CDC Committed To Becoming High-Level Consultant Institution For All Investors
Phnom Penh, May 03, 2024 --The Council for the Development of Cambodia (CDC) is committed to becoming a high-level consultant institution to all investors by providing them with key information about Cambodia so that they have sufficient and clear basis before deciding to invest in the Kingdom.The commitment was made by H.E. Sun Chanthol, Deputy Prime Minister and First Vice President of the CDC, while he was receiving a courtesy call from Mr. Paul Clements, Executive Chairperson of the International Business Chamber (IBC) of Cambodia, at the CDC headquarters here recently.According to H.E. Sun Chanthol, the CDC has been upgrading its qualified investment project (QIP) registration to ease investment registration of all investors in the country.On the occasion, the CDC vice president also briefed his guest about the Funan Techo Canal Project – a historical waterway transport project linking Cambodian river to the sea route – whose study had been thoroughly conducted by 48-member technical team and international consultants using international standards and technologies, including drones and satellite.H.E. Sun Chanthol reassured that the Funan Techo Canal Project provides no negative impact on Cambodian environment and that of neighbouring countries, but it would contribute to the reduction of greenhouse gas emissions into the atmosphere.For his part, Mr. Paul Clements informed H.E. Sun Chanthol about IBC's mission in Cambodia over the last three decades, and its active participation with the Royal Government of Cambodia (RGC), particularly in the Working Group D of the 19th Government-Private Sector Forum.The IBC chairperson also mentioned about the IBC's work direction and action plan such as creating opportunities for members of chambers of commerce in Cambodia, such as Cambodia Chamber of Commerce (CCC) and American Chamber of Commerce (AmCham) to discuss and share experience to attract more investment to the Kingdom.
Intellectual Property, A Key Tool To Promote Trade, New Businesses And FDI
Phnom Penh, May 02, 2024 --Intellectual property is an essential tool for promoting trade in goods and services, new businesses and micro, small and medium enterprises, and foreign direct investment (FDI) through value added, commercialisation, creation of source of finance, innovation promotion, and research and development through technology transfer.The remarks were made by H.E. Mrs. Cham Nimul, Minister of Commerce and Chair of the National Committee for Intellectual Property, while she and H.E. Hem Vanndy, Minister of Industry, Science, Technology & Innovation, were presiding over the World Intellectual Property Day 2024, at Hyatt Regency Phnom Penh on April 30.The commerce minister also requested all stakeholders to work together to prevent intellectual property infringement, which is an obstacle to innovation, and strongly hoped that the Intellectual Property Day 2024 will continue to cultivate a common spirit in promoting awareness raising campaigns, which is closely linked to the people’s lives and benefits all areas of society.For his part, H.E. Hem Vanndy spoke highly of the World Intellectual Property Day, saying that it serves as an important platform to raise awareness about intellectual property, technological advancement and innovation among the public, especially innovators, researchers, and students.At the end of the celebration, H.E. Mrs. Cham Nimul and H.E. Hem Vanndy presided over the launching ceremony of five intellectual property-related projects, including: 1) Inclusive Growth Project: Promoting Cambodian Entrepreneurs with Disabilities through Intellectual Property Education and Business Branding, (2) Project for Skill-based Learning and Mentoring for Design School, (3) Launch of IP Web Application, (4) Launch of Distance Learning Platform on Intellectual Property, and (5) Launch of Intellectual Property Analysis Programme for Business.This year’s celebration of the World Intellectual Property Day 2024 was held under the theme “IP and SDGs: Building our common future with innovation and creativity.”
