MPWT, AIIB Sign Two MoUs on Feasibility Studies on Transport and Infrastructure Projects in Cambodia
Phnom Penh, September 27, 2024 --Ministry of Public Works and Transport (MPWT) and Asian Infrastructure Investment Bank (AIIB) have entered into two memorandums of understanding (MoUs) on feasibility studies on subway network in Phnom Penh capital city and on infrastructure connectivity in Cambodia' northeastern area.The signing ceremony took place in Beijing, China on Sept. 26 on the sidelines of the Global Sustainable Transport Forum 2024, according to the MPWT, adding that the signatories were H.E. Peng Ponea, Minister of MPWT, and Ms. Suthasinee Nimitkul, Chief Ethics Officer of AIIB.During their bilateral meeting, H.E. Peng Ponea thanked the AIIB for its support to MPWT so far through cross-border infrastructure improvement project and urban infrastructure development project (UIDP).Both sides agreed to boost the implementation of the two aforementioned projects successfully as planned.Earlier on the same day, H.E. Peng Ponea also held a bilateral talk with his Chinese counterpart H.E. Li Xiaopeng, during which both sides agreed to create a working group to review the MoU between the two ministries signed in 2017 with an aim to expand the cooperation in the area of public works and transport.
MISTI Collects Private Sector Insights to Strengthen MSME Capabilities in Industry 4.0
On September 25, 2024, the Ministry of Industry, Science, Technology & Innovation (MISTI) organized a consultation workshop on "Business Skills Requirements in the Age of Industry 4.0."The event, under the Mekong-Lancang Cooperation framework, aimed to gather insights from the private sector to devise action plans to enhance the capabilities of Micro, Small, and Medium Enterprises (MSMEs) in adapting to Industry 4.0.Highlighting the need to strengthen entrepreneurial mindsets and skills among Cambodia’s MSMEs, H.E. Nhim Khemara, MISTI’s Permanent Secretary of State, said, “The goal is to promote the development and modernization of MSMEs to become a driving force contributing to the growth of both family and national economies.”As of August 2024, MISTI has registered 44,496 SMEs and handicraft businesses, employing nearly half a million people in Cambodia. Globally, MSMEs constitute approximately 90% of all business entities, contributing around 70% of employment and 50% of global GDP.Industry 4.0 refers to the fourth industrial revolution characterized by the integration of advanced technologies such as automation, artificial intelligence, and Internet of Things (IoT) to drive MSME development by enhancing operational efficiency, innovation, and competitiveness in a rapidly evolving market.
DPM SUN Chanthol Updates San Francisco Chamber of Commerce on Cambodia’s Investment Environment
Phnom Penh, September 25, 2024 --H.E. SUN Chanthol, Deputy Prime Minister and First Vice President of Council for the Development of Cambodia (CDC), updated San Francisco Chamber of Commerce on Cambodia’s current favourable investment environment, in San Francisco, California early this week.H.E. Sun Chanthol underscored full peace, political and macroeconomic stability, young and dynamic labour forces for digital transformation, and interconnected infrastructure.He also introduced investment opportunities in Cambodia as well as new investment policy frameworks and business support strategies, along with the CDC’s facilitation to the San Francisco Chamber of Commerce.After that, H.E. SUN Chanthol and his delegation had a business lunch with a delegation of Bay Area Council (BAC) led by Mr. Dr. Sean Randolph, Senior Director of the BAC Economic Institute, with the participation of Ms. Maryam Muduroglu, San Francisco’s Chef of Protocol.On the occasion, both sides discussed and exchanged views about Cambodia’s investment potential and opportunities, and to allow Cambodian private companies from Cambodian Oknha Association and American businesspeople to build business network and matching.They also hoped that there would be the possibility of establishing cooperation to strengthen and expand relation in the areas of maritime transport and port.In the afternoon, H.E. Sun Chanthol met with Mr. Jeffrey Hogue, Chief Sustainability Officer at Levi Strauss & Co., who mentioned about the background of Levi Strauss & Co. and its needs as basis to make decision for expanding the company’s business in clean energy sector to ensure sustainable development.H.E. Sun Chanthol has been on a knock-on-door mission to attract U.S. and Canadian investment from Sept. 22 to Oct. 3.
