Minister, World Bank Discuss Active And New Water Projects
Phnom Penh, March 20, 2024 --The Minister of Water Resources and Meteorology received a senior World Bank delegation to exchange lessons learned from on-going water and irrigation projects to improve the implementation of a new one.The minister, H.E. Thor Chetha, met with Ms. Maria Angelica Sotomayor, a Water Practice Manager for East Asia and the Pacific at the World Bank, and her team on Mar. 19 at the ministry.He underlined the Royal Government's water priorities to support Cambodia's sustainable socioeconomic growth, as well as the progress and challenges in the sector.He suggested that the World Bank consider supporting the strengthening of national policy and institutional capacity development in water and irrigation at both the national and subnational levels.The two also touched on rehabilitation of irrigation infrastructure, the Tonle Sap and Mekong river management plans, and active projects supported by the World Bank.According to Ms. Maria Angelica Sotomayor, a new water resources development project for Cambodia will be submitted for the approval of the Board of Directors at the World Bank in April, along with insights from the minister and concerned technical team.
Ministry, Korean Development Partners Discuss Project Cooperation
Phnom Penh, March 19, 2024 --The Minister of Water Resources and Meteorology has received the President of the Korea Water Resources Development Corporation (K-Water) and Chairman of the ASIA Water Council (AWC) to discuss project implementation cooperation in Cambodia.The minister, H.E. Thor Chetha, met his Korean guest Mr. Seog-dae Yun and his team for the discussion on Mar. 18 at the ministry office.He appreciated Mr. Seog-dae Yun as well as K-Water and AWC for contributing to the development of Cambodia's water resources and meteorology.Mr. Seog-dae Yun thanked the minister for his insights and support for the projects supported by K-Water and AWC in Cambodia and invited the minister to attend the upcoming World Water Forum in May in Bali, Indonesia.Since 1999, the ministry, in cooperation with K-Water and AWC, has implemented various projects along the Mekong Delta and in provinces, including Kampong Speu, Kampong Chhnang, and Battambang.
Government Bond Raises US$58 Million Funds In 2023
Phnom Penh, March 18, 2024 --The Royal Government of Cambodia (RGC) has raised funds through government bond issuance with a total value of US$58.26 million in 2023, accounting for 26 percent of the US$200 million permitted by law.The government issues its bonds in the first primary market through the issuance agent named the National Bank of Cambodia Auction Platform (NBCP).“In 2023, the RGC has issued government securities in a total amount of KHR 238 billion, equivalent to US$58.26 million accounting for 29 percent of the ceiling permitted by Law (KHR 813 billion),” read a report of Cambodia Public Debt Statistical Bulletin released by the Ministry of Economy and Finance last week.The RGC raises funds from domestic source as direct fund for using into public investment, according to the Ministry of Economy and Finance.The government bond is not only to complete the annual expenditure but also to contribute to promoting the securities sector in the country, it saidThis year is the third year of government securities issuance.In 2024, the RGC sets to issue government bonds totaling KHR 440 billion, equating to about US$108 million, which is used to provide direct revenue and ensure investment efficiency and sustainability of debt management.Ministry of Economy and Finance started issuing government bonds in September 2022 as a new financial instrument, enabling the government to augment domestic revenue, thereby reducing the need to borrow from foreign sources for infrastructure development.H.E. Dr. Aun Pornmoniroth, Deputy Prime Minister and Minister of Economy and Finance, has previously said that government bonds would enable the state to raise funds for economic development.“Government bonds are expected to be popular on the Cambodia Securities Exchange, and provide benchmark data for corporate securities trading and financial analysis, as in countries with a growing securities sector,” he said.Investors in government bonds will enjoy a 50 percent deduction of withholding tax on the interest earned from holding and trading the bonds, and tax exemption on capital gains from purchasing and trading the bonds for three years.
