Cambodia’s Banking And Financial Industry Continue To Grow In H1
Phnom Penh, July 26, 2024 --The banking and financial industry has remained strong with the modest growth in both loans and deposits in the first half of 2024, despite uncertainties on global economic growth.Outstanding loans increased by 2.6 percent year-on-year to US$58.9 billion by June this year, while customers’ deposits rose by 13.4 percent to US$51.9 billion, the biannual report of the National Bank of Cambodia (NBC) stated on Friday.The loans are for key sectors, comprising trade, housing, construction and real estate, agriculture, hotels and restaurants, and manufacturing, among others.Non-performing loans (NPLs) at the banks and the microfinance institutions were at controllable rates of 6.8 percent and 8.3 percent, respectively, it added.NBC Governor H.E. Dr. Chea Serey attributed the growth of the banking and financial industry to the cooperation of banking and finance in compliance with prudent regulations and continued to strive to maintain stable credit interest rates.“Banking system continues contributing to macro-economic and financial stability as well as playing a key role in supporting the economic growth,” she said.Cambodia has 59 commercial banks, nine specialised banks, 87 microfinance institutions, and 115 rural credit institutions across the country, with 21.3 million deposit accounts and 4 million credit accounts, the report said.
Cambodia, China To Continue Strengthening Cooperation In All Areas
Phnom Penh, July 22, 2024 --The Kingdom of Cambodia and the People’s Republic of China have vowed to continue deepening their cooperation in all areas for their mutual interest.The commitment was made during the courtesy meeting here at the Peace Palace this morning between Cambodian Prime Minister Samdech Moha Borvor Thipadei Hun Manet and newly appointed Chinese Ambassador to Cambodia H.E. Wang Wenbin.On the occasion, Samdech Thipadei Hun Manet extended warm welcome to H.E. Wang Wenbin’s diplomatic mission in Cambodia, and was convinced that Cambodia-China relations and cooperation will be further strengthened and broadened during his diplomatic term.For his part, the new Chinese diplomat lauded the Royal Government of Cambodia's efforts to attain more new achievements for the people and country. He believes that under the wise leadership of Samdech Thipadei, Cambodia will see more development and the living standards of the Cambodian people will be further improved. He is determined to continue to promote stronger and more fruitful cooperation between the two nations.Both sides also expressed their satisfaction and appreciation for the long-lasting and strong relations between Cambodia and China, and exchanged views on further promoting the strengthening and expansion of cooperation between the two countries in all areas, including: defence and security, energy, tourism, people-to-people connectivity, economy and trade, agriculture, and “Industrial and Technological Corridor” and “Fish and Rice Corridor” cooperation.
An Australian Firm Explores Health Investment In Cambodia
Phnom Penh, July 20, 2024 --Australia’s Canberra-based Aspen Medical is exploring bilateral cooperation and the opportunity for health investment in Cambodia.The intention was underlined by the firm's executive chairman, Mr. Glenn Keys AO, during his recent meeting with H.E. Koy Vanny, Secretary of State at the Ministry of Health in Phnom Penh.Mr. Glenn Keys AO informed H.E. Koy Vanny that his company is aware of the needs of Cambodia’s health development and is interested in investing in the sector.The investment will focus mainly on the development of human resources, medical equipment modernisation, and skills training in cancer and cardiac surgery.Ms. Carolyn Bagster, First Secretary and Head of Trade and Investment Office of the Australian Embassy in Cambodia, also joined the meeting.