Sihanoukville Autonomous Port To Be Transformed Into Regional Port And Logistics Hub
Phnom Penh, May 01, 2024 --The Royal Government of Cambodia has an ambition to develop Sihanoukville Autonomous Port in Preah Sihanouk province into not only a deep seaport in Cambodia, but also a regional port and logistics hub by 2050.The ambition was highlighted by Prime Minister Samdech Moha Borvor Thipadei Hun Manet at a get-together with civil servants, workers and employees at the Sihanoukville Autonomous Port this morning, on the occasion of the 138th anniversary of the International Labour Day (May 1) under the theme “One enterprise as One Peaceful Community”.The Premier added that the port sector is one of the priority sectors to which the Royal Government pays attention by increasing investment funds and mobilising financing to further develop the port infrastructure.Sihanoukville Autonomous Port is considered as a national economic gateway with character as a strategic entity in supporting international trade activities for economic growth in the past, at present and in the future, he said, stressing that this port not only increases revenue on the spot, but can also be a driving force for economic growth in Sihanoukville as well as the country’s whole coastal region.According to H.E. Peng Ponea, Minister of Public Works and Transport, the Sihanoukville Autonomous Port plans to further expand its capacity through the construction project of a new deep container terminal-phase 2 of 400 metres long and 16.5 metres deep, and the phase 3 of 430 metres long and 17.5 metres deep, along with supporting modern technical equipment.The phase 1 began in December 2023 under the presidency of Prime Minister Samdech Moha Borvor Thipadei Hun Manet and H.E. Ishibashi Rintaro, Parliamentary Vice Minister of Land, Infrastructure, Transport and Tourism of Japan.The construction project of the 350-metre-long-and-14.5-metres-deep container terminal-phase 1 will last 36 months and cost some US$243 million, an ODA loan from the Government of Japan.Once in operation, the new container terminal-phase 1 will be able to handle 93 percent of regional vessels, up from the current 18 percent, while the costs of sea freight will be reduced by US$200 per TEU, a similar cost to that of other countries in the region.
Cambodia, Türkiye To Increase Trade Exchange And Strengthen People-To-People Relations
Phnom Penh, April 29, 2024 --The Kingdom of Cambodia and the Republic of Türkiye have agreed to boost their bilateral trade exchange to US$1 billion in the future and the people-to-people relations through expansion of education cooperation and direct flights between the two nations.The remarks were made by H.E. Ms. Ülkü Kocaefe while paying here at the Senate Palace this morning a courtesy call on Samdech Akka Moha Sena Padei Techo Hun Sen, President of the Senate of Cambodia.The Turkish ambassador expressed her congratulations to Samdech Techo Hun Sen on his appointment as Senate President, hoping to see the relationship between the two countries’ parliament will be brought to a new level.In reply, Samdech Techo Hun Sen spoke highly of the relationship between Cambodia and Türkiye and was convinced that the goal of US$1-billion trade exchange will be achieved.Regarding direct flights between Türkiye and Cambodia, he continued, it would be possible for tourists from neighbouring Türkiye to use Türkiye as a starting point for their travel to Cambodia.Samdech Techo Hun Sen reaffirmed his commitment to further tighten the parliamentary relations between both countries, stressing that in this fifth legislature, the Senate of Cambodia will focus on foreign affairs.He took the opportunity to invite the president of the Turkish Parliament to attend an Inter-Parliamentary Forum on Tolerance and Peace and the 12th General Assembly of the International Conference of Asian Political Parties (ICAPP) to be hosted by Cambodia in November this year.Samdech Thipadei Prime Minister of Cambodia will chair the ICAPP General Assembly, and Samdech Techo Hun Sen will be invited to be the Honorary Chairman.The Senate President and H.E. Ambassador of Türkiye also discussed regional and international issues of common concern, especially the Russia-Ukraine war and the situation in the Middle East.Cambodia and Türkiye mark this year the 65th anniversary of the embellishment of their diplomatic ties.
