An Australian Company Wishes To Invest In Organic Rice Production Chain In Cambodia
Phnom Penh, March 04, 2024 --SunRice Group – an Australia's leading branded food exporters – is interested in investing in organic rice production chain in Cambodia.The investment interest was highlighted when Mr. Paul Serra, CEO of SunRice Group, paid his courtesy call on Samdech Moha Borvor Thipadei Hun Manet, Prime Minister of Cambodia, in Melbourne this morning, on the sidelines of the ASEAN-Australia Special Summit to commemorate the 50th Anniversary of ASEAN-Australia Dialogue Relations.During the meeting, the SunRice Group CEO told the Cambodian Premier of his company, saying that it is the first Australian company to import rice from Cambodia to Australia and New Zealand. At the same time, the CEO noted that Cambodia has potential in the agricultural sector, with Cambodian rice having a world-renowned reputation, and Cambodia also has a highly competitive advantage over a young workforce, the stability of electricity prices, and better and interconnected transport infrastructure and logistics system.Based on these potentials, he added, the company is interested in further strengthening and expanding relations with Cambodia in the agricultural sector, focusing on rice processing industry, especially organic rice, for export.In response, Samdech Thipadei Hun Manet welcomed the company's intention to expand its investment activities in Cambodia in the rice processing industry for export, and reaffirmed that the agricultural sector is a priority for the government.At present, the Royal Government has set out a policy to deploy agricultural experts at the local level in communes/Sangkat throughout the country to provide technical support for farmers to increase the agricultural productivity, he said.In addition, Samdech Thipadei Prime Minister laid stress on the Royal Government’s attention to the expansion of transport infrastructure and logistics system and policies for electricity development in Cambodia.Samdech Thipadei Hun Manet said Cambodia is focusing on the use of clean energy and renewable energy to support business and trade activities in the country to be more competitive and easier to connect to as well as reduce the shipping costs. He also encouraged the company to visit Cambodia to explore investment opportunities with Cambodian relevant ministries and institutions.
Investment Projects To Be Easily Registered Through QIP Online
Phnom Penh, March 04, 2024 --Investors will be able to register in the near future their qualified investment projects (QIP) at the Council for the Development of Cambodia through QIP Online.This move is part of the CDC’s efforts to modernise its investment project registration system to attract more investors.The CDC reviewed the progress of QIP Online project in a meeting held here late last week under the chairmanship of Deputy Prime Minister and CDC First Vice President H.E. Sun Chanthol.QIP Online is a system that allows investors to apply for their QIP registration at the CDC more easily, faster and more transparently. This is an important project promoting the CDC’s digitalization vision in accordance with key priorities of the 7th-mandate Royal Government of Cambodia: People, Road, Water, Electricity, and Technology.
Cambodia's RCEP Trade Increases By 21 Percent In January
Phnom Penh, March 01, 2024 --Cambodia's trade with the Regional Comprehensive Economic Partnership (RCEP) member countries amounted to US$2.74 billion in January, a year-on-year increase of 21.2 percent, a report of the Ministry of Commerce showed on Friday.The report said Cambodia's total trade volume with other RCEP members accounted for 67.6 percent of the country's total trade of US$4.05 billion in January this year.Entering into force on Jan. 1, 2022, RCEP comprises 15 Asia-Pacific countries including 10 ASEAN member states -- Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam -- and their five trading partners, namely China, Japan, South Korea, Australia and New Zealand.RCEP has given a big impetus to Cambodia’s exports, contributing to the economic development of the country, said H.E. Sok Siphana, Senior Minister in Charge of International and Multilateral Trade and Economic Relations.“RCEP has given a big market access to Cambodia’s products and is the source of the country’s sustainable economic development in years to come,” he said.Under the mega-regional pact, as much as 90 percent of the tariffs on goods traded among its signatories will be eliminated over the next 20 years.In 2023, the two-way trade between Cambodia and RCEP countries decreased by 5.07 percent to US$29.45 billion.