Senate President Asks China To Continue Supporting Cambodia’s Development In All Areas
Phnom Penh, July 18, 2024 --Samdech Akka Moha Sena Padei Techo Hun Sen, President of the Senate of Cambodia, has asked China to support the Kingdom in her development efforts in all sectors.Samdech Techo Hun Sen made the request when he was receiving here at the Senate Palace this morning newly appointed Chinese Ambassador to Cambodia H.E. Wang Wenbin.The senate president extended congratulations to H.E. Wang Wenbin on his appointment as Ambassador of the People’s Republic of China to Cambodia and spoke highly of the traditional ties of friendship, solidarity and cooperation between the two countries.Samdech Techo Hun Sen also highlighted the importance of trust and mutual respect in the evolution of Cambodia-China relations, from a strategic partnership to a comprehensive strategic partnership and an ironclad friendship in building a community of common destiny.Furthermore, the former Cambodian Premier reiterated Cambodia's irreversible stance to adhere to the “One China” policy and considered Hong Kong, China, Taiwan, Tibet and Xinjiang as China's internal issues.For his part, H.E. Wang Wenbin commended Samdech Techo Hun Sen for his direct participation in the past 30 years in nurturing the long-standing Cambodian-Chinese friendly relations.The ambassador pledged to do his utmost to further strengthen and expand both countries’ socio-economic, security, military and people-to-people relationship.
Cambodia’s GTF Exports Earn US$6.2 Billion In First Half Of 2024
Phnom Penh, July 17, 2024 --Cambodia exported US$6,246 million worth of garments, footwear and travel goods (GFTs) in the first half of 2024, up 16.5 percent from US$5,360 million recorded in the same period last year, a Ministry of Commerce's report showed.Garment export was valued at US$4,569 million during the January-June period this year, up 18.4 percent from US$3,858.5 million over the same period in 2023, the source pointed out.Footwear represented US$774 million, up 10.4 percent from US$700.6 million, while travel goods absorbed US$903 million, up 12.7 percent from US$801 million, the report added.The GFT industry is the largest foreign exchange earner for this Southeast Asian country. The sector currently consists of about 1,538 factories and branches, employing approximately 913,000 workers, mostly female, according to the Ministry of Labour and Vocational Training's latest report.
MinebeaMitsumi Expanding Business In Pursat Province
Phnom Penh, July 17, 2024 --MinebeaMitsumi has been expanding its business in Cambodia through an investment in building a new factory in Pursat province.In a courtesy call on H.E. SUN Chanthol, Deputy Prime Minister, and First Vice President of the Council for the Development of Cambodia (CDC), at the CDC headquarters here on July 16, Mr. Yoshihisa Kainuma, Chairman/CEO of MinebeaMitsumi, thanked the CDC for its coordination to its business expansion project so far.He also sought more support from the CDC on some relevant regulations to further facilitate MinebeaMitsumi’s business in Cambodia, mainly in Pursat province.Minebea Cambodia, a subsidiary of Japanese multinational corporation MinebeaMitsumi, Inc., commenced its operations in 2011, since then the company has continuously expanded its production line.Minebea Cambodia has been investing in the manufacturing of ball bearings, fan motors, micro actuators, brush DC motors, resonant devices, strain gages, pressed parts, plastic injection molded parts, LED backlights, wireless lighting controller, and so on.
MISTI Partners With Wing Bank To Facilitate Public Service Payments
Phnom Penh, July 15, 2024 --All enterprises and businesses will soon be able to easily and effectively pay for public and other services of the Ministry of Industry, Science, Technology & Innovation (MISTI) through Wing Bank's digital payment system.A Memorandum of Understanding (MoU) with Wing Bank (Cambodia) PLC to utilise the Bank's digital payment solution for public service fees as well as to promote science, technology and innovation in Cambodia, was signed here last week under the presidency of Minister of MISTI H.E. Hem Vanndy and Neak Oknha Kith Meng, Chairman of the Board of Directors of Wing Bank and CEO of Royal Group.Speaking at the function, H.E. Ms. Pech Sorya, Director General of MISTI’s General Department of General Affairs stated that management of non-tax revenue collection through the banking system avoids and minimises risks, including reducing informal expenses for citizens and businesses who apply for public services.“The MoU is not limited to cooperation on the use of Wing Bank’s financial services for public revenue transactions through e-payment systems, but also highlighted the cooperation and mutual support on initiatives to promote science, technology and innovation, research and development, and training on digital transformation in order to improve factories-enterprises’ productivity,” she added.The MoU aims to promote digital payments including through the KHQR payment system of Wing Bank, to SMEs and businesses across Cambodia. Implementing such payment methods offers convenience, saves time, and reduces travel costs.Mr. Hor Bunthe, Deputy General Director of Wing Bank, expressed his appreciation to MISTI for the confidence in Wing Bank in contributing to this important work. " This partnership underscores our commitment to fostering innovation and a broader financial environment across Cambodia.”According to a MISTI’s news release issued on July 14, MISTI and Wing Bank will work together to promote capacity building on technological innovations to SMEs that will help their business to grow.This cooperation is also in line with the National Policy on Science, Technology and Innovation 2020-2030, which aims to strengthen technological capabilities and promotes Cambodia's innovation to achieve the vision of transforming the Cambodian into an upper middle-income country by 2030 and high-income country by 2050.Wing Bank provides financial services through multiple channels, including the Wing Bank App, a network of over 11,000 agents nationwide, more than 80 Wing Masters agencies, and its branch offices across Cambodia. The bank has demonstrated its commitment to innovation through a wide range of financial services, as it serves approximately 165,000 businesses, 10 government institutions, around 3,000 SMEs, and 600 corporate entities.