Cambodia, Thailand Speak Highly Of Bilateral Relationship
Phnom Penh, March 18, 2024 --The Kingdom of Cambodia and the Kingdom of Thailand have highly valued their bilateral relations and cooperation which have reached the level of strategic partnership and provided mutual benefits to the two peoples and countries.The appreciation was made by Samdech Moha Borvor Thipadei Hun Manet, Prime Minister of the Kingdom of Cambodia, and visiting H.E. Ms. Paetongtarn Shinawatra, Deputy Chair of the National Soft Power Strategy Committee of Thailand and Leader of Pheu Thai Party, during their meeting here at the Peace Palace this afternoon.Samdech Thipadei Hun Manet extended warm welcome to H.E. Ms. Paetongtarn Shinawatra’s visit and conveyed via her his greetings to H.E. Thaksin Shinawatra, former Prime Minister of Thailand.The Cambodian Premier briefed his guest on the fruitful outcomes of his official visit to Thailand last month, which contributed to the strengthening and expansion of relations between the two countries in many fields, including economy, trade, tourism, labour, and so on.For her part, H.E. Ms. Paetongtarn Shinawatra expressed her strong hope that the relationship and cooperation between the two nations would be further fostered in other important areas, including the promotion of women’s role.H.E. Paetongtarn Shinawatra is on a visit to Cambodia at the invitation of Samdech Akka Moha Sena Padei Techo Hun Sen, President of the Supreme Privy Council to His Majesty the King and President of the ruling Cambodian People's Party (CPP).The main aim of the visit is to exchange views on cooperation between the two neighbouring countries for the common interest of the two peoples and parties based on the close ties of friendship and cooperation between both parties.
Cambodia Attracts Over US$ 4.1 Billion Investment In Six Months
Phnom Penh, March 15, 2024 --During the first six months after the 7th-mandate Royal Government took office, Cambodia attracted in total more than US$ 4.1 billion foreign investments, said Prime Minister Samdech Moha Borvor Thipadei Hun Manet at the 6th Cabinet Plenary Session, held at the Peace Palace here this morning.Samdech Thipadei Prime Minister said from September 2023 to February 2024, in the field of investment, Cambodia attracted 173 investment projects worth some US$ 4.15 billion and generated a total of over 170,000 jobs."The Royal Government is actively working to improve the investment environment to boost the economic activities and create jobs," he said, adding that in fact, he himself, as well as many other leaders at both the national and sub-national levels, have met and communicated with the private sector, both inside and outside the country since the beginning of the term.Samdech Thipadei Hun Manet noted that most foreign investors saw the potential of Cambodia and they were interested in investing in the Kingdom.The majority of those projects are in the areas of agriculture, agro-industry and infrastructure projects, while most of the foreign investors are from China, Singapore, the U.S., South Korea, Vietnam, Thailand, Brunei, Sweden, Canada, Japan and many others.
Cambodia records investment growth of more than 500% in the first two months of the "knock on the door" campaign
Phnom Penh: Although the global economic situation continues to be deteriorating and uncertain since the outbreak of Kovid 19 However, it is noteworthy that at the beginning of 2024, Cambodia recorded its highest investment growth of more than 500 percent as a result of the Royal Government's campaign efforts "Knock on the door" of the Prime Minister to attract investors from all over to invest in Cambodia.In the first two months of 2024, the Council for the Development of Cambodia approved 69 new investment projects and production expansion projects worth a total of 1.386 million US dollars and created nearly 57,000 jobs. This figure is an increase of more than 500% compared to the same period last year.In the first two months of this year, local investors covered a total of 705 million US dollars (50.9%), followed by Chinese sources at 545 million US dollars (39.3%), followed by Singapore at US $ 69.5 million (5%), Vietnam US $ 49 million (3.5%), US $ 10 million (0.72%) and South Korea US $ 6.6 million (0.47%).Cambodia has set a goal in its national strategy to become a high-middle-income country by 2030 and to become a high-income country by 2050. To achieve this and other plans, the Royal Government of the seventh mandate of the National Assembly, under the leadership of Samdech Hun Sen, Prime Minister of Cambodia, has continued to keep its economy open, providing