Bilateral trade volume between Cambodia and the US increased by 7.74% from $ 581 million for January 2023 to $ 626 million for January 2024
In the afternoon of Thursday, February 29, 2024, at the Ministry of Commerce, HE Buon Sarak Mony, Secretary of State of the Ministry of Commerce, High Representative of the Minister of Commerce, HE Cham Nimol, paid a courtesy call on the US-ASEAN delegation from 17 companies to discuss the strengthening of bilateral trade relations between Cambodia and the United States, the work of investment and business of US companies to Cambodia, including: Abbott, ADM, Chevron, ConocoPhillips, Estée Lauder Companies, FedEx Express, Ford, Jhpiego, Manulife, Mastercard, Meta, Pfizer, Philip Morris International, RMA Group, Roche, Tilleke & Gibbins and Visa.On that occasion, the Secretary of State also shared the volume of bilateral trade between Cambodia and the United States, which increased by 7.74% from $ 581 million for January 2023 to $ 626 million for January 2024.The Secretary of State also listened to the requests made by US-ABC members and briefed the US delegation on new policies and the Department of Commerce's efforts to support the business community in Cambodia, such as the launch of a mobile application for consumer protection (CCF App) and a call center for the public to receive various services of the Ministry.During the meeting, the two sides also discussed further strengthening cooperation and mutual support to serve the interests of trade and investment relations between the two countries.
The number of registered electric vehicles in Cambodia will increase to 1,335 units by 2023, an increase of more than 82%
Phnom Penh: As of the end of 2023, a total of 1,335 electric vehicles (EVs) have been registered in Cambodia and 18 electric vehicle (EV) charging stations have been built and put into operation throughout country.This statement was made by Mr. Peng Por Nea, Minister of Public Works and Transport at the opening ceremony of the meeting to summarize the work results in 2023 and set the direction for 2024 under the theme "Strengthening the development of human resources, construction quality, infrastructure, law-making standards and provision of services and use of technology and digital "at the Ministry on February 28, 2024.The Minister stated that in 2023, the Ministry of Public Works and Transport registered a total of 652,163 vehicles, including 604 electric vehicles (EV).Minister Peng Ponna said that from 1990 to December 2023, a total of 7,563,396 vehicles were registered, including 1,335 registered electric vehicles (EVs). The ministry has also built and commissioned 18 electric vehicle (EV) charging stations.Although the current number of electric vehicles in Cambodia is small, the trend of using this type of vehicle is growing rapidly, as the number of registered electric vehicles will be only two in 2020 and increase up to 731 units in 2022. This figure is an increase of 82.62% compared to 2023 with 1,335 units. Cambodia is pushing for more use of electric vehicles, while petrol-powered vehicles, on average, are taxed at 120 percent, while electric vehicles are taxed at 60 percent. The state encourages a 50 percent discount on the tax rate.
Senior Officials Meeting of Cambodia-Laos-Vietnam Triangle Development Area 2024
Attapeu: Laos hosted a meeting of senior officials of the Cambodia-Laos-Vietnam Development Triangle in Attapeu province. The meeting was attended by the counterparts of the three countries, namely HE Thong Phan Savannphet, Deputy Minister of Foreign Affairs and Senior Minister of Laos, HE Pen Sovicheat, Secretary of State of the Ministry of Commerce and Senior Minister of Cambodia, as well as His Excellency Deputy Minister and Senior Minister of Vietnam, at the provincial meeting hall on the morning of February 29, 2024.The three senior officials of the three countries all expressed their pleasure at the meeting to continue to implement the plan and present the work report that has been implemented so far.The meeting reported the results of the meetings of four sub-committees, namely the Economic Sub-Committee, the Security and Foreign Affairs Sub-Committee, the Social and Environmental Sub-Committee and the Provincial Coordinating Sub-Committee. The results of the accompanying events, such as trade fairs and youth conferences, were also announced.The three senior officials of the three countries all expressed their pleasure at the meeting to continue to implement the plan and present the work report that has been implemented so far. The meeting reported the results of the meetings of four sub-committees, namely the Economic Sub-Committee, the Security and Foreign Affairs Sub-Committee, the Social and Environmental Sub-Committee and the Provincial Coordinating Sub-Committee. The results of the accompanying events, such as trade fairs and youth conferences, were also announced.It should be noted that this meeting is one of the mechanisms of the framework for the development triangle of the three countries, which was established in 1999 to promote peace and extensive socio-economic development in the border provinces of the three countries.Since its inception in 1999, CLV's development triangle has been welcomed by various parties, both public and private, and is growing, now covering 13 of the three provinces, including four (Attapeu, Sekong, Saravan and Champasack) in Laos, four provinces (Stung Treng, Ratanakkiri, Mondulkiri and Kratie) in Cambodia and five provinces (Dak Lak, Gia Lai, Kon Tum, DakNong and BinhPhuc) of Vietnam. It covers an area of 144,600 square kilometers and has a population of about 6.7 million.