Cambodia receives more than 3.2 billion USD worth of investment projects worth more than 2 billion USD
Phnom Penh: From January to June 2024, the Council for the Development of Cambodia has approved a new project, a project to expand production, and 190 special economic zone investment projects with a total investment of 3.2 billion US dollars and 168,572 jobs. Compared to the same period in 2023, the approval of investment projects increased by 77 projects, while the investment capital increased significantly to more than 2 billion US dollars. This is according to the report of the Council for the Development of Cambodia.Outstanding investment projects with a capital of US $ 100 million for the first half of 2024 include:1. Investment project to establish and operate 2,870 five-star hotel and business center located in Village 4, Sangkat 4, Sihanoukville, Preah Sihanouk Province with an investment capital of approximately 574 million US dollars and can create 3,860 jobs.2. Build-Operate-Transfer (BOT) 150 MW Stung Meteuk Hydropower Project, located in Mondul Seima District, Koh Kong Province, with an investment of over 440 million USD and can create 220 jobs3. Investment project to build a multi-purpose port and logistics center in Kampong Chhnang, located in Keng Ta Sok village, Kampong Hao commune, Kampong Leng district, Kampong Chhnang province with an investment of over 108 million US dollars and can create 115 jobs.4. Investment project to establish and operate a data center located in Village 1, Sangkat Srah Chak, Khan Daun Penh, Phnom Penh with an investment capital of over 107 million US dollars and can create 54 jobs.5. Production expansion project of Tire Investment Project located in Chilouchean Pouchai Special Economic Zone in Svay Rieng Province for the first time with an additional investment of over 212 million US dollars and can create 655 additional jobs, and the second with an additional investment of more than 105 million US dollars and can create 542 additional jobs.According to the Council for the Development of Cambodia, investment in key sectors was led by the industrial sector at 1843 million US dollars, accounting for 56.59%.Infrastructure and other about 753 million US dollars, equivalent to 23.11%, tourism about 588.9 million US dollars, equivalent to 18.07%, and agriculture and agro-industry about 72 million US dollars, equivalent to 2.21%.
Australian Business Delegation Learning About Cambodia’s Investment Potential
Phnom Penh, July 09, 2024 —An Australian business delegation have been on a visit to Cambodia to study the country’s investment potential and opportunity in the areas of green energy, tourism, food farming, and special economic zone establishment.The delegation, led by H.E. Dr. CHEUNBORAN Chanborey, Ambassador of Cambodia to Australia and New Zealand, accompanied by Mr. TAING Sethy, President of the Cambodia Chamber of Commerce in Melbourne, was received by H.E. NUT-UN Voanra, Deputy Secretary General of the Cambodian Investment Board of the Council for the Development of Cambodia (CDC), at the CDC’s headquarters on July 8.The Australian side said that this visit was made possible after the successful hosting of Cambodia-Australia Business Forum, on the sidelines of the 2024 ASEAN-Australia Special Summit in Melbourne, Australian, in March, presided over by Samdech Moha Borvor Thipadei HUN Manet, Prime Minister of Cambodia.For his part, H.E. NUT-Un Voanra expressed welcome to the visiting delegation, and firmly hoped that more Australian investors would come to invest in Cambodia in the future.
