Disabled People Empowered to Run Waste Recycling Plant
Phnom Penh, September 12, 2023 --The Disability Development Services Programme (DDSP) in Cambodia has integrated and empowered people with disabilities to recycle solid waste into items for sale as an income-generating means.According to Mr. Pen Sina, Director of DDSP's Inclusive Training Centre, the business is run by a team of 19 members, eight of whom are people with disabilities.Launched in August 2019, the waste recycling manufacturer produces especially plastic items such as rulers, bricks, tiles, toys, key chains, tables, and chairs.Recycling plastic waste reduces its harmful impacts on the environment and human health while generating income to support people with disabilities, said Mr. Pen Sina.It is a humble business with only two small plastic waste processing machines and some moulds, he continued, but with the public's support, it will be expanded in the future.The centre director called on the public to continue supporting the products of the business.
Cambodia’s International Trade Recorded at Almost US$32 Billion in First Eight Months
Phnom Penh, September 12, 2023 --The total trade volume between Cambodia and its partners around the world reached almost US$32 billion in the first eight months of 2023, down 14.5 percent compared to the same period last year.Figures from the General Department of Customs and Excise at the Ministry of Economy and Finance showed that Cambodia exported nearly US$15.7 billion worth of products to foreign markets, a year-on-year increase of 0.32 percent.At the same time, the Kingdom’s imports saw a decrease by 25.2 percent to almost US$16.3 billion.Cambodia's biggest markets during the said period were China, the U.S., Vietnam, Japan, Germany, Canada, etc.The main exported items included garments, footwear, travel goods, bicycles, rice, electrical equipment, rubber, furniture, and vegetables and fruits.The country imported mostly raw materials, construction materials, automobiles, pharmaceutical products, electronics and electrical equipment, fertilisers and pesticides.In 2022, Cambodia’s international trade volume was recorded at more than US$52.4 billion, up 9.2 percent from 2021.
World Rice Prices Surge 10 percent to 15-Month High
Phnom Penh, September 08, 2023 --International rice prices soared almost 10 percent from July to a 15-month high in August, the Food and Agriculture Organisation of the United Nations (FAO) said Friday.But the FAO said overall food prices fell by more than two percent in the same period.In a statement released in Rome, the UN agency said the FAO All Rice Price Index jumped 9.8 percent from July, “reflecting trade disruptions in the aftermath of a ban on Indica white rice exports by India, the world’s largest rice exporter.“Uncertainty about the ban’s duration and concerns over export restrictions caused supply-chain actors to hold on to stocks, re-negotiate contracts or stop making price offers, thereby limiting most trade to small volumes and previously concluded sales,” the statement said.The overall FAO Food Price, however, fell 2.1 percent from July and was 24 percent below its peak in March last year.UPGRADED FORECASTS INCLUDE CAMBODIAThe FAO meanwhile cut its forecast for rice output this season with downward revisions for Indonesia, Thailand and China offset by upgrades for other countries including Cambodia.The agency’s Cereal Supply and Demand Brief — also released Friday — cut the forecast for 2023-24 by 500,000 tonnes to 523.2 million tonnes — but still 1.1 percent above last season.“The revision primarily mirrors lower area estimates for Indonesia’s April-concluded main-crop harvest as well as reduced expectations for Thailand, where main-crop plantings have lagged behind year-earlier levels due to irregular rains and reduced water supplies for irrigation,” it said.“Excess rains and flooding in north-eastern provinces also reduced harvest expectations for China somewhat.“These revisions were partly offset by forecast upgrades for various other countries, in particular Cambodia, Colombia, the Islamic Republic of Iran, Nigeria and the United States of America, in all cases largely due to higher plantings than previously envisaged.”World rice utilisation for 2023-24 is now pegged at 520.9 million tonnes, up 800,000 tonnes from expectations in July and broadly stable year-on-year.“Tighter overall supply outlook led to downgraded forecasts for a host of Asian and African countries,” the FAO said.But the forecast was revised upwards for India. “Another comparatively large harvest on the backdrop of reduced exports could keep food intake above pre-pandemic levels for another season,” it said. At the same time, “volumes destined to ethanol production remain on an expansionary trend."World rice stocks have been revised downwards by 435,000 tonnes but are still expected to hit a record high of 198.1 million tonnes at the end of the 2034-24 marketing season — up 1.4 percent from a year earlier.“As in previous seasons, nearly three-quarters of this volume is expected to be held by China and India, with India, in particular, envisaged to be behind much of the world’s forecast stock expansion in 2023-24,” the agency said.For international trade in rice, the FAO lowered its July forecasts by 600,000 tonnes for 2023 and by 3.0 million tonnes for 2023.DURATION OF INDIAN RESTRICTIONS UNCLEAR“Revisions largely follow the recent stepping up of rice export restrictions by India,” the FAO said.Uncertainty over Indian restrictions reflects “leeway” for exceptions to be granted “on food security grounds and upon requests from governments, should they prove protracted.”Indian curbs combined with El Niño-related constraints in Asian exporters could keep expected recovery in world rice trade to fewer than 1.0 million tonnes to 53.3 million tonnes this year.