National Banks of Cambodia and Malaysia Sign Landmark Agreement to Advance Financial Innovation
Phnom Penh: The National Bank of Cambodia (NBC) and Bank Negara Malaysia (BNM) have finalized a Memorandum of Understanding (MoU) dedicated to strengthening financial innovation and payment systems in an effort to modernize financial transactions between Cambodia and Malaysia.Governors Abdul Rasheed Ghaffour of BNM and Chea Serey of NBC ceremoniously exchanged this agreement in the presence of Prime Ministers Hun Manet of Cambodia and Yang Amat Berhormat Datuk Seri Anwar Ibrahim of Malaysia.The MoU lays the groundwork for a cooperative initiative to accelerate financial innovation, with a specific emphasis on the creation of safer and more effective cross-border payment systems. As part of this plan, domestic payment systems will be integrated to enable cross-border QR code transactions. The goal is to create a joint supervision structure to guarantee the security of these international payments, strengthen the usage of local currency settlements, and expedite the payment process.This partnership complements the G20 Roadmap to improve cross-border payment efficiency and adds a great deal to the ASEAN Regional Payment Connectivity framework. This innovation is expected to enhance international trade and tourism, benefiting up to 5 million merchants—including small companies from both nations who take QR payments.Governor Ghaffour stressed the significance of the Memorandum of Understanding (MoU) in indicating the shared commitment to improving local currency settlements and cross-border payment capabilities, strengthening the nations' long-standing collaboration for the benefit of their respective business communities and citizens. He underlined how the deal will promote more financial integration and innovation, which will boost overall regional economic expansion.Governor Serey echoed these remarks, stating that the day's events portend a critical improvement in coordination amongst the central banks. It is anticipated that the cooperation facilitated by the Memorandum of Understanding will spur commerce and financial inclusion between the two countries, promote financial innovation, and simplify cross-border QR payment systems. She emphasized how these initiatives are in line with ASEAN's goals.
More than 33,000 Businesses Register with $10.22 Billion in Investment Through Cambodia's Single Portal
Phnom Penh: A noteworthy turning point in the history of business registration in Cambodia has been announced by the Ministry of Economy and Finance. 33,986 enterprises have been successfully registered through the Single Portal Phase I online business registration platform as of February 25, raising $10.22 billion in venture capital.18,382 company names have also been reserved thanks to this creative portal. It was seen, nevertheless, that two business applications were turned down because they did not fit the requirements. Construction accounted for 11.3 percent of total investment during this era. Real estate (10.35 percent), accommodation services (9.88 percent), consultancy services (5.87 percent), and manufacturing (5.31 percent) were the next highest-performing industries.With 57.29 percent of the overall investment, the mixed sector holds the lion's share.An encouraging number from the survey shows that 38 percent of registered enterprises are run by women, indicating a notable advancement in gender equality in the economic sector.The creation of the Single Portal has significantly expedited the business registration process, cutting down on the amount of time, paperwork, and money needed to launch a legitimate private company in Cambodia. Launched on June 15, 2020, this platform incorporates a number of crucial services, such as tax registration with the General Department of Taxation, business registration with the Ministry of Commerce, and the Ministry of Labour and Vocational Training's issue of enterprise opportunities.On September 1, 2021, Phase II was officially launched, building on the success of Phase I. Phase III, which debuted in June 2023, substantially enlarged the platform. With more investors drawn to Cambodia as a result of these advancements, the nation is demonstrating its dedication to creating a more effective, open, and accessible economic climate.