Cambodia Attracts US$3.2 Billion Investment In First Semester
Phnom Penh, July 05, 2024 --Cambodia attracted fixed-asset investment of US$3.2 billion in the January-June period of this year, up 194 percent from US$1.1 billion recorded in the same period last year, the Council for the Development of Cambodia (CDC) said in a news release on Friday.A total of 190 investment projects have been approved during the above-mentioned period, a year-on-year increase by 68 percent or 77 projects, the source continued, adding that the approved investment projects could generate 168,572 jobs for the locals.Most of the approved projects are in the provinces of Kampong Speu, Svay Rieng and Preah Sihanouk, and Phnom Penh capital.A five-star hotel investment project in Preah Sihanouk province, the 150-megawatt Stung Meteuk hydropower project in Koh King province, a multi-purpose port and logistics centre development project in Kampong Chhnang province, a tyre manufacturing expansion project in Svay Rieng province, and aluminum processing projects in Preah Sihanouk and Kampong Cham provinces are among the outstanding projects approved during the first half of 2024, according to the CDC.Domestic investment capital remains the most important, accounting for 50.15 percent of the total investment capital, while China is the largest foreign source for investment capital, followed by Singapore and Vietnam.Mr. Lim Heng, Vice President of Cambodia Chamber of Commerce, attributed higher FDI inflow to investors’ strong confidence.He said investors view Cambodia favourably for its stability, peace and free trade agreements. Investors are also aware of the potential for growth in made-in-Cambodia products.“Cambodia has free trade agreements (FTAs) with China, South Korea. There is also the Regional Comprehensive Economic Partnership (RCEP). All of this makes Cambodia a great destination for foreign investors looking for broad markets, favourable policies and potential growth,” he explained.
ADATA Technology Co., Ltd. To Study Technology Investment Opportunity In Cambodia
Phnom Penh, June 03, 2024 --ADATA Technology Co., Ltd. will conduct detail study on investment opportunity in technology sector and other potential areas in Cambodia, under the coordination of the Council for the Development of Cambodia (CDC).The plan was unveiled by visiting Mr. Simon Chen, Chairman and CEO of ADATA Technology Co., Ltd. while he was paying a courtesy call on H.E. Sun Chanthol, Deputy Prime Minister and CDC First Vice President, at the CDC headquarters on July 2, to learn about Cambodia’s investment potential.On the occasion, H.E. Sun Chanthol informed his guests about favourable investment environment in Cambodia, and open investment law to all foreign investors and related regulations, in addition to political and economic stability, low inflation rate, young labour forces, and the average of 7-percent economic growth before the COVID-19 outbreak.The CDC first vice president also underscored Cambodia’s open markets through bilateral, multilateral and regional trade agreements such as Cambodia-China Free Trade Agreement (FTA), Cambodia-Republic of Korea FTA, and RCEP (Regional Comprehensive Economic Partnership), as well as the Royal Government of Cambodia’s support to all businesses and investments, and interconnected physical infrastructure across the nation.H.E. Sun Chanthol suggested the company to consider investing in the fields of technology and other potential sectors, and reaffirmed the CDC’s readiness to coordinate and facilitate all investment affairs.
GI Plays A Key Role In Promoting Entrepreneurship And Developing Agricultural Communities
Phnom Penh, July 02, 2024 --Geographical Indication (GI) is an intellectual property tool that has played a key role in promoting entrepreneurship, developing agricultural communities, increasing community incomes, and creating commercial competitiveness, which has contributed to social, economic, cultural and tourism development in Cambodia.The remarks were made by H.E. Mrs. CHAM Nimul, Minister of Commerce, while she was presiding over the Strengthening of Cambodia’s National GI System and Products for Sustainable Development Project Lanuch, at Sun and Moon Urban Hotel here on July 1.On the occasion, H.E. Mrs. CHAM Nimul recalled the effort of the Ministry of Commerce in GI development since 2007, which has gained its popularity among local farmers as well as consumers’ trust and support contributing to making Cambodia become an attractive tourism destination.The minister took the opportunity to thank the Food and Agriculture Organisation (FAO) for its technical assistance to the project which will allow concerned ministries/institutions, private sector and development partners to tighten their collaboration, develop capacity building and resolve common challenges in order to enhance the value chain of Cambodian GI products.H.E. Mrs. CHAM Nimul hoped that the project would offer clear case study to provide a specific basis for strategy formulation of Cambodian GI promotion in contribution to strengthening stakeholders ‘capacity.She ended her remarks with some suggestions for all stakeholders to further ensure standard quality of GI products.As of now, Cambodian GI products include Kampot pepper, Kampong Speu palm sugar, Koh Trong grapefruit, Mondulkiri wild honey, Kampot/Kep salt, Kampot/Kep fish sauce, and Takeo’s lobster.