Cambodian NA President Encourages More Investors from Guangdong Province to Invest in Cambodia
Phnom Penh, September 23, 2024 --Samdech Moha Rathsapheathika Thipadei Khuon Sudary, President of National Assembly (NA) of Cambodia, has encouraged more Chinese investment, especially from Guangdong province, in Cambodia, and the promotion of people-to-people exchanges.The encouragement was made while the Cambodian NA president met with H.E. Chen Jiaquan, Deputy Director of the Foreign Affairs Commission of the Standing Committee of Guangdong Provincial People’s Congress, during her transit at Guangzhou Baiyun International Airport on the way to Beijing for a five-day official and friendly visit.Samdech Khuon Sudary also mentioned about Cambodia’s current full peace, stability, law on investment and related regulations for investment protection and encouragement.For his part, H.E. Chen Jiaquan briefed Samdech Khuon Sudary on Guangdong province’s potential, particularly in terms of trade, adding that the Government of China has established a large special economic zone, officially known as Guangdong-Hong Kong-Macao Greater Bay Area (GBA).He additionally informed the NA president about the planned visit of a delegation of Guangdong Provincial People’s Congress to Cambodia in upcoming November to further strengthen and deepen the good relationship between the two legislative bodies.Samdech Khuon Sudary welcomed the growing connectivity between the Cambodian NA and the Guangdong Provincial People’s Congress, adding that the NA is pleased to welcome the forthcoming visit of the delegation of Guangdong Provincial People’s Congress to Cambodia.Both sides highly valued the traditional ties of friendship and the comprehensive strategic partnership of cooperation between the two countries. The Cambodian-Chinese friendship is a role model for international relations based on the principles of mutual trust, respect, and understanding, for the mutual benefit of both nations, they underlined.
Cambodia-Indonesia Bilateral Trade Exceeds US$1 Billion in 2023
Phnom Penh, September 16, 2024 --The two-way trade between the Kingdom of Cambodia and the Republic of Indonesia surpassed US$1 billion last year, up 15 percent compared to 2022.The figures were shared by H.E. Mrs. Cham Nimul, Minister of Commerce of Cambodia, while presiding over the opening ceremony of the two-day “Sousdey Indonesia” expo, held at Koh Pich Convention and Exhibition Centre late last week.With creative initiative such as Sousdey Indonesia as well as strong cooperation between the two government in new trade activities, H.E. Minister showed full confidence that 2024 will be even more substantial.H.E. Mrs. Cham Nimul took the opportunity to encourage the private sector to join and organise theme events more frequently, both in Cambodia and in Indonesia, exploring potentials, untapped opportunities, and new partnerships.She expressed appreciation and congratulated Indonesian Ambassador to Cambodia H.E. Santo Darmosumarto, the Embassy of the Republic of Indonesia in Phnom Penh and relevant stakeholders for organising “Sousdey Indonesia,” which has been a steadfast event in Phnom Penh since 2006, making this 2024 the 15th anniversary, which also marks the 65th anniversary of diplomatic relations between Cambodia and Indonesia.