Cambodia, Malaysia to Promote Undersea Cable Projects and Increase Direct Flights
During Cambodian Prime Minister Hun Manet's visit to Malaysia, discussions focused not only on strengthening relations and collaboration, but also on defence and security issues. Specifically, both countries pledged to increase economic potential, tourism, and energy cooperation via maritime routes.On Tuesday (February 27), during the former's official visit to Malaysia, Samdech Thipadei Hun Manet and his Malaysian counterpart Anwar Ibrahim met bilaterally to discuss various aspects of cooperation. The Malaysian prime minister also offered his greetings and plans to visit Samdech Techo Hun Sen.Samdech Thipadei expressed his happiness with the bilateral meeting and thanked Malaysia's Prime Minister for the warm welcome.Sa,dach Thipadei Hun Manet emphasized that the Malaysian prime minister's official visit in March 2023, as well as Samdech Thipadei's present official visit, will help to strengthen Cambodia's long-standing friendship with Malaysia.During the meeting, the two counterparts praised the results of bilateral cooperation and shared ideas for improving collaboration in a variety of sectors, including political security, trade and investment, tourism, labour, the halal food industry, ICT and digital technology, and energy security.During the discussion, Cambodian and Malaysian leaders addressed the idea of developing direct flights from Malaysia to Cambodia's major tourist attractions, including Siem Reap. Cambodia and Malaysia agreed to strengthen their defence and security cooperation, which includes human resource training, capacity building, information exchange, and joint exercises.In terms of energy security, the two sides agreed to help coordinate the renewable energy transmission project (Laos-Cambodia-Singapore) across the Malaysian seabed. In addition, both sides agreed to consider scheduling a meeting of the Joint Commission on Bilateral Cooperation (JCBC) chaired by the two nations' foreign ministers.The two presidents expressed optimism that Cambodia-Malaysia relations would improve further, potentially reaching new heights.
A large Japanese company has decided to build a second factory with an investment of 650 million US dollars in Cambodia
Phnom Penh, February 25, 2024 HE Sun Chanthol, Deputy Prime Minister and First Vice President of the Council for the Development of Cambodia, said that a large Japanese company has decided to set up a second factory with an investment of about 650 million US dollars after seeing the investment potential in Cambodia, which will provide many job opportunities for people.In an interview with the media on the occasion of visiting Stung Bot and economic zones in Poipet to promote transport activities across the Cambodian-Thai border quickly and listen to the problems of investors in Poipet who are currently facing. HE Sun Chanthol, Deputy Prime Minister and First Vice President of the Council for the Development of Cambodia said that Minebea Cambodia has decided to expand its investment projects by establishing a new special economic zone in Cambodia to connect production lines more widely.HE Deputy Prime Minister Sun Chanthol said that the decision to establish its second factory in Pursat province with an area of about 50 hectares because the company has achieved good results in its business since the first investment in January 2011 and has expanded its production line continuously."Recently, Minebea Cambodia, which has a factory in the Phnom Penh Special Economic Zone, has decided to set up a second factory in Pursat province. It will buy 50 hectares of land with an investment of about 650 million US dollars from now until By 2030, 8,000 jobs will be created in Minebea Pursat.We have prepared that area because in Pursat we also have clean energy, solar panels, we have hydropower, etc. So he decided that side, it is close, Phnom Penh is still the same, but another one to enter and exit Thailand quickly on our National Road 5, which we have expanded from 2 lanes to 4 lanes, and if the problem of the Stung Bot-Banang Ean international border, the sooner we attract more investors, Thailand plus 1, Vietnam plus 1, we do each other to provide jobs for our Cambodians.Please be informed that Minebea's investment in the Kingdom of Cambodia, starting from a capital of about $ 23 million to $ 600 million, and the decision to expand this investment really shows the company's confidence in the stability of Cambodia. Minebea Cambodia is currently providing employment opportunities to 6,911 people, investing in the production of small motors, fan motors, machine parts, optical components for mobile phones, electronic devices, vibrators for computer games, electronic components, LED light panels, blood glucose monitors and smart public lighting systems.