IMF: Singapore, New Zealand Best Prepared For AI Among RCEP Economies
Phnom Penh, June 28, 2024 --Singapore is best prepared for artificial intelligence (AI) among the 15 members of the Regional Comprehensive Economic Partnership (RCEP), the International Monetary Fund (IMF) says. New Zealand is second-best and Australia, Japan and South Korea are equal third.The IMF’s new AI Preparedness Index released this week tracks 174 economies based on digital infrastructure, human capital and labour policies, innovation and integration, and regulation and ethics.Singapore scored 0.80 points followed by New Zealand at 0.75 points and Australia, Japan and South Korea at 0.73 points.China came next at 0.64 points followed by Malaysia at 0.63 points — almost as high as the advanced economy average of 0.68 points.Thailand scored 0.54 points followed by Indonesia at 0.52 points, Brunei and the Philippines at 0.50 points, Vietnam at 0.48 points — all above the emerging market average of 0.46 points.Among the remaining RCEP economies, Cambodia scored 0.37 points followed by Laos and Myanmar at 0.33 points.AI SEEN THREATENING 24 PERCENT OF EMERGING ECONOMY JOBS“Our research has already shown how AI is poised to reshape the global economy,” says Giovanni Melina, an economist at the IMF's research department in Washington.“It could endanger 33 percent of jobs in advanced economies, 24 percent in emerging economies, and 18 percent in low-income countries,” he says."But, on the brighter side, it also brings enormous potential to enhance the productivity of existing jobs for which AI can be a complementary tool and to create new jobs and even new industries.”Melina notes that poorer countries are likely to be less affected and face fewer immediate disruptions from AI as they rely less on high-skilled jobs than rich countries.NEED FOR POORER NATIONS TO BOOST DIGITAL INVESTMENTAt the same time, however, AI could worsen inequality for poorer nations as many lack the infrastructure or skilled workforces needed to harness its benefits.“Under most scenarios, AI will likely worsen overall inequality, a troubling trend that policymakers can work to prevent,” Melina says.“The policy priority for emerging market and developing economies should be to lay a strong foundation by investing in digital infrastructure and digital training for workers.”
Cambodia, The U.S. To Continue Promoting Economic And Investment Cooperation
Phnom Penh, June 24, 2024 --Cambodia and the U.S. will continue to promote their bilateral economic and investment cooperation by working together to improve investment environment to attract more American investors.The commitment was made during the meeting here this morning between Deputy Prime Minister H.E. Sun Chanthol, First Vice President of the Council for the Development of Cambodia (CDC), and H.E. Andrew Herrup, Chargé d’affaires at the U.S. Embassy in Cambodia.In the courtesy meeting, H.E. Andrew Herrup mentioned the possibility of both countries to work together to address some of the concerns to create a more attractive environment for more investors from the U.S.Besides, he expressed positive interest on the Cambodian DPM's visit to the European Union in order to attract more investment.For his part, H.E. Sun Chanthol was pleased with this positive impression and briefed his guest on the fruitful results of his “Knock on the Door” mission to the EU on June 9-18, 2024.The CDC first vice president stressed the possible collaboration between the CDC and the U.S. Embassy to explore the possibility of facilitating investment promotion events in the U.S. through the organisation of business forums and knocking on the door of companies that aim to expand regional production and supply chains.In addition to efforts to mainstream awareness of investment-related laws and regulations, H.E. Sun Chanthol suggested the establishment of a joint mechanism for regular dialogue on investment affair to enable Cambodia to resolve the concerns of American investors more quickly.The U.S. remained Cambodia’s biggest market, accounting for 39 percent of the Kingdom’s total exports worth US$22.64 billion in 2023.The country mainly imports clothing, footwear, travel goods, and agricultural products from Cambodia.