Investors Encouraged To Invest In Cambodia-China Industrial Park
Phnom Penh, April 25, 2024 —Cambodia and China have organised bilateral trade and investment promotion meeting to boost investment in their Industrial Park.The event took place at Sokha Phnom Penh Hotel on April 24 under the presidency of H.E. SEANG Thay, Secretary of State at the Ministry of Commerce.According to the ministry, the purpose of this meeting is to promote the important projects of the Cambodia-China Industrial Park and attract the attention of Cambodian, Chinese, and foreign businessmen as well as investors to explore investment opportunities in the industrial park in both the Guangxi Zhuang Autonomous Region, the People's Republic of China, and the Kingdom of Cambodia.This event also featured presentations from guest speakers from the Ministry of Agriculture, Forestry and Fisheries (MAFF) and the Council for the Development of Cambodia (CDC).Leaders from the General Directorate of Trade Promotion, delegations of the Department of Commerce of the Guangxi Zhuang Autonomous Region, representatives and members of the Cambodian Chamber of Commerce, as well as Cambodian and Chinese investors and businessmen participating in the meeting.
Government To Allocate Over US$170 Million To Develop Health Centres
Phnom Penh, April 20, 2024 --The Royal Government of Cambodia has decided to allocate more than US$170 million to strengthen the capacity of health centres across the country.The commitment was highlighted by Prime Minister Samdech Moha Borvor Thipadei Hun Manet at the official inauguration of the Japan-funded Centre of Surgical Service of Siem Reap Provincial Referral Hospital in the provincial city this morning.Samdech Thipadei Hun Manet added that the Royal Government has set out a strategic plan to strengthen all health centres in the country by allocating more budget, modernising them, and increasing the number of heath staff with doctors on duty 24 hours a day.The health centres will also be equipped with ambulances to transport patients to referral hospitals or higher-level hospitals, he said.The Premier also underlined the importance of strengthening the regional hospitals to ensure the efficiency of treatment and reduce the burden of coming to Phnom Penh capital for medical treatment, especially to save the people’s lives in a timely manner.Samdech President Hun Manet advised all medical practitioners to provide health services to the people with professional ethics, without any bias, ensuring that no citizen is discriminated against for any reason.
Cambodia And China Highly Value The Strong Development Of Bilateral Relations In All Sectors
On 21 April 2024, His Excellency SOK Chenda Sophea, Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation, had a productive bilateral meeting with His Excellency WANG Yi, Member of the Political Bureau of the Communist Party of China Central Committee, Director of the Office of the Central Commission for Foreign Affairs and Minister of Foreign Affairs of the People’s Republic of China, during the latter’s official visit to Cambodia.Both sides highly valued the strong development of bilateral relations in all sectors under the Comprehensive Strategic Partnership of Cooperation and the building of a high-quality, high-level, and high-standard Cambodia-China Community with a Shared Future.The two sides agreed on the importance of frequent and active exchanges of visits and engagements between their respective leaders, which demonstrates the robust political trust and the iron-clad friendship between the two countries.Enhancement of the Diamond Cooperation Framework, people-to-people exchanges, and the joint development of “Industrial and Technological Corridor” and “Fish and Rice Corridor”, as well as the cooperation in the fields of infrastructure, energy, economy, and trade were among the topics discussed. In addition to the bilateral cooperation, the two Foreign Ministers also exchanged views on regional and international issues of common concerns.
