions from 40 countries in Asia. The ARDB of Cambodia has been a member of ADFIAP since 2005.
Why do cars depreciate so fast?
Depreciation is the gap between an automobile's value at the time of purchase and its eventual sale.Depending on the make and model, this decrease in value can range from 15 to 35% in the first year and up to 50% or more over the course of three years. Moreover, when your car has more miles, the value will decrease which leads to decrease in price when you sell it. Some automobiles have a bad reputation for being unreliable. Surveys of consumer satisfaction may serve as a basis for this. Damage to the bodywork, interior, or exterior will lower value in general condition. Make sure to give a used car a thorough inspection before purchasing. Maintain your vehicle well and get any damage fixed right away. To avoid the greatest depreciation, get a nearly-new or used vehicle.
How to keep talented employees - Employee Retention
In order to stay in the market for a longer period of time, businesses must constantly search for the next best thing. And that talent must be present in their place of business for it to be possible. It is essential to keep that talent in the company for a long period since HR must devote time and effort to finding the highest potential hires for the company. However, it turns into a problem for many firms when it comes to employee retention. Spend money on employee training and development.The company should endeavor to provide employees with opportunities to further their careers and develop their knowledge and skills. Many firms are developing structures today that allow employees to interact with many aspects of the business.Recognize and rewardsWhen employees meet their goals, they must always feel appreciated, rewarded, and recognized. A smart way to motivate a worker is via financial incentives. They must believe that the organization values what they have to offer.Promote adaptabilityEmployees today demand flexibility and mobility in the job. Options like work from home, flexible hours, and remote working all contribute to a happier and more productive workplace.
What is a Monopoly?
A monopoly is a market structure where one producer or seller holds a power within a certain market. A monopoly-status company lacks alternatives for its goods and faces little internal rivalry. Monopolies can set prices and establish barriers to entry for rival businesses.Companies can become monopolies by vertically integrating their operations to control the whole supply chain from manufacturing to sales, or by acquiring rival businesses to become the only manufacturer.Monopolies may establish prices and maintain consistent, predictable pricing for consumers without competition. Monopolies benefit from economies of scale and can frequently produce large volumes for less money per unit. On the other hand, a business that controls a market or an industry might use its position to set prices, produce low-quality goods, and create artificial scarcities. Because there are few or no alternatives in the market, consumers must believe that a monopoly functions morally.Source: Investopedia
Tax Income Collection Accounts For 44% Of Yearly Plan As Of April
Phnom Penh, May 18, 2023 --The General Department of Taxation (GDT) at the Ministry of Economy and Finance collected almost US$1.6 billion as tax income in the first four months of this year, accounting for 44 percent of the yearly target.The figures were released by GDT Director General H.E. Kong Vibol in a special broadcast on tax services on Wednesday.The collection of revenue from e-commerce operations for the January-April period of 2023 was recorded at US$26 million.H.E. Kong Vibol explained the significant tax revenue in the first four months by the high tax revenue situation in January-March 2023, which was the season for declaring and paying income tax for 2022.He attributed the achievement to the government’s efficient measures against the pandemic.The GDT is a government agency responsible for collecting interior taxes such as income tax, salary tax, VAT, and property tax.In 2023, the government targets KHR 23 trillion (approximately US$5.5 billion) as income from the GDT and the General Department of Customs and Excise, which collects taxes on goods entering and leaving the country.
Two More Investment Projects Worth Over US$ 11 Million Approved
Phnom Penh, May 19, 2023 --The Council for the Development of Cambodia (CDC) has approved two new investment projects with a total capital of US$11.4 million.The new projects belong to Genmei Industrial (Cambodia) Co., Ltd. and Tai Fong Shoes (Cambodia) Manufacturing Co., Ltd., the CDC said in a press release issued on Thursday.The first company will invest US$5.8 million while the second will inject US$5.6 million in the creation of garment and shoes factories, respectively in Kampong Speu province, the source pointed out.Some 5,700 jobs are expected to be generated for the locals by the two newly approved projects, added the press release.