German Uvex Academy To Target Cambodia As Its Investment Expansion Destination
Phnom Penh, June 13, 2024 --German’ys uvex Academy, which provides qualified education and training on topics related to personal protective equipment and occupational safety, will consider choosing Cambodia as a destination for its investment expansion, said its Director Dr. Claus-Jurgen Lurz.Dr. Claus-Jurgen Lurz made the remarks after giving a presentation to a Cambodian delegation composed of representatives of the Council for the Development of Cambodia (CDC), concerned ministries/institutions, Cambodian Oknha Association, and Cambodian Chamber of Commerce, in Germany on June 12.For his part, H.E. SUN Chanthol, Deputy Prime Minister and First Vice President of CDC, who led the Cambodian delegation, informed the German side about the CDC’s key role as a coordinator for all investors in Cambodia, as well as about the Kingdom’s favourable investment environment, multipurpose and intermodal infrastructure to facilitate transport and logistics, young labour forces, and political and economic stability.The Cambodian DPM also raised about the new investment law which allows foreign investors to become full shareholders, except land ownership, and Royal Government’s full support to the private sector.
A Workshop On Investment In Cambodia Held In Spain
Phnom Penh, June 11, 2024 --A workshop on Investment in Cambodia was organised in Spain on June 10 to promote the investment potential and opportunities in Cambodia to Spanish enterprises.The workshop was co-chaired by H.E. Sun Chanthol, Deputy Prime Minister, First Vice President of the Council for the Development of Cambodia (CDC) and Spanish Secretary of State for Trade H.E. Ms. Maria Amparo Lopez Senovilla.The event, attracting the participation of Spanish Chamber of Commerce, Spanish Confederation of Business Organisations (CEOE), etc., is part of H.E. Sun Chanthol's 'door-knocking' mission to Europe.On the occasion, the CDC first vice president laid stress on the potential of Cambodia, including political stability, macroeconomic stability, labour force, interconnected infrastructure, especially the Royal Government’s support for the growth of businesspeople, and open investment law for all investors.H.E. Sun Chanthol expressed his strong belief that the invited investors and businessmen will visit Cambodia in person, and bring the current state of investment environment in Cambodia to the Spanish business community more widely.On the same day, the Cambodian DPM also met with a number of representatives of Spain’s major companies such as Insud Pharma, Centunion, Melia Group, Molecor, CAF, Biorizon Biotech, Edutrade, and Talgo, to reaffirm the CDC’s readiness to facilitate the investors’ businesses to ensure their success.
Spain Responds Positively To Cambodia's Investment Pitch
Phnom Penh, June 11, 2024 --Spanish Secretary of State for Trade H.E. Ms. Maria Amparo Lopez Senovilla responds positively to Cambodia's 'door-knocking' mission to bring in more investments from Europe.H.E. Sun Chanthol, Cambodia's Deputy Prime Minister and First Vice President of the Council for the Development of Cambodia (CDC) received a positive response when leading a delegation to meet with the Spanish secretary of state on June 10 in Spain during his door-knocking trip to Europe.The deputy prime minister briefed the Spanish team on investment potentials, political and macroeconomic stability, the young workforce, and the government's favourable support for investment in Cambodia.He also highlighted the interconnectedness of Cambodia's logistics and transport infrastructure and the country's readiness for the formulation of a bilateral investment treaty with countries interested.H.E. Ms. Maria Amparo Lopez Senovilla warmly welcomed the visit of H.E. Sun Chanthol and his delegation, and unveiled her team's interest in investment in a range of areas, including renewable energy, tourism, transport infrastructure, and wastewater treatment facilities.