Cambodia’s Economic Growth To Accelerate In 2024, Fueled By Manufacturing And Tourism, Says ADB
Phnom Penh, April 11, 2024 --Cambodia’s economy is forecast to grow at 5.8 percent in 2024 and 6.0 percent in 2025, fueled by a further rebound in tourism and strong manufacturing prospects, according to the latest edition of the Asian Development Bank’s (ADB) flagship economic report released on April 11."Despite global economic challenges, Cambodia’s economy performed well in 2023,” said ADB Country Director for Cambodia Ms. Jyotsana Varma. “We expect growth to be robust in 2024-2025, with the garments, footwear, and travel goods (GFT) sector poised for a significant upturn building on the positive momentum during the last quarter of 2023.”The Asian Development Outlook (ADO) April 2024 estimated growth of 5.0 percent in 2023, driven by a robust recovery in tourism and solid activity in manufacturing outside the GFT sector. The report forecasts continuing economic expansion in 2024–2025, supported by stronger export-oriented manufacturing. It also expects inflation, which averaged 2.1 percent in 2023 mainly on falling global energy prices, to remain low at around 2.0 percent over the next two years.The government aims for gradual fiscal consolidation from 2024 to rebuild pandemic-diminished reserves. Yet, challenges such as potential global economic slowdowns, rising private debt, fluctuating energy prices, and climate vulnerabilities could impact the outlook longer-term.“These challenges add layers of complexity to Cambodia’s economic narrative,” said Ms. Varma. “But, the country is moving ahead with cautious optimism.”The report also discusses Cambodia’s strategic preparations to graduate from the least-developed country (LDC) category, as designated by the United Nations, in 2027. It notes that graduation will improve the country’s international standing and investment attractiveness, but simultaneously pose challenges from reduced access to concessional financing and preferential trade treatments that propel sectors contributing to high growth and employment.To effectively navigate this transition, the report stresses the importance of Cambodia enhancing its global economic integration, diversifying markets, focusing on higher value-added products, investing in sustainable infrastructure and human capital, and strengthening domestic resource mobilisation.Recently, Cambodia was ranked by Seasia Stats as the fastest growing economy in Southeast Asia, and third in Asia in 2024 by basing on the International Monetary Fund (IMF)’s October 2023 Outlook and January 2024 update, which forecasted Cambodia’s economic growth at 6.1 percent this year.For the government side, Cambodian economy remains robust with a projected growth rate of 6.6 percent in 2024, up from 5.6 percent last year, while the World Bank has forecasted that the Kingdom’s economy would grow at 5.8 percent this year.
Svay Rieng Clean Water Infrastructure Project Launched With Over $30 Million Grant From Japan
Phnom Penh 11-04-2024The Ministry of Industry, Science, Technology & Innovation hosted a groundbreaking ceremony for the Svay Rieng Water Supply System Expansion Project on April 11, 2024 to bolster clean water access in Svay Rieng Province. The project is funded by a Japanese grant of over USD 30 million via Japan International Cooperation Agency (JICA), which marks another key moment for the development of clean water infrastructure in Svay Rieng province.The groundbreaking ceremony was presided over by H.E. Hem Vanndy, Minister of Industry, Science, Technology & Innovation, and H.E. UENO Atsushi, Ambassador of Japan to Cambodia, with the participation of about 600 individuals, including representatives from MISTI, relevant ministries-institutions, Embassy of Japan in Cambodia, JICA, Kitakyushu City Administration, Svay Rieng Provincial Administration, Svay Rieng Provincial Department of Industry, Science, Technology & Innovation, local authorities, and communities.Svay Rieng Province has witnessed notable developmental in recent years, with advancements in physical infrastructure and robust economic and social progress. Amidst this growth, the demand for clean water has steadily risen. Svay Rieng City, serviced by the Svay Rieng Water Supply Authority, has faced challenges due to limited water production capacity—just 4,800 cubic meters per day, catering to just over 20,000 people, approximately 40% of the population in 2017.In response to the increasing demand for clean water for various purposes, including daily consumption, business, and industrial needs in the province, MISTI sought assistance from the Government of Japan to initiate the construction of a new water supply system expansion.As a result, the Japanese government, through JICA, has provided a grant of approximately 3.986 million yen or 30.6 million US dollars to implement the project, scheduled to span 23 months from February 2024 to December 2025.The project encompasses a raw water pumping station with a capacity of 7,480 m3/day, a 2.9 km raw water pipeline, a water treatment plant capable of processing 6,800 m3/day, and a water supply network spanning 110 km. Additionally, 375 home connections will be established, along with the construction of a 22m x 17.7m administrative building.Upon completion, the Svay Rieng Water Supply Authority is expected to elevate its water production capacity to 22,600 m3/day, serving a distribution network of 236.64 km. This expansion is anticipated to provide quality, safe and sustainable clean water access to more than 117,530 individuals residing in Svay Rieng City and Svay Chrum District by the end of 2025. The project will contribute to the Svay Rieng Water Supply Authority's achievement of the government's target of "expanding the city's water supply to 100% of the people by 2025 to serve the basic needs of the people as well as for production and service sectors.”The Svay Rieng Water Supply System Expansion Project underscores the government’s commitment to enhancing the well-being of citizens, driving socio-economic progress, and fostering an environment conducive to attracting investment to Svay Rieng Province.