World Bank: Cambodia’s Economy on Firm Path to Recovery
Phnom Penh, May 18, 2023 --Cambodia’s economy is firmly on a path to recovery, led by manufacturing exports and growth in services and agriculture, the country’s economic growth is thus forecast to accelerate to 5.5 percent in 2023, according to the World Bank’s Cambodia Economic Update: Post-COVID-19 Economic Recovery.This report says Cambodia’s economic recovery solidified in 2022, when real growth accelerated to 5.2 percent.A strong rebound in services, especially trade, travel, and hospitality has helped bring Cambodia back to pre-COVID-19 growth levels, with foreign arrivals accelerating as the country hosts the Southeast Asian Games and ASEAN Para Games. This revival is also boosted by easing domestic prices as global oil and food prices stabilise, it added."With the agriculture sector expanding due to improved access to regional markets following newly ratified trade agreements, economic growth is forecast to accelerate to 5.5 percent in 2023. However, an extended slowdown in external demand could weaken export-oriented manufacturing, while continued global financial tightening might expose risks in Cambodia’s highly leveraged financial sector," it underlined.To safeguard its economic recovery, Cambodia needs to diversify its tourism products and destinations and improve its trade competitiveness by boosting connectivity, reducing trade barriers, and streamlining customs procedures, said World Bank Country Manager for Cambodia Ms. Maryam Salim.In the medium term, growth is expected to rise to 6 percent, bolstered by strong goods and services exports and a substantial increase in investment, especially under public-private partnerships for large infrastructure projects such as seaports and roads. Cambodia can aid this growth through investing on connectivity infrastructure and human development, safeguarding financial stability, and promoting diversification of exports to enhance the economy’s resilience and competitiveness.A special focus section of the report examines how Cambodia has been able to increase social sector spending in recent years, notably on health and education, while noting that the quality of that spending could be improved. A stronger focus on both allocative and operational efficiency could help address the uneven distribution of teachers among grade levels and low public trust in state health facilities.
What is charismatic leadership?
Every type of leadership has a particular area of concentration. A leader that possesses charismatic leadership has the ability to persuade people by charm, attractiveness, and effective communication. Given their capacity for emotional connection, charismatic leaders are especially valuable in organizations that are going through a crisis or are having a hard time moving forward. Each charismatic leader has a slightly unique appearance. However, the majority of charismatic leaders share a number of crucial traits, including: Strong communicator; sympathetic and approachable; self-assured; inspiring; engaging and appealing;and optimistic You might have noticed that transformational and charismatic leadership have much in common. A shared vision is what transformational leaders rely on to bring about change, as opposed to charismatic leaders, who rely on their own personality and skill set to inspire followers to action. Therefore, not all charismatic leaders are necessarily transformational, even though most transformational leaders have a tendency to be charismatic. Source: Torch.io
Cambodia’s Four-Month International Trade Tops US$15 Billion
Phnom Penh, May 11, 2023 --Cambodia’s international trade was amounted to US$15.16 billion in the first four months of this year, a 14.1 percent decrease compared to the same period last year, an official report showed on Thursday. Cambodia exported a total of US$7.2 billion worth of goods from January to April this year, down 4.9 percent, a report from the General Department of Customs and Excise pointed out.The Kingdom’s imports also saw a decrease, by 21.1 percent to US$7.9 billion, the report said, adding that this resulted in a trade deficit of US$692 million.The U.S. remained the biggest market for Cambodia, importing US$2.4 billion worth of products, a year-on-year decline of 16.2 percent, followed by Vietnam which imported US$1.1 billion Cambodian products, up 20 percent.The Kingdom’s other main trade partners are Thailand, Japan, the European Union, and China.Mr. Lim Heng, Vice President of the Cambodia Chamber of Commerce said the decrease in exports was largely due to the economic slowdown in the European Union and the U.S., which are the two biggest markets for Cambodia-made products.“The slowdown in economic growth in the EU and the U.S. caused by the war in Ukraine has affected the purchase orders of products from Cambodia,” he explained.Cambodia’s main exported products are garments, textiles, footwear, machinery and electrical equipment, bicycle, leather goods, grains, furniture, rubber, fruits, vegetables, pearls, and toys.The garment, footwear and travel goods industry are the largest foreign exchange earner for Cambodia. The sector consists of roughly 1,100 factories and branches, employing approximately 750,000 workers, most of them are female.
Local Products Promoted At SEA Games
Phnom Penh, May 12, 2023 --Local enterprises have been joining hands in promoting Cambodian products among the local people, international sports delegates and foreign tourists at the Morodok Techo National Stadium in Phnom Penh during the 32nd SEA Games.Some 45 kinds of Cambodia-made products have been put on display in a fair organised by the One Village One Product (OVOP) Movement during the SEA Games hosted by Cambodia from May 5 to 17, 2023.The fair’s main goal is to promote Cambodian products, increase exports and create more job opportunities.A vendor of Khmer Scarf (Krama) told AKP that his products have attracted interests with best sales. "Exhibitors received a lot of support and gain appreciations from local people and foreigners who come to visit the SEA Games,” he said. He encouraged the participants of the OVOP Movement to sell their products in a honest and responsible manner.The products displayed on about 20 booths include food & beverages, scarves, bags, accessories, souvenirs, and so on.
what is international trade?