CDC Requests Canada to Help Promote Cambodia’s Investment Potential among Investors
Phnom Penh, September 16, 2024 --A senior official of the Council for the Development of Cambodia (CDC) has requested a Canadian international trade delegation to help promote Cambodia’s investment potential and opportunities among Canadian investors and businesspeople, and to consider the possibility of investing in renewable energy and agro-industry sectors.H.E. Chea Vuthy, Secretary General of the CDC’s Cambodian Investment Board, made the request while he was receiving here late last week the Canadian delegation, led by Mr. Paul Thoppil, Canada’s Indo-Pacific Trade Representative, to discuss Cambodia’s investment environment and ways to promote bilateral trade cooperation between the two countries.H.E. Chea Vuthy briefed his guest about Cambodia’s favourable investment environment as well as the law on investment which establishes an open, transparent, and predictable legal framework to attract and promote quality, effective and efficient investments.For his side, Mr. Paul Thoppil thanked H.E. Chea Vuthy for the detail information, and informed him about Canada’s Indo-Pacific Strategy, stressing that Canada wishes to see Cambodia play a key role in this strategy.The Canadian side also acknowledged Cambodia’s high potential including peace, political and economic stability, openness of investment incentives, and young labour force, but laid stress on the necessity to promote Cambodia to the Canadian business community by mentioning the success of Canadian investment in Cambodia such as ABA Bank and Manulife insurance company.Besides, he insisted on the importance to conclude the negotiations on ASEAN-Canada Free Trade Agreement, which will contribute to attracting Canadian investment to Cambodia.H.E. Chea Vuthy reaffirmed the CDC’s readiness to cooperate with the Canadian side on the promotion of Cambodia as an attractive investment destination. He added that on Sept. 26, 2024, H.E. Sun Chanthol, Deputy Prime Minister and First Vice President of CDC, would lead a delegation to Canada to promote Cambodia’s investment potential and opportunities to the Canadian business community.
Cambodia Welcomes More American Investments
Phnom Penh, September 10, 2024 --Cambodian Prime Minister Samdech Moha Borvor Thipadei Hun Manet extended welcome to and encouraged more American investors to do business in the Kingdom.The encouragement was emphasised here this morning when Samdech Thipadei Hun Manet received an American business delegation led by Mr. Patrick Murphy, Executive Vice President of Otis McAllister Co.During the meeting, Mr. Patrick Murphy informed Samdech Thipadei of the visit of his delegation composed of representatives from five companies, the purpose of which, he said, is to explore investment opportunities and form a connection with local partners to import Cambodian agricultural products including rice, cashew nuts, pepper, dried mango and so on to supply the U.S. market.At the same time, the delegation also aims to promote cooperation in the field of education with Cambodia, said Mr. Murphy, adding that an American company has decided to set up its representative office in Cambodia to help Cambodian students who wish to continue their studies in the U.S.For his part, Samdech Thipadei Hun Manet welcomed the delegation’s interest to invest in Cambodia and reaffirmed the Royal Government’s commitment to further provide a better business environment for all investors.Samdech Thipadei Prime Minister encouraged the U.S. business delegation to continue to engage in more detailed discussions with relevant Cambodian ministries and institutions.
Investissement Québec International to Explore Investment Opportunities in Cambodia
Phnom Penh, September 09, 2024 -- Investissement Québec International (IQI) is planning to visit Cambodia in the near future to explore investment opportunities.The information was shared by the IQI’s representative during a meeting with H.E. RATH Saravuth, Secretary of State at the Ministry of Commerce of Cambodia, at the IQI’s headquarters in Montreal, Canada’s Québec province late last week.On the occasion, at the company’s request, H.E. Secretary of State provided a detailed explanation of the investment climate in Cambodia, including policies, laws, and procedures that support investment projects by Québec investors in the financial, green energy, and logistics sectors in Cambodia.The IQI side informed that the company plans to coordinate Québec-outbound investment missions to explore investment opportunities in specific Asia Pacific countries, including Cambodia, in the coming months.According to its online source, IQI is part of the Investissement Québec (IQ), the Québec’s economic agency. IQI department is in charge of foreign direct investment and commercial promotion of good & services from Québec manufacturers.After this meeting, H.E. Secretary of State proceeded to two more separate meetings with Mr. Michael Goodman, Founding Partner of Glen Ventures, and Mr. Francis Baillet, Vice President of Corporate Affairs of Ubisoft, to discuss possible areas of cooperation, particularly in digital medicine and digital startups.