potential investment opportunities to national and foreign investors. The aim is to increase international trade, exchange of goods and services with regional and global markets.Implementing the principles of a free market economy, opening up free trade and macroeconomic stability also provides an attractive investment climate for Cambodia.Since taking office as Prime Minister of Cambodia, Samdech Hun Sen has been seen as an active young leader in the country's development. And what is very prominent of Samdech is the effort to promote local investment and attract foreign investors to invest in Cambodia, which Samdech considered a "knock on the door", especially during his mission abroad.According to the Council for the Development of Cambodia, the major projects that will boost investment growth in the first two months of this year include: the 150MW Stung Meteuk hydropower project in Koh Kong province with a total investment of 440 Million US dollars, Production expansion project of Svay Rieng tire production project with an additional investment of 212 million US dollars, investment project to build a multi-purpose port and Kampong Chhnang logistics center in Kampong Chhnang province with an investment capital of over 108 million US dollars. And to operate a data center in Phnom Penh with an investment capital of over 107 million US dollars and an investment project to establish and operate a data center in Phnom Penh with an investment capital of 30 million US dollars.According to the Council for the Development of Cambodia, in 2023, the Royal Government of Cambodia has approved a total of 268 investment projects with a total investment of 4.9 billion US dollars, an increase of 22% compared to 2022. Many are led by Chinese investment and followed by domestic investment.
37 Investment Projects Approved By CDC In February
Phnom Penh, March 13, 2024 --In February, the Council for the Development of Cambodia (CDC) approved 37 new investment projects with a total capital of almost US$1.2 billion.The update was unveiled in a press release made public on Mar. 12 by the CDC, adding that the approved projects are expected to generate 38,000 jobs for the locals.Most of the licenced projects are in the industrial sector, while the rest in the industrial and agriculture and agro-agriculture sectors, the source pointed out.The outstanding projects include the construction of a hydropower dam in Mondul Seima district of Koh Kong province and the construction of multi-purpose port and logistics centre in Kampong Leng district of Kampong Chhnang province.The establishment of data centres in Khan Daun Penh and Khan Russey Keo of Phnom Penh capital and the manufacturing of car tyres in Svay Rieng province are among the major investments on the approved list.Over 58 percent of the total investment is from local investors, 33.19 percent from China, 4.31 percent from Singapore and 4.09 percent from Vietnam.
Cambodia Investment Roadshow In EU Mulled
Phnom Penh, March 13, 2024 --While the investment volume of the European Union (EU) in Cambodia remains low, its senior delegation encourages Cambodia investment roadshows in the zone to attract more investments.The EU delegation led by Mr. Peteris Ustubs, Director for the Middle East, Asia, and Pacific in the Directorate-General for International Partnerships (DG INTPA), and H.E. Igor Driesmans, Ambassador of the European Union to Cambodia, floated the initiative when received by H.E. Sun Chanthol, Deputy Prime Minister and First Vice President of the Council for the Development of Cambodia, at his office on Mar. 11.According to H.E. Sun Chanthol, the investment cooperation between Cambodia and the EU is around US$540 million, or 62 qualified investment projects.There are investments from the United States, Korea, Japan, China, ASEAN countries, and others in Cambodia, but Cambodia also urges more investments from the European Union, he added.The deputy prime minister welcomed the initiative, taking note that the EU is very keen on green and technology investments.He also informed his guests that to further support the private sector, the Royal Government of Cambodia has invested in key infrastructure and carried out policies and reforms.A comprehensive master plan on the “Cambodian Transit and Logistics System 2023–2033” has been launched, covering 174 projects that can be of the EU's interest.Cambodia has also kick-started vocational and technical training programmes for 1.5 million young people from poor and vulnerable families to increase their capacity to create a pool of skilled labour force responsive to the competitive job market and new industry.