The exchange of commodities and services across international borders is referred to as international trade. Changes in financial markets, legislation, judicial systems, government policies, and exchange rates typically come with added hazards. A nation's growth is fueled by international trade. One of the main components to a nation's gross domestic product is the import-export ratio. As a result, each nation strives to improve its relations with top international leaders in the area of trade.Companies locate their manufacturing facilities outside of their home countries to take advantage of cheap labor, natural resources that are not available locally, and lower production costs.
Cambodia Emphasises Support And Cooperation With Indonesia To Achieve Priority Economic Deliverables
Phnom Penh, May 09, 2023 --Cambodia is committed to joining other ASEAN member countries to provide close support and cooperation for Indonesia, as this year’s rotating Chair of ASEAN, in order to push for fruitfully and satisfactorily achievements of Priority Economic Deliverables (PEDs) and other priorities under the ASEAN Economic Community (AEC) pillar.The commitment was underscored by H.E. Pan Sorasak, Cambodian Minister of Commerce while leading a delegation to attend the 22nd ASEAN Economic Community (AEC) Council Meeting in Jakarta, Indonesia on Sunday.H.E. Pan Sorasak, also Minister of the AEC Council for Cambodia, informed the Meeting about the successful implementation of 16 out of the total 19 PEDs under Cambodia’s ASEAN Chairmanship in 2022 whereas the other three PEDs will be completed this year.The 22nd AEC Council Meeting was chaired by H.E. Airlangga Hartarto, Coordinating Minister for Economic Affairs of Indonesia.According to the Chair’s Media Statement, the Meeting discussed the implementation and progress of initiatives under the AEC Blueprint 2025 and the current regional economic situation. The Meeting welcomed and expressed its commitment to Indonesia’s 16 Priority Economic Deliverables (PEDs) for 2023 under its Chairmanship, which is anchored on its overall theme of “ASEAN Matters: Epicentrum of Growth” and support the three strategic thrusts of: Recovery and Rebuilding, Digital Economy, and Sustainability. The Meeting also noted and discussed the on-going work on the development of the ASEAN Community’s Post-2025 Vision.
World Bank Sees Bright Demographic Outlook For Most ASEAN Economies Including Cambodia
Phnom Penh, March 28, 2023 –The World Bank says most ASEAN economies including Cambodia still enjoy a “demographic dividend” with the number of workers growing faster than the number of dependents.In a report released in Washington Monday, the bank also said that Cambodia was among a handful of ASEAN economies with scope for “substantial” productivity gains through increased urbanisation.Between 1960 and 2010, the report noted that economic growth in East Asia and the Pacific was supported by a rapidly growing working-age population.“Many economies in the region reaped a ‘demographic dividend’ as the number of workers grew faster than the number of dependents.”But “demographic trends have since become less favourable and are expected to deteriorate further over the next decade.“The deceleration in working-age population growth has been especially stark in China and Thailand, due to population aging.”Cambodia not at risk of ‘growing old before becoming rich’“Several economies in the region, however, are still enjoying a demographic dividend,” the report said, pointing to Cambodia, Indonesia, Laos, Malaysia, Myanmar, Papua New Guinea and the Philippines.The bank warned that the less favourable demographic trends in East Asia and the Pacific “are expected to continue, putting the region at risk of growing old before becoming rich.“The largest decline in the share of working-age population is expected in China.“In contrast, for some countries, including Cambodia, (Laos), and Papua New Guinea increases in working-age populations are expected, and these countries could continue to reap demographic dividends if they generate sufficient jobs.”Scope for rapid urban developmentThe report also noted that the region’s rapid growth of potential output in recent decades had been largely fueled by labour and other resources moving from agriculture to higher-productivity sectors — a process that has encouraged urbanisation.East Asia and the Pacific “has the potential for continued, rapid urban development,” the report said, adding that the share of people in living in urban centers was only 57 percent in 2020 — well below the advanced economy average of 80 percent.Urbanisation is “particularly low” in Cambodia at 13 percent as well as Myanmar and Vietnam at around 35 percent.With much of the region’s workforce still engaged in agriculture, “there is still scope for substantial productivity gains from resource reallocation, particularly in Cambodia, Indonesia, the Philippines, Timor-Leste, Thailand, and Vietnam,” the report said.