DPM SUN Chanthol: Investment Enables Cambodia to Build Interconnected Infrastructure Nationwide
Phnom Penh, September 09, 2024 --Investment has enabled Cambodia to construct interconnected infrastructure across the country, supporting the progress of industrial business for the national economic growth, along with the introduction of the latest technology.H.E. SUN Chanthol, Deputy Prime Minister and Fist Vice President of the Council for the Development of Cambodia (CDC), made the highlight in his opening speech at the 24th China International Fair for Investment and Trade (24th CIFIT), held in Xiamen port city of China’s Fujian province on Sept. 8.In this regard, H.E. SUN Chanthol emphasised that investment and trade were the driving force of technological development, employment and the pillars of economic stability.Through trade, he continued, Cambodia could take part in labour force exchange, creating jobs, exchanging skills, and increasing trust and mutual respect among countries in the world.Via CIFIT, the Cambodian DPM outlined the Kingdom's intention to seek new ways of cooperation and investment in areas of technology, renewable energy, and sustainable development.According to the CDC, the 24th CIFIT was opened under the presidency of H.E. He Lifeng, Chinese Vice Premier and a member of the Political Bureau of the Communist Party of China Central Committee, with the participation of Chinese senior leaders, senior dignitaries of the United Arab Emirate, investment promotion agencies (IPAs), international organisations, enterprises, and business representatives from some 30 countries across the world.China International Fair for Investment and Trade reflects not only the significance of investment and trade promotion in fueling global economic development but also a crucial role of international cooperation in boosting sustainable growth, underlined the CDC.
Cambodia Bags US$305 Million from Rice Export in Eight Months
Phnom Penh, September 06, 2024 --Cambodia exported a total of 412,023 tonnes of milled rice in the first eight months of 2024, earning a revenue of US$305million, the Cambodia Rice Federation said in a news release on Friday.Some 53 companies shipped milled rice to 64 countries and regions during the January-August period, the source said, adding that China remained one of the major buyers.Cambodia exported 77,792 tonnes of milled rice to China during the above-mentioned period, making a gross revenue of US$48.87 million, the news release said.At the same time, the Kingdom shipped 208,207 tonnes of milled rice to EU countries, generating US$161 million, as revenue, while 83,095 million tonnes others were sold to ASEAN countries, earning US$56 million.The varieties of rice exported comprise fragrant rice, white rice, parboiled rice, and organic rice, among others.The report stated that Cambodia also exported 3.3 million tonnes of paddy rice, worth US$918 million to neighboruing countries during the eight-month period.
Cambodia Receives US$35 Million for 97 Projects under MLC Framework
Phnom Penh, September 05, 2024 --Cambodia has so far received about US$35 million to support 97 projects in the country’s priority areas, under the Mekong-Lancang Cooperation (MLC) framework.The figures were shared by Cambodian Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation H.E. SOK Chenda Sophea, at the signing ceremony of the Agreement on the Cooperation Projects of the MLC Special Fund 2024, held at the ministry on Sept. 5.Deputy Prime Minister H.E. Sok Chenda Sophea and Chinese Ambassador to Cambodia H.E. Wang Wenbin were the signatories.H.E. SOK Chenda Sophea pointed out that under the Special Fund, Cambodia will receive approximately US$2 million for eight projects covering tourism, mine action, agriculture, rural development, promotion of MLC awareness, regional economic enhancement, Technical and Vocational Education and Training, capacity building, and flood risk management.Since its establishment in 2017, he continued, the MLC Special Fund has financed many projects in Cambodia, illustrating the commitment of Cambodia and China to building a Community with a Shared Future of peace, prosperity, and sustainable development for all Mekong-Lancang countries.H.E. SOK Chenda Sophea also expressed his sincere gratitude to the Government and people of China for their continued support to Cambodia and other MLC member countries through this Special Fund which has been playing a key role in the development of those nations.