Cambodia Asks South Korea To Bring In More Investments
Phnom Penh, February 22, 2024 --Cambodia has asked South Korea to attract more investments, especially those in line with the Comprehensive Intermodal Transport and Logistic System (CITLS) Master Plan 2023-2033.The request was made by H.E. Peng Ponea, Minister of Public Works and Transport, during a meeting with H.E. Park Jung-Wook, Ambassador of the Republic of Korea to Cambodia, in Phnom Penh on Feb. 21.H.E. Peng Ponea informed H.E. Park Jung-Wook that the CITLS master plan set 174 priority projects with a total investment of approximately US$36.6 billion.The minister also highlighted the planned construction of the Cambodia-Korea Friendship Bridge (Phsar Chas-Chroy Changvar-Areyksat), expected to break ground in 2025.Besides, the two sides discussed more cooperation opportunities for infrastructure development and connectivity in Cambodia.
Cambodia's economy to recover in 2024 at 6.6%
Phnom Penh: The Cambodian economy in 2024 is projected to recover well and is expected to achieve growth of around 6.6%, making the current gross domestic product (GDP) is around 142. 957 billion riels, equivalent to about 35.168 million US dollars, while per capita GDP is expected to increase to 2071 US dollars, compared to 1,917 US dollars in 2023.This statement was made by Dr. Phan Phalla, Secretary of State of the Ministry of Economy and Finance at the Public Forum on Macroeconomic Management and Budget Law 2024 on February 19, 2024.Dr. Phan Phalla stated that while the global economy in Cambodia's trading partners is better, while some domestic sectors have also improved, such as the non-garment sector has been leading the ongoing export trends growth.Tourism will increase over 2023, along with the recovery of the garment sector, in fact, in the garment sector in early 2024, exports were higher than exports in the same period in 2023."Stakeholders, both buyers and buyers, as well as factories, said that in 2024, there is a lot of hope, which shows a positive recovery in the production of non-garment products and the Agriculture sector has been going well. In addition to the above activities, there are other good factors for Cambodia, including foreign direct investment (FDI), from 2021 to 2023 has increased steadily such as the number of Chinese investors has increased significantly due to the close relations between Cambodia and China.At the same time, Cambodia continues to face a number of internal structural problems, especially limited competition and slow pace of economic diversification, as well as continued to rely heavily on external demand. The riel exchange rate is still around 4,065 riel per US dollar in 2024. The current account deficit is projected to narrow slightly to 9.6% of GDP due to expectations of continued growth in exports and tourism revenue. Total international reserves are expected to reach 21.28 billion US dollars and the import guarantee is 6.6 months.Dr. Phan Phalla added that adherence to the defined macroeconomic framework, in particular, supports the effective implementation of key policy measures set out to achieve the goal of economic growth within 6 6%, which is an indispensable basis to create more new jobs for the people, especially for the youth, and provide more opportunities for people to earn higher incomes, as well as to increase the national budget revenue.
Cambodia, Canada Established Bilateral Consultations To Forge Closer Cooperation
On 20 February 2024, His Excellency CHUM Sounry, Secretary of State of the Ministry of Foreign Affairs and International Cooperation, had a fruitful discussion with His Excellency ALAN Bowman, Director-General for Southeast Asia and Oceania of the Department of Foreign Affairs, Trade and Development of Canada, during the latter’s working visit to Cambodia from 19 to 21 February 2024. Both sides had candid exchange of views on the promotion of relations and cooperation in both bilateral and multilateral frameworks.His Excellency Secretary of State welcomed today’s signing of the MoU on the establishment of Bilateral Consultations between the two Foreign Ministries as another milestone in Cambodia-Canada bilateral relations. He considered the signing of the MoU as an important step in moving forward the bilateral cooperation to a new level. Both sides discussed the agenda and mutually convenient date for the first session of the bilateral consultations to be held within this year.During the dialogue, His Excellency Secretary of State also took the opportunity to express thanks and appreciation to Canada for supporting Cambodia’s economic growth and development through cooperation in the promotion of investment and trade, education, demining, and health.Noting with deep satisfaction that the number of Canadian tourist arrivals in Cambodia has increased by double in 2023 compared to 2022, His Excellency Secretary of State lauded the recent inauguration of the Canadian Consulate in Siem Reap on 13 February and expressed his confidence that the move by the Canadian side would contribute to promoting greater cooperation in tourism, trade and investment between the two countries.On ASEAN-Canada, His Excellency Secretary of State recalled and congratulated Canada on the elevation of the partnership with ASEAN to a Strategic Partnership level, and pledged to offer Cambodia's continued support to deepen ASEAN-Canada dialogue relations, including to work towards the conclusion of ASEAN-Canada FTA negotiation. Secretary of State CHUM Sounry assured the delegation of Cambodia’s readiness to facilitate and coordinate with relevant line ministries and institutions in Cambodia to implement decisions reached by both sides.It is noteworthy that right after the above-mentioned talks, His Excellency CHHOUK Bunna, Director-General of the General Department of Europe, Americas, and Africa-Middle East and His Excellency ALAN Bowman, Director-General for Southeast Asia and Oceania, signed the MoU on the establishment of the bilateral consultations between the two Foreign Ministries.