ASEAN Secretariat Ready To Collaborate With Cambodia In ASEAN Community Building
Phnom Penh, April 11, 2024 --The ASEAN Secretariat is committed to working closely with Cambodia in contributing to the ASEAN Community building process.The commitment was reaffirmed by H.E. Dr. Kao Kim Hourn, Secretary-General of ASEAN, in a message to Samdech Akka Moha Sena Padei Techo Hun Sen, congratulating him on his recent election as the President of the Fifth Legislature of the Senate.“On behalf of the ASEAN Secretariat and on my own behalf, I would like to extend my warmest congratulations on your recent election as the President of the Senate of the Kingdom of Cambodia. It is indeed a remarkable achievement and a true testament of your exceptional leadership qualities as well as life-long dedication to public service,” he wrote.The ASEAN secretary-general expressed his belief that with Samdech Techo Hun Sen’s extensive experience and leadership in the executive branch serving as former Foreign Minister, Deputy Prime Minister and Prime Minister of the Kingdom of Cambodia, will greatly contribute to the progress and development of the Senate as well as to the overall advancement and transformation of the Kingdom of Cambodia.“I am confident that under your guidance and wise leadership, the Senate will effectively fulfill its roles and responsibilities and will largely contribute to the ongoing efforts of the ASEAN Community building in fostering regional cooperation, peace, and stability. In this regard, I wish to reaffirm that the ASEAN Secretariat stands ready to working closely with you and Cambodia in contributing to the ASEAN Community building process, especially as we have embarked on the crafting of the ASEAN Community Vision 2045 that would shape ASEAN's long-term strategic environment in the next two decades,” he underlined.H.E. Dr. Kao Kim Hourn looked forward to working closely with Samdech Techo Hun Sen to further strengthen the ties between ASEAN and the Kingdom of Cambodia and to the opportunity to officially pay a courtesy call on Samdech President at an opportune time in the near future during his visit to Cambodia.
Manhattan SEZ Chairman Wishes To Expand Business In Cambodia
Phnom Penh, April 10, 2024 --Mr. Clement Yang, Chairman of Manhattan Special Economic Zone (SEZ) in Bavet city, Svay Rieng province has voiced his wish to expand more business in Cambodia through investment in areas of agriculture, green energy, transport and logistics.The intention was revealed by Mr. Clement Yang while he was paying a courtesy call on H.E. SUN Chanthol, Deputy Prime Minister and First Vice President of the Council for the Development of Cambodia (CDC), with participation of Mr. Hong Kian Lim, CEO of Surbana Jurong (SJ) Group of Singapore, to discuss further possible investment in the above-said sector in the Kingdom, at the CDC headquarters on April 9.According to Mr. Clement Yang, Manhanttan SEZ would collaborate with major companies such as SJ Group and Suzhou Industrial Park in Jiangsu of China.For his part, H.E. SUN Chanthol welcomed the investment plans and reassured that the CDC would provide facilitation for all investments in Cambodia in accordance with the laws and regulations of the country.