Cambodia Expects More Investments from the U.S.A
Phnom Penh, September 04, 2024 --Cambodia is looking forwards to more investments from the U.S.A., and hoping that foreign direct investment from the country will be increased in the future.The remarks were made by H.E. SUN Chanthol, Deputy Prime Minister and First Vice President of the Council for the Development of Cambodia, while he was receiving a courtesy call from Ms. Bridgette L. Walker, Chargé d'Affaires a.i. of the U.S. Embassy in Cambodia, to discuss Cambodia’s investment potentials and opportunities, at the CDC’s headquarters on Sept. 3.On the occasion, H.E. SUN Chanthol briefed Ms. Bridgette L. Walker about Cambodia’s openness and competitiveness with the CDC’s readiness to facilitate all investments in the Kingdom.The CDC vice president further informed his guest about some of Cambodia’s potential sectors such as automobiles, electronic components, agro-industry, and so on that would add value for Cambodian economy.He also thanked the U.S.A. and some major American companies like Coca Cola and RMA Cambodia Plc. that have come to invest in Cambodia so far, adding that the CDC’s planned “knock-on-door” mission to the U.S.A would be conducted this month to further disseminate Cambodia’s favourable investment environment and attract more American investments to the Kingdom.For her part, Ms. Bridgette L. Walker expressed her optimism for Cambodia’s efforts to attract foreign investors, and wished H.E. SUN Chanthol success in his upcoming mission in the U.S.A.Regarding bilateral trade between Cambodia and the U.S.A., Ms. Bridgette L. Walker hoped that both countries would continue their cooperation to strengthen and expand existing bilateral relations in favour of Cambodia’s socio-economic development.
FUNG Group Interested in Textile and Garment Investment in Cambodia
Phnom Penh, September 03, 2024 —A delegation of Hong Kong-based FUNG Group led by its Deputy Chairman Dr. William Kwok Lun Fung, has expressed its interest to invest in textile and garment sector at Cambodia’s potential special economic zones.The visiting Chinese delegation was received by H.E. SUN Chanthol, Deputy Prime Minister and First Vice President of the Council for the Development of Cambodia (CDC), at the CDC’s headquarters in Phnom Penh on Sept. 2.On the occasion, H.E. SUN Chanthol briefed the delegation about Cambodia’s favourable investment environment such as peace, political and macroeconomic stability, young labour force who have been ready for digital transformation, and interconnected infrastructure across the country.The CDC vice president also mentioned about the Royal Government’s support to all investment in Cambodia with the readiness of the CDC’s facilitation.For his part, Dr. William Kwok Lun Fung appreciated H.E. SUN Chanthol for sharing detail information, and cherished Cambodia’s progress with careful consideration of environment through renewable energy consumption and women empowerment in related industries.
Cambodia, Canada Discuss Ways to Promote Bilateral Trade in Agriculture and Agri-Food Sector
Phnom Penh, August 28, 2024 —Cambodia and Canada have discussed ways to promote bilateral trade in agriculture and agri-food filed of both countries to the next level.The discussion was held here on Aug. 27 between H.E. RATH Saravuth, Secretary of State at the Ministry of Commerce, and visiting Ms. Diedrah Kelly, Executive Director of the Canadian Indo Pacific Agriculture and Agri-Food Office (IPAAO), based in Manila, the Philippines.During the meeting, the two sides exchanged views on the procedures for the exports and imports of the agriculture and agri-food, and food safety in Cambodia.They also discussed the possibility of establishing a clear and formal mechanism to promote bilateral trade in the above-said area through organising business matching (B2B), trade fairs, and building up the relations between the chamber of commerce of the two countries.