Cambodia’s GFT Exports See Strong Growth In First Five Months
Phnom Penh, June 11, 2024 --Cambodia exported a total of US$4.9 billion worth of garment, footwear, and travel goods (GFT) in the first five months of 2024, a significant increase of 20 percent from US$4.1 billion recorded in the same period in 2023, according to a report from the Ministry of Commerce.The report said the apparel and textile exported were valued at US$3.6 billion during the January-May period this year, up 22 percent from US$2.9 billion during the same period last year.Footwear export rose by 10 percent from US$558 million to US$615 million, while travel goods export jumped by 18.8 percent to US$726 million, the same source pointed out.H.E. Penn Sovicheat, Secretary of State and Spokesperson at the Ministry of Commerce, attributed this growth to a rise in global demand for apparel and textile.“The growth in GTF export is a positive sign. This GFT industry has received purchase orders, showing the quality of our products which meets the demand in the foreign market,” he said.The garment, footwear and travel goods industry is the Kingdom’s largest foreign exchange earner.This growth aligns with predictions made by the World Bank, which has recently highlighted the GFT sector as a key driver of Cambodia's economic expansion in 2024.The World Bank anticipates Cambodia's economy to grow by 5.8 percent, with a significant contribution coming from the rebound of GFT exports alongside the continued resilience of agricultural exports.The sector currently consists of around 1,680 factories and branches, employing approximately 918,000 workers, mostly female, according to the Ministry of Labour and Vocational Training.
Cambodia Attracts US$246 Million Investment In May
Phnom Penh, June 10, 2024 --Cambodia attracted fixed-asset investment of US$246 million in May, the Council for the Development of Cambodia (CDC) said in a news release on Monday.CDC approved 25 investment projects in May which could create approximately 15,000 jobs, the CDC added.The approved projects span various sectors, including manufacturing, tourism, agriculture, and special economic zones.This diversification highlights Cambodia's efforts to attract investment beyond its traditional garment industry, fostering a more robust and resilient economy.“In May, investment from China tops the list, accounting for almost 50 percent of the total investment capital, while 30 percent other is from domestic sources,” CDC stated in the report.The surge in investment approval is a positive sign for Cambodia's economic growth, said Mr. Lim Heng, Vice-President of Cambodia Chamber of Commerce, stressing that it signifies investors’ confidence in the country's political stability, improving infrastructure and skilled workforce.“Cambodia will be able to attract more investments as both local and foreign investors see the potential of the trade preference deals the country has signed; such as the RCEP, Cambodia-China FTA, Cambodia-Korea FTA as well as the implementation of the new investment law,” he said.
Strengthening Mekong-U.S. Partnership Together With Friends Of Mekong For Sustainable Regional Development
Phnom Penh, June 09, 2024 --H.E. MEAS Kim Heng, Secretary of State at the Ministry of Foreign Affairs and International Cooperation (MFAIC) and Cambodia's SOM Leader for Mekong Cooperation, attended the Mekong-U.S. Partnership (MUSP) Senior Officials' Meeting and the Friends of Mekong (FoM) Senior Officials' Meeting in the Lao PDR, on June 5-6.According to an MFAIC’s press release issued this morning, the Senior Officials' Meeting of the Mekong-U.S. Partnership discussed key agendas, including the progress and future direction of the Mekong-U.S. Partnership, and the Mekong-U.S. Partnership Action Plan for 2024-2026. The meeting also discussed preparations for the potential Mekong-U.S. Foreign Ministers' Meeting.The Meeting of the Senior Officials of the FoM was held back to back to the MUSP Meeting at the Secretariat of the Mekong River Commission (MRC) under the theme "Strengthening the Partnership for Connectivity and Resilience of the Mekong" with the participation of Mekong countries, along with other development partners, focused on key priority areas for the development of the Mekong sub-region, as well as strengthening cooperation and efficient coordination for the FoM mechanism.During the two meetings, H.E. Secretary of State thanked the United States and all Friends of the Mekong countries for their valuable assistance in developing the subregion and urged them to provide more support for various Mekong cooperation, including (1) public and private partnership (2) human resource development (3) agricultural and rural development and (4) Micro, small and medium enterprises and digital economy.