“To promote further urbanisation, possible measures include investing in infrastructure and social services, making land more accessible on a fair and transparent basis, encouraging facilities that support recent migrants, and coordinating urban services across municipal boundaries.”And to make agriculture more productive, “renewed efforts are required to remove barriers and distortions that prevent a reallocation of productive resources across farms.At the same time, “improving the business climate would also help raise productivity in some economies such as Cambodia, Laos, Myanmar and Papua New Guinea.For these economies, “enhanced transparency, strengthened accountability, and greater responsiveness of state institutions to the needs of the private sector would bolster investor confidence and invite productivity-enhancing investment,” the report said.Infrastructure needs ‘sizable’, basic roads a ‘priority’The World Bank noted that several countries in the region still have “sizable” needs to invest in infrastructure.“In some economies, better public infrastructure could foster connectivity and spur innovation,” it said.In Cambodia and Laos, “investment in basic road infrastructure is a priority.”Broadening tax bases could help finance such investment in economies such as Cambodia, Indonesia, Laos, Malaysia and the Philippines.The report added the Cambodia and Pacific island economies could finance infrastructure by rebalancing public expenditures toward investment or promoting public-private cooperation.But economies with relatively low incomes — like Cambodia and Myanmar — “face major challenges in implementing public-private partnerships … especially in the context of infrastructure development.“Among these challenges are governance issues, institutional structure and capacity constraints, weak public-private partnership laws and policies, and weak country and sovereign risk ratings.”The report said public-private partnerships could benefit from centralised government agencies coordinating national infrastructure by working with the private sector and multilateral agencies.“Multilateral development banks could work with the private sector to provide quality and governance assurances,” it said.“A global ‘code of conduct’ with a clear set of standards for businesses covering a regulatory framework, transparency principles, and a system for dispute resolution could enhance confidence in the private sector as a good partner,” the bank said.Possible ‘lost decade’ looms for global economyAt the global level, the report described what it called a “worrisome trend” with the fading of economic forces that powered progress and prosperity over the last three decades.As a result, between 2022 and 2030 average global potential GDP growth is expected to decline by roughly a third from the rate that prevailed in the first decade of this century — to 2.2 percent a year.For developing economies, the decline will be equally steep — from 6 percent a year between 2000 and 2010 to 4 percent a year for the rest of this decade.The bank warned that these declines would be “much steeper” in the event of a global financial crisis or a recession.“A lost decade could be in the making for the global economy,” World Bank chief economist Indermit Gill said.“The ongoing decline in potential growth has serious implications for the world’s ability to tackle the expanding array of challenges unique to our times—stubborn poverty, diverging incomes, and climate change.“But this decline is reversible,” Gill said. “The global economy’s speed limit can be raised — through policies that incentivise work, increase productivity, and accelerate investment.”
Cambodia Promotes Tourism Potential In Korean And Japanese Markets
Phnom Penh, May 05, 2023 --Ministry of Tourism in collaboration with the Royal Cambodian Embassies in the Republic of Korea and Japan and Tourism Representative Offices in the two countries has promoted Cambodia’s tourism potential in both markets.In Korea, the Cambodian delegation took part in the Seoul International Travel Fair 2023 being held in Seoul from May 4 to 7 with the participation of some 500 Korean tourism operators, buyers, sellers, and local and foreign reporters; and organised Cambodian Tourism Roadshow with the participation of more than 10 Cambodian tourism operators and over 100 Korean tourism operators.In Japan, Cambodia Festival 2023 was held on May 3-4 in Tokyo to showcase Cambodia-made products, food and beverages and souvenirs on 100 booths and Cambodian culture and tradition through art performances.The events were organised as part of the implementation of strategy for recovery of Cambodian tourism during and post-COVID-19-phase II (2020-2025).They also aimed to promote “Visit Cambodia Year 2023” campaign and “Cambodia as a warm, safe, clean and green tourist destination” under the slogan “Every day is a wonder” with a focus on sports and MICE (Meetings, Incentives, Conferences and Exhibitions), especially “Cambodia as a sports destination” under the slogan "Sport: Live in Peace” through the SEA Games-ASEAN Para Games 2023 and the Asian Youth Games 2029, which Cambodia will host, and to connect with the Cambodians living in Korea and Japan.According to the Ministry of Tourism, Cambodia welcomed over 2.27 million foreign tourists last year, up 1,058.6 percent compared to 2021, of them 64.040 were Koreans, up 954.3 percent, and 29,733 were Japanese, up 1,378.5 percent compared to 2021.During the first quarter of this year, it added, 52,578 Korean tourists visited Cambodia, a year-on-year increase of 1.115.4 percent, while 11,465 Japanese tourists were registered in Cambodia in the first two months of 2023, up 1176.7 percent.Cambodia is expected to welcome some 80,000 Korean tourists and 70,000 Japanese visitors in 2023, said the source.