Cambodia, Japan Meet for Technical Assistance and Infrastructure Project Discussion
Phnom Penh, August 28, 2024 —Cambodia and Japan have discussed the strengthening of more cooperation on technical assistance projects and infrastructure development projects for roads, bridges and logistics in Cambodia, at the office of the Ministry of Public Works and Transport (MPWT) on Aug. 27.The Cambodian side was led by H.E. Ms. KOY Sodany, Permanent Secretary of State for MPWT while the Japanese side was headed by H.E. Nagase Kensuke, Minister and Deputy Chief of Mission of the Embassy of Japan to Cambodia.On the occasion, H.E. Ms. KOY Sodany updated the meeting on Cambodia’s infrastructure development and some main projects.The permanent secretary of state also requested the Japanese side to continue to provide technical and financial support to public and transport field, especially to support the implementation of infrastructure projects like roads, bridges, railway transport, and logistics in Cambodia, which has been defined in comprehensive master plan to additionally contribute to Cambodia’s economic development.For his side, H.E. Nagase Kensuke expressed his interest in Cambodia’s rapid progress and voiced the significance of infrastructure sector such as the tasks of railway transport area, logistics, and some other projects in Cambodia.The meeting also touched on ongoing work related to railway transport, ports, and projects to expand and improve some sections of Cambodia’s roads for input gathering and supports.
Minister Signifies Role of Women Entrepreneurs in Trade
Phnom Penh, August 27, 2024 --The Minister of Commerce has stressed the importance of women’s perspectives in the trade sector, allowing a more effective exchange of knowledge and experience.H.E. Ms. Cham Nimul made the note while presiding over a workshop on SheTrade Outlook Validation at Hyatt Regency Phnom Penh Hotel on Aug. 26.Representatives of relevant government agencies, embassies, and development partners joined the workshop co-organised by the Ministry of Commerce and International Business Centre and supported by the Foreign, Commonwealth, and Development Office (FCDO) of the United Kingdom.It was a great opportunity to promote gender equality in trade, examine data gaps, and identify necessary areas for inclusive political reforms, added the minister.She underscored the efforts of the Ministry of Commerce in establishing an enabling business environment for women, along with support policies and procedures as well as rewards and recognitions.The minister also suggested some solutions to challenges and ways to promote women’s economic empowerment.
4th ASEAN Consumer Protection Conference Held in Cambodia
Phnom Penh, August 26, 2024 --The Ministry of Commerce hosted the 4th ASEAN Consumer Protection Conference (ACPC) on Aug. 26, providing a vital platform for regional stakeholders to discuss the intersection of consumer protection and innovation.The opening ceremony was held under the presidency of H.E. Mrs. Cham Nimul, Minister of Commerce, and attended by deputy secretary general of ASEAN, German ambassador to the Kingdom of Cambodia, members of the National Commission for Consumer Protection (NCCP), chairman of the ASEAN Committee on Consumer Protection (ACCP), and many other stakeholders.The conference brought together regulators and businesses to discuss how adaptive regulations can drive technological and environmental progress without compromising consumer safety.The 4th ACPC is exploring how consumer protection frameworks can foster innovation while safeguarding consumer interests in the evolving digital and green economies.In her keynote remarks, H.E. Mrs. Cham Nimul warmly welcomed the participants and stressed that the gathering marks a significant milestone as we address the crucial issues at the heart of innovation, sustainability, and consumer empowerment in the region.H.E. Minister stated that the concept of consumer protection in Cambodia, although relatively new in development, the Royal Government places great emphasis on promoting awareness, developing robust laws and regulations, and implementing consumer protection initiatives through the Ministry of Commerce, with key milestones, among many, the successful promulgation of the Law on Consumer Protection in 2019.“The ACCP has served as the focal point in implementing and monitoring regional arrangements and mechanisms to foster consumer protection in the ASEAN Economic Community,” she said.H.E. Mrs. Cham Nimul stated that as the host country, Cambodia eagerly anticipates a dynamic exchange of ideas, knowledge, lessons learned and expertise and encourages the participants to engage in frank and constructive dialogues, extend their collaboration, and amplify impact.