Cambodia, UK Discuss Ways To Boost Bilateral Investment And Trade Cooperation
Phnom Penh, March 05, 2024 --H.E. Dr. Aun Pornmoniroth, Deputy Prime Minister and Minister of Economy and Finance, received here on Monday the United Kingdom (UK) Minister for the Indo-Pacific, Rt Hon. Anne-Marie Trevelyan, discussing the bilateral cooperation on investment and trade, and UK backed-Green special economic zone project in Cambodia.In the meeting, according to a press release, H.E. Dr. Aun Pornmoniroth expressed his deep gratitude for the cooperation between the two countries in the past, especially the UK's support for Cambodia's exports and the initiative of the Green SEZ project in Cambodia, contributing to the socio-economic development of Cambodia.The Deputy Prime Minister also briefed his guest on the general situation of the Cambodian economy, the continuation of macroeconomic stability in line with the recovery of Cambodia's economic growth, the introduction of the first phase of the Pentagonal Strategy, as well as strategies and measures for new reforms at the beginning of the new mandate of the Royal Government for Cambodia toward the goal of a high-income country by 2050.For her part, Rt Hon. Anne-Marie Trevelyan highly valued the significant progress of the Cambodia-UK cooperation and expressed the UK’s commitment to further strengthen and expand existing cooperation and promote investment in Cambodia, particularly the development of the Green SEZ and the efforts to attract new British investors to Cambodia.Both sides also shared views on reforms to attract more foreign investors to Cambodia, particularly in terms of business registration, financial support, debt management and so on.The bilateral trade between Cambodia and the UK amounted to US$872 million in 2023, a year-on-year decrease of 10.7 percent, said a report of the General Department of Customs and Excise.Of the amount, Cambodia exported US$796 million worth of goods to the UK, a decline by 10.2 percent and her imports from the UK dropped by 15.9 percent to US$76 million.
SPC Group Intends To Invest In Food Industry In Cambodia
Phnom Penh, March 05, 2024 --The Australia-based SPC Group has expressed its intention to invest in food industry in Cambodia, Mr. Neil Brimacombe, the company’s CEO, told Cambodian Premier, Samdech Moha Borvor Thipadei Hun Manet, in a courtesy meeting in Melbourne, Australia this morning.Mr. Neil Brimacombe said his company focuses on agro-industry and specialises in food production and fruit processing. It is now operating fruit processing plants for export to both Asia and the world, while importing raw materials from a number of countries to support its production chain.For his part, Samdech Thipadei Hun Manet welcomed the investment intention and encouraged the company to visit Cambodia to explore investment opportunities.The Prime Minister also highlighted the attractiveness of Cambodian investment environment which is realistic, favourable and flexible, as well as the country’s investment policies and law which provide incentives for investors and business people, especially in the agricultural sector.
Enserv Holding Australia Intends To Invest In Sorghum Growing And Processing In Cambodia
Phnom Penh, March 04, 2024 --Enserv Holding Australia is willing to invest in growing and processing sorghum –a nutrient-rich, high-fiber food crop – in Cambodia.While paying a courtesy visit to Samdech Moha Borvor Thipadei Hun Manet, Prime Minister of Cambodia, on the sidelines of the ASEAN-Australia Special Summit in Melbourne this morning, Mr. Tanachat Pochana, Founder and Chairman of Enserv Holdings said his company’s investment activities focus on the cultivation and processing of sorghum into low-calorie, but high-protein rice and into biogas.According to Mr. Tanachat Pochana, sorghum is a high yielding crop that can be grown on many different types of soil and does not need as much water as rice. This crop can contribute to the absorption of carbon dioxide from the atmosphere as well.For his part, Samdech Thipadei Hun Manet expressed his appreciation for the discussion and briefed his guest on the Royal Government of Cambodia’s policy on agriculture, energy, and technology development.Regarding the Enserv Holding Australia’s investment intention, the Premier encouraged the company to pay a visit to Cambodia to explore investment opportunities by collaborating with relevant ministries and institutions, especially the Ministry of Agriculture, Forestry and Fisheries, the Council for the Development of Cambodia and the Ministry of Commerce.
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.