Cambodia Approves 22 Investment Projects Worth US$444 Million In The First 15 Days Of February
Phnom Penh, February 19, 2024 --The Council for the Development of Cambodia (CDC) has endorsed 22 investment projects worth US$444 million in the areas of industry, physical infrastructure, and agriculture and agroindustry in Phnom Penh capital city and nine provinces for the first 15 days of February.According to a news release of CDC issued today, the newly approved investment projects in Phnom Penh cover the establishment of data centres in Khan Russey Keo and Khan Daun Penh; a bag, car tyre, book cover and pad factory in Khan Kambol; and a garment, medical clothing and pet clothing factory in Khan Pursenchey.In Svay Rieng province, there will be factories of home appliances from recycled metals in Svay Chrum district, and furniture, house appliances, packaging materials, decorative light bulb, wire and cardboard boxes in Giga Resource Special Economic Zone.While cardboard box, Christmas tree and decorative light bulb factory in Kong Pisei district, and bag and accessories factory in Samrong Tong district of Kampong Speu province, there will be coconut processing, doll and pet supply factories in Prey Nup district, and sofa and furniture factory in Sihanoukville Special Economic Zone of Preah Sihanouk province.Besides, when fruit tree farm and processing factory, and pig farm and processing factory will be established in Borey O’ Svay Senchey of Stung Treng province, there will be garment factories in Bati district and Samrong district of Takeo province.A garment factory project in Takhmao city of Kandal province; an iron mining project in O’ Rovieng district of Preah Vihear province; a multi-purpose port and logistics centre project in Kampong Leng of Kampong Chhnang province; and a garment, glove, sock, hat and bag factory project in Jiangsu Special Economic Zone in Kampong Cham province have also been approved during the first two weeks of this month.
Cambodia, Germany To Go Hand In Hand To Attract Investors From Both Countries
Phnom Penh, February 15, 2024 --Cambodia and Germany would go hand in hand to attract investors from both countries for the sake of strengthening bilateral relations and cooperation.The remark was made by H.E. SUN Chanthol, Deputy Prime Minister and First Vice President of the Council for the Development of Cambodia (CDC), while receiving Mr. Johannes Steiniger, a Member of the German Bundestag and Dr. Stefan Heck, Chairman of the Christian Democratic Union (CDU) Marburg-Biedenkopf, accompanied by representatives of Konrad-Adenauer-Stiftung (KAS) Cambodia, at the CDC headquarters in Phnom Penh on Feb. 14.H.E. SUN Chanthol also informed his guests about Cambodia’s development under the shadow of full peace, political stability, macroeconomic stability, increased life expectancy, reduced poverty rate through access to education, clean water, electricity, health, social infrastructure, and improved living condition.In this regard, the First Vice President of CDC laid stress on the effort of the Royal Government of Cambodia (RGC) to turn the country into a high-income economy by 2050.He also mentioned the main roles of CDC to attract more investors to Cambodia, facilitate investment affairs through investment law that is widely open for all investors, as well as collaborate with 15 working groups of Government-Private Sector Forum (G-PSF), which would deal with investors’ problems and concerns.H.E SUN Chanthol added that, to support the investment affairs, the RGC has developed physical infrastructure, and issued Comprehensive Intermodal Transport and Logistics Master Plan (CIT-MP) 2023-2033 to reduce transport and logistics costs.The German side praised Cambodia’s development in all sectors, adding that the purpose of the German delegation’s visit in the Kingdom was to further strengthen bilateral cooperation of both countries.