Cambodia, Thailand Committed to Reaching US$15 Billion Bilateral Trade by 2025
Phnom Penh, August 23, 2024 --Cambodia and Thailand are working to push the bilateral trade to reach the target set by 2025, said a senior official of Thailand’s Ministry of Commerce.Under the Joint Commission for Bilateral Cooperation between Cambodia and Thailand, both countries agreed to further promote trade and investment and to review the implemention of remaining tasks mandated by the leaders of the two countries, Mr. Noppadon Kuntamas, Deputy Director General of the Department of Foreign Trade, Ministry of Commerce of Thailand, told AKP recently.“The two countries are working to review the implementation of the remaining tasks mandated by the leaders of the two countries in order to achieve bilateral trade target of US$15 billion by 2025,” Mr. Noppadon Kuntamas said.For the first half of 2024, the two-way trade between Cambodia and Thailand was valued at US$5.19 billion, a year-on-year increase by 20.52 percent, figures from the Thai commerce ministry showed.Cambodia’s major exports to Thailand included gold, vegetables, aluminum scrap, insulated wire and cable and copper scrap.At the same time, the Kingdom imported refined products, fuel, white sugar, beverages and so on from Thailand.
Investment Landscape Flourishes under 7th Mandate Government
Phnom Penh, August 22, 2024 --The remarkable surge in investment activities in Cambodia during the first year of the 7th mandate Royal Government reflects a growing confidence among investors in the country's economic stability and future prospects.The Council for the Development of Cambodia (CDC) has reported a significant increase in the number and value of investment projects approved during this period. Those investments are in key sectors such as manufacturing, tourism, agriculture and real estate.In the first eleven months, between August 2023 and July 2024, CDC registered 237 investment projects worth more than US$6 billion.This positive trend is attributed to a combination of government policies that promote business development, infrastructure improvement, and a favourable investment climate, said Mr. Lim Heng, Vice-President of the Cambodia Chamber of Commerce."The government's unwavering commitment to economic development and its efforts to create a conducive business environment have played a pivotal role in attracting investors," he stressed. "With trade pacts bilaterally and multilaterally coupled with trade preference schemes, we are confident that Cambodia will continue to be a preferred destination for investment in the region.”The Royal Government's efforts to enhance the country's investment climate have also been instrumental in attracting foreign direct investment (FDI).These initiatives include the establishment of special economic zones, the simplification of administrative procedures, and the provision of incentives for investors.With continued government support and a favourable business environment, Cambodia is well-positioned to achieve sustainable economic growth and development, Mr. Lim Heng added.“The first year of the 7th mandate government has been marked by a significant increase in investment activities in Cambodia. This positive trend reflects the country's growing economic potential and the confidence that investors have in its future,” he said.Prime Minister Samdech Moha Borvor Thipadei Hun Manet’s official overseas visits have been made not only to build diplomatic ties with foreign countries, but also to promote the country’s investment and business environment and to attract investment to Cambodia.
Sihanoukville Autonomous Port Generates some US$52 Million in Revenue in First Semester
Phnom Penh, August 16, 2024 --Sihanoukville Autonomous Port (PAS), Cambodia's largest port, has reported a significant increase of about 25 percent in revenue in the first six months of this year.According to its Second Quarterly Report 2024, PAS generated approximately US$52 million in revenue during the first half of 2024, up more than US$10 million compared to the same period in 2023.As of June 30, PAS’ total asset rose by 5.29 percent to US$420 million, while its total equity is over US$250 million, a year-on-year increase by 5.69 percent, the report added.Analysts attribute the revenue growth to several factors. One potential driver is the continued positive performance of Cambodia's economy.The country is expected to see steady growth again this year, fueled by sectors like tourism and garment manufacturing. This translates to an increase in imports and exports, keeping the port busy.Another contributing factor could be the recent completion of a new container terminal at PAS. This expansion, finalised in late 2023, allows the port to accommodate larger vessels and handle a greater volume of cargo.The increased capacity is likely a significant factor in attracting new business and boosting revenue.The PAS is the Kingdom's sole international and commercial deep seaport.PAS plans to develop the port in three phases. By 2026, the new container terminal, which will be 350 metres long and 14.5 metres deep with a container capacity of 1.45 million TEUs per year, is expected to be completed.The second phase of the new container terminal will be implemented in 2028 and the third phase, to be completed in 2029, will increase the container capacity to more than 2.67 million TEUs per year.