Cambodia, The Fastest Growing Economies In Southeast Asia, And Third In Asia In 2024
Phnom Penh, April 06, 2024 --Cambodia leads the growth projection in Southeast Asia in 2024, according to Seasia Stats based on Southeast Asia’s 2024 GDP growth projection from the IMF’s October 2023 Outlook and January 2024 update.“Cambodia tops the list with 6.1 percent, while the Philippines ranks second with 5.9 percent and Vietnam third with 5.8 percent,” the source said.For Asia, the Kingdom sits third among the top 25 fastest growing economies in Asia in 2024, just behind Macao and India with 27.2 and 6.3 percent, respectively.The rankings show the ability of the new Royal Government of Cambodia under the leadership of Samdech Moha Borvor Thipadei Hun Manet, especially to boost the economic recovery after the COVID-19 crisis and the Ukraine-Russia war crisis.Cambodia’s economy is mainly driven by garment, footwear and travel goods exports, tourism, agriculture, and real estate and construction.
CDC Approves US$2.2 Billion-Worth Investment Projects In First Quarter Of 2024
Phnom Penh, April 05, 2024 --The Council for the Development of Cambodia (CDC) has approved 106 investment and investment expansion projects in the first three months of this year, an increase of 67 projects compared to the same period last year.The total investment capital of the approved projects in the first quarter rose by 649 percent year-on-year to US$2.2 billion, pointed out a CDC’s press release made public this morning.The same source stated that the newly endorsed investment projects are expected to generate some 107,000 jobs for local people.Breaking down by sectors, it underlined, investment in industrial sector got the largest share with 90.57 percent, while agriculture and agro-industry, infrastructure, and tourism accounted for 3.77 percent, 3.77 percent, and 1.89 percent, respectively.About 58 percent of the total investment capital was from local investors, 35.34 percent from China, 3.16 percent from Singapore, 2.23 percent from Vietnam, and the rest from South Korea, the U.S. and Malaysia, the press release showed.Vice-President of the Cambodia Chamber of Commerce Mr. Lim Heng attributed the increase in investment project to the country’s potential under the new investment law, free trade agreements, mega-regional pact, and trade preferences.“The new investment law, along with free trade agreements – Cambodia-China FTA and Cambodia-Korea FTA, RCEP – are factors that attracted investment from China to Cambodia as part of production for exports to foreign markets,” he said.
The Cambodian Chamber of Commerce to allow to meet BNI Cambodia to discuss the work in preparation for CIBExpo
Phnom Penh: On the afternoon of April 4, 2024, HE Oknha Nguon Meng Tech, Director General of the Cambodian Chamber of Commerce, High Representative, Oknha Kith Meng, President of the Cambodian Chamber of Commerce, received Mr. Jonathon Chua, General Manager of BNI Cambodia and the working group to pay a courtesy call and discuss work at the Cambodian Chamber of Commerce.The General Manager would like to thank His Excellency Oknha, General Director, for allowing him to pay a courtesy call and discuss the current work, he has been organizing Cambodia International Business Expo 2024 (CIBExpo) on 10-12 May 2024 at the Koh Pich Convention and Exhibition Hall, if nothing changes.His Excellency Oknha, Director General, welcomed the General Manager to meet with His Excellency Oknha, Director General to pay a courtesy call and discuss work. His Excellency Oknha, General Director, was pleased to welcome and support the upcoming CIBExpo. In addition, the General Manager also gave a presentation on the whole CIBExpo program.
Emirates to resume flights to Phnom Penh (Cambodia) in May
Emirates said on Thursday that it will resume daily flights to Phnom Penh, Cambodia, via Singapore as of May 1. This move will improve the airline's connections throughout Southeast Asia to and from Dubai.Adnan Kazim, Deputy President and Chief Commercial Officer of Emirates, stated: "The resumption of our Phnom Penh services demonstrates our commitment to strengthening our Southeast Asian network, as we continue to create more opportunities for travelers to explore diverse and culturally rich destinations, and help businesses and exporters of all sizes establish stronger trade connections."360 passengers can travel in three classes on board a Boeing 777-300ER, including 8 suites in First Class, 42 in Business Class, and 310 in Economy Class.360 passengers can travel in three classes on board a Boeing 777-300ER, including 8 suites in First Class, 42 in Business Class, and 310 in Economy Class.The schedule that connects Phnom Penh with Singapore is well-planned, offering the best possible connections to and from a number of destinations in France, the United Kingdom, Germany, Switzerland, and the United States.Emirates will begin serving Singapore with four daily flights via this new connection on May 1.