Cambodia-Japan Relations Are At Best Level Ever
Phnom Penh, February 15, 2024 —Cambodian and Japanese leaders have acknowledged that Cambodia-Japan relations are at the best level ever.The spirit was highlighted here on Feb. 14 by H.E. SOK Chenda Sophea, Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation, at the reception commemorating the National Day of Japan.H.E. SOK Chenda Sophea extended warmest congratulations to the Government and the people of Japan.The Deputy Prime Minister emphasised the enduring friendship, excellent ties, and close cooperation between the two countries in both bilateral and multilateral frameworks over the years. He highly appreciated Japan’s vital role in contributing to Cambodia’s peace and reconstruction processes in the early 1990s, as well as for its continuous assistance in supporting the Kingdom’s socio-economic development.The Deputy Prime Minister stated 2023 was indeed a very special year for both countries as Cambodia and Japan celebrated the 70th Anniversary of the Diplomatic Relations and elevated the relationship to a “Comprehensive Strategic Partnership.
Cambodia's export trade in January this year reached a new record of 27%, driven by the growth of garments
Phnom Penh: Cambodia's exports in January 2024 recorded a significant growth rate of 27%, a new record for many months since the Covid-19 outbreak.According to a report by the General Department of Customs and Excise of Cambodia, Cambodia's exports in January this year reached a total of 1.967 billion US dollars, an increase of 27% compared to the same period last year.Cambodia's import trade in the first month of this year increased by 8.7% to about US $ 2.090 billion compared to the same period last year.The growth of Cambodia's export trade in the first month of this year was largely driven by growth in key goods such as textiles, garments, footwear and travel bags, showing a double-digit increase in exports after Exports of these goods have been declining for several consecutive months throughout most of 2023 due to weak orders from Cambodia's major trading partners such as the United States and the European Union.In addition, exports of agricultural products such as natural seeds and rubber also increased significantly. Cambodia's main export items include textiles, garments, clothing, footwear and travel bags, accessories, electrical appliances, machinery, electronics, furniture, bicycles, plastics and jewelry. Most of the goods that Cambodia imports include raw materials, textiles, garments, precious stones and jewelry, fuel, construction materials, electronics, vehicles, groceries and medicine and medical equipment. According to the same data, Cambodia exported about 22.64 billion US dollars worth of goods by 2023. This figure is up 1.8% compared to 2022. At the same time, Cambodia's imports reached 24.18 billion US dollars, down 5% compared to 2022.
Cambodia's Tourism Generates US$3 Billion Revenue In 2023
Phnom Penh, February 13, 2024 --Cambodia's tourism earned a gross revenue of US$3.04 billion in 2023, a year-on-year increase of 115 percent from US$1.41 billion in 2022, according to a Ministry of Tourism’s report released on Monday.The Kingdom received 5.45 million international tourists last year, up 140 percent from 2.27 million a year earlier, it said.Thailand topped the chart among foreign arrivals to the Kingdom with 1.82 million, followed by Vietnam (1.01 million), China (547,789), Laos (372,285) and the United States (184,780), the report pointed out.Tourism is one of the four pillars supporting Cambodia's economy. The country has four world heritage sites, namely the Angkor Archaeological Park in Siem Reap northwestern province, the Temple Zone of Sambor Prei Kuk in Kampong Thom central province, and the Temple of Preah Vihear and the Koh Ker archaeological site in the northern province of Preah Vihear.Besides, the Kingdom has a pristine coastline stretching in the length of about 450 kilometres in four southwestern provinces of Preah Sihanouk, Kampot, Kep and Koh Kong.The Ministry of Tourism has predicted that the number of international visitors to Cambodia would reach 7 million by 2025, surpassing the pre-COVID-19 pandemic level of 6.6 million in 2019.