Cambodia Ready To Be A Strategic Partner Of Businessmen And Investors
Phnom Penh, April 02, 2024 --Cambodia is ready to be a strategic partner of businessmen and investors to seize ASEAN's viable economic opportunities and is committed to working closely with ASEAN member states and dialogue partners to build a resilient, sustainable and competitive ASEAN Economic Community (AEC) for the common interest of the region.The remarks were underscored by Samdech Moha Borvor Thipadei Hun Manet, Prime Minister of the Kingdom of Cambodia, while presiding over the official opening ceremony of Cambodia-ASEAN Business Summit, held here this morning.With her strategic location, Cambodia provides a seamless connectivity and creates an ecosystem of collaboration that focuses on mutual benefits and common well-being throughout the region, the Premier said.At the same time, he continued, Cambodia's strategic membership in major regional and global trade agreements such as the Regional Comprehensive Economic Partnership (RCEP) and World Trade Organisation (WTO) makes the Kingdom a highly integrated player in the global market. "Made in Cambodia" products such as clothing and bicycles are now internationally recognised for their quality and competitive prices, which demonstrates Cambodia's growing presence in the global market.According to Samdech Thipadei, Cambodia firmly believes that a strong, resilient and integrated ASEAN Economic Community can bring common prosperity to all member states. In this spirit, the Royal Government of Cambodia has been promoting the implementation of the "Plus-One Strategy" by attracting investment in the production of spare parts or semi-finished products to supply large factories in neighbouring ASEAN countries, and has approved the new Investment Law to provide investors with potential and strategic excellence with many incentives for investment projects in key priority areas.Moreover, he underlined, Cambodia is investing in developing connectivity infrastructure, including highways, deep seaports and international airports, and modern logistic centre, which will promote smooth and efficient regional connectivity to key economic corridors in Cambodia and the ASEAN region as a whole, and these strategic investments will help reduce the logistics costs and increase the efficiency of businesses operating in Cambodia so that they can draw huge potential from the regional market.
Cambodian Statesman Praises China’s Role In World Development
Phnom Penh, March 28, 2024 --Samdech Akka Moha Sena Padei Techo Hun Sen, President of the Supreme Privy Council to His Majesty the King, has lauded China’s key role in the development of countries from Asia, Africa to Latin America.Samdech Techo made the remarks in his keynote address at the opening ceremony of the Boao Forum for Asia Annual Conference 2024, held in Hainan province, the People’s Republic of China on Mar. 28.The former Cambodian Prime Minister emphasised that the common responsibility in Asia is to maintain peace and security in the region to ensure poverty alleviation and future development for common prosperity. Asia has achieved tremendous development and has played a leading role in growth, especially during a difficult period of global economic downturn. Asia's strong economic growth and position as the world's manufacturing and trade hub have given Asia an important global role, despite the slowdown in the global economy and the recent supply chain restructuring. Overall, Asia’s economy is expected to contribute 60 percent of the world's GDP growth in the coming year.“In this sense, our region needs to work together to maintain a positive momentum, our actions must be guided by the principles of multilateralism, based on the rule of law that applies to all of us, not to any group of countries. We must continue to strive for deeper integration and better connectivity, rather than push for disconnection and blockade. We must recognise that multilateralism is a principle that supports globalisation, sustainable development and poverty reduction that are of real benefit to our world today,” he underlined.Samdech Techo Hun Sen said that the Belt and Road Initiative has supported the construction of public infrastructure on continents. These infrastructures are an indispensable part of the efforts to develop and reduce poverty of the people of the beneficiary countries, including Cambodia. “We must recognise that China's model of growth and development has allowed other countries to prosper together, not abandon other countries for their own growth,” he added.“It is our shared responsibility to promote inclusive growth in a multilateral international order based on the rule of law that gives every country, large and small, the opportunity to stand out, grow and prosper. […] We must work to protect multilateralism that supports the community interests, so that people around the world can enjoy peace and a better quality of life,” stressed Samdech Techo Hun Sen.