ACLEDA Bank Plc. Signs Memorandum Of Understanding With Ministry Of Justice On Usage Of E-Payment Services Of ACLEDA Bank
Phnom Penh, February 08 2024 --Phnom Penh, 08 February 2024, ACLEDA Bank Plc. "ACLEDA Bank" the first listed Commercial Bank in Cambodia, hereby announces that it has signed an Memorandum of Understanding “MoU” with The Ministry of Justice on usage of E-Payment Services of ACLEDA Bank for criminal record application fee payment in order to facilitate customers and the public who need to request a criminal record faster and more convenient.Dr. In Channy, President & Group Managing Director of ACLEDA Bank said that “It is so proud that ACLEDA Bank has signed the MoU with the Ministry of Justice for the official use of the E-payment service for criminal record application fee payment. Through this MoU, customers and public can make an online payment for the criminal record application fee payment through scanning ACLEDA KHQR conveniently and safely.He added that under this cooperation, it is a new step for using the technology and banking infrastructure in the field of jurisdiction to meet the customers’ needs, to contribute to the development of digital technologies playing a significant role in economic and business activities in line with the National policy and strategy of the Royal Government of Cambodia”.About ACLEDA Bank Plc.Currently, ACLEDA Bank Plc., has 4 subsidiaries, they are ACLEDA Institute of Business, ACLEDA Securities Plc., ACLEDA Bank Lao Ltd., and ACLEDA MFI Myanmar Co., Ltd. as well as representative offices in the Republic of the Union of Myanmar. By the end of September 2023, ACLEDA Bank had US$9.40 billion in total assets, US$6.57 billion in total credit balances, and US$6.92 billion in total savings deposits with over 4.43 million customers. As the end of September 2023, the Bank has 3.13 million subscribers of ACLEDA Mobile and 311,166 million business partners.
Banking and microfinance lending in Cambodia to reach nearly $ 60 billion by 2023, but at a low growth rate
Phnom Penh: According to the report of the National Bank of Cambodia, lending of the banking and microfinance sector in Cambodia by the end of December 2023 reached 59.31 billion US dollars, an increase of 4.8 percent compared to the same period as 2022. This is the lowest credit growth rate in more than two decades.The report said loans by sector, including hotels and restaurants, rose 0.6 percent, wholesale sales rose 4.8 percent, home purchases rose 6.4 percent and real estate rose 16.9 percent, and construction, up 13.9 percent. Non-performing loans (NPLs) in the banking sector as a whole stood at 5.4 percent and the microfinance sector at 6.7 percent last year.Dr. Chea Serey, Governor of the National Bank of Cambodia, expressed his pride that the Cambodian banking system continues to be strong in the context of countries such as the United States and Switzerland, which have raised serious concerns about global financial stability.At the same time, she stated that credit interest rates in Cambodia have remained relatively stable, although slightly higher for some institutions compared to the increase in other countries due to the increase in the benchmark interest rates of central banks in major developed countries such as the United States and Europe.However, the governor said that non-performing loans also continued to increase, which required higher attention on bank inspections, regular stress testing, and in-depth monitoring of cellular risks also requires the banking and financial institutions to be extra vigilant.Mr. Sok Voeun, Chairman of the Board of the Microfinance Association of Cambodia, said that the lending of banks and microfinance institutions in 2023 has a lower growth rate than in previous years due to the demand for loans from customers for use to expand their business or other business seems to be less active, especially in real estate and construction."The reason for the low growth due to market demand from customers is that in our current economic situation, the demand for him to expand his business, expand something, he is stagnant, or he does not dare to invest in it in the meantime." he said. Especially in the two sectors where we see that in the real estate sector and the construction sector, I see it is declining, when these two sectors are declining, the general environment sees that the growth rate is slightly lower. "However, Mr. Sok Voeun said that in general, the credit growth rate of around 4 to 5% is still indicative of the strength of the banking and financial sector in Cambodia, which is progressing well.At the same time, he is optimistic that in 2024, lending to the banking and financial sector will grow better than last year, as the outlook for the microfinance and banking sector continues to support the influx of money into the economy to meet the needs of customers to use, which makes the economy run smoothly and to protect the risk level of the sector to continue to grow sustainably.It is projected that by 2024, MFI lending will grow by between 5% and 15%, while in 2023 it will grow by around 3% with a total loan size of about $ 5 billion for MFI members. Cambodian Finance. This was confirmed by Mr. Sok Voeun, Chairman of the Board of the Microfinance Association of Cambodia. As of the first half of 2023, Cambodia has 59 commercial banks, 9 specialized banks and 87 microfinance institutions operating throughout the country.