11th Annual Macroeconomic Conference To Be Held In December
Phnom Penh, March 30, 2024 --Cambodia will hold the annual Macroeconomic Conference, the 11th of its kind, on Dec. 17, 2024, according to a recent announcement of the National Bank of Cambodia (NBC).Themed this year “Geoeconomic Fragmentation: Implications and Policies”, the 11th Macroeconomic Conference will be jointly organised by the NBC and the International Monetary Fund (IMF).The conference is aimed to strengthen and build the culture of research in Cambodia and provide a forum for dialogue among researchers, experts and relevant stakeholders on topics that are important for and relevant to the development of Cambodian economy.“In light of this upcoming conference, the NBC is accepting research proposals from candidates conducting their research on topics related to the theme of this macroeconomic conference,” said the announcement.Authors presenting their papers at the conference will be rewarded, and their papers will be published in the NBC's working paper series, the source added.Interested candidates are required to submit their research proposals to the Monetary Policy and Research Department via macroconfer@nbc.gov.kh by April 10, while the announcement of selected proposals/papers will be on April 20.
NBC Launches 'Love The Riel' Campaign
Phnom Penh, March 20, 2024 --The National Bank of Cambodia (NBC) marks the 44th anniversary of Riel banknote printing with the 'Love the Riel' campaign.According to a public notification issued by NBC on Mar. 19, the campaign welcomes the exchange of old and torn riel banknotes with the new ones across Cambodia.Running from Mar. 20 until 29, the campaign with 'Riel, Sustainability, Development' as its motto is launched in cooperation with capital, provincial and municipal banking and financial institutions.During the campaign, the public can access their nearest banking and financial institutions for the exchange.Cambodia re-printed the first Riel banknotes on Mar. 20, 1980.
More Korean Companies Seek Trade And Investment Opportunities In Cambodia
Phnom Penh, March 27, 2024 --A Korean delegation of 13 companies led by Mr. Hacheong Yun, Director General of Korea Trade-Investment Promotion Agency in Cambodia (KOTRA Phnom Penh), has sought for more trade and investment opportunities in potential sectors in Cambodia.The intention was revealed during a working meeting between H.E. Sun Chanthol, Deputy Prime Minister and First Vice President of the Council for the Development of Cambodia (CDC), and the Korean delegation, at the CDC headquarters here on Mar. 26.On the occasion, H.E. Sun Chanthol explained to his guests the reasons why Cambodia is the best choice for their investment destination, ranging from full peace, political stability, economic growth, and exchange rate stability to human resource productivity and attention to physical infrastructure development.The Cambodian DPM also laid stress on the openness of Cambodian investment law which provides many incentives to investors, the regular organisation of Government-Private Sector Forum to address investors’ challenges, and especially on the connection of the Cambodian market to the world through Cambodia-Republic of Korea Free Trade Agreement (FTA), Cambodia-China FTA, and Cambodia-United Arab Emirates Comprehensive Economic Partnership Agreement, Regional Comprehensive Economic Partnership (RCEP) Agreement, Everything But Arms (EBA) scheme, and so on.The Royal Government also encourages investment projects in heavy industries such as electronic assembly, automobile assembly, and technology projects to name a few, he underlined.The 13 Korean companies include Samsung Electronics, Hyundai Motor, LG Electronics, CJ Group, LX International, DAEJOO KC Group, Booyoung Group, Hanshin Engineering & Construction, KORINDO Group, Kolao Group, KBIZ, World OKTA, and Maekyung Media Group.