RoK to Continue Supporting Cambodia’s Commitment to Achieving Development Goals
Phnom Penh, September 08, 2023 --The Republic of Korea (RoK) will continue to support Cambodia to achieve its strategic goal of becoming a high-income economy by 2050.The support was reiterated by visiting Speaker of the National Assembly of RoK, H.E. Kim Jin Pyo, in a courtesy meeting with Samdech Akka Moha Sena Padei Techo Hun Sen, President of the Supreme Privy Council of His Majesty the King and President of the Cambodian People’s Party (CPP), at the January 7 Palace in Phnom Penh this morning, according to a CPP’s press release made public after the meeting.H.E. Kim Jin Pyo praised Samdech Techo Hun Sen for his wise leadership and requested him to continue contributing to lasting peace in the region and the world.He also thanked the Cambodian side for their continued support to Korea’s bid in hosting the World Exp 2030 in Busan city, as well as the organisation of FIFA World Cup 2002.For his part, Samdech Techo Hun Sen thanked the National Assembly, the Government and the people of RoK, especially H.E. Kim Jin Pyo, for their contribution to the launch of the Economic Development Cooperation Project through the provision of EDCF concessional loans since 2001.Samdech Techo Hun Sen mentioned the historically good relations between the two countries and recalled Korea’s assistance to Cambodia in difficult times, including the socio-economic recovery after a long civil war. Road infrastructure, special technical training school, particularly the Cambodia-Korea Friendship Bridge to be constructed across the Tonle Sap and Mekong rivers are the symbol of great solidarity.Both sides highly valued the cooperation and reliable partnership for ASEAN-Korea and Mekong-Korea cooperation. They applauded the joint achievements in ratifying the Cambodia-Korea Free Trade Agreement, even during the Covid-19 spread.The two sides will urge the governments of the two countries to continue to work closely and make new achievements for the benefit of the people of the two countries.
An Electric Substation Development Project Approved by CDC
Phnom Penh, September 07, 2023 --A project to develop a substation and a 230-kilovolt high-voltage electricity transmission line from Kampong Cham province to Kratie province has been approved by the Council for the Development of Cambodia (CDC).According to a press release from the CDC made public this morning, with an investment capital of US$92.2 million, the project is invested by Cambodian Transmission II Co., Ltd. and could create some 464 jobs for the locals.At the same time, the CDC also gave the green light to nine other investment projects covering the production of pet food, toys and clothing, hats, bags, shelves, and so on.The newly approved projects, amounting to US$54.25 million, would generate a total of nearly 14,000 job opportunities.
EIU Ranks Cambodia among Best Investment Destinations for Chinese Market Expansion, Supply-Chain Development
Phnom Penh, September 07, 2023 --The Economist Intelligence Unit (EIU) has ranked Cambodia as the world’s sixth most attractive investment destination for market expansion by Chinese companies.In a report on China’s Belt and Road Initiative released Thursday, the EIU also ranked Cambodia as the tenth best destination for Chinese investment in supply-chain development."We anticipate strong momentum behind Chinese enterprises going global,” the London-based business intelligence firm said.Expansion is expected to focus on consumer electronics, information technology services, telecommunications, renewable energy and automotive products “where China has already been establishing its competitive edge.”‘URGENCY OF FINDING ALTERNATIVE MARKETS’“Deteriorating relations with conventional export markets and slow domestic growth have highlighted the urgency of finding alternative markets,” the EIU said,For market expansion, Indonesia ranked top followed by Bangladesh, Vietnam, Malaysia and Pakistan.Trailing Cambodia in the Top 20 most attractive destinations for Chinese market expansion were Egypt in seventh place followed by India, Tanzania, Colombia, Russia, Ethiopia, the US, Angola, the Philippines, Nigeria, Israel, Brazil, the Democratic Republic of Congo and Kenya.Although not in the Top 20, the report said Thailand was “attracting Chinese automakers to position the country as their EV manufacturing hub” in ASEAN.Ahead of Cambodia in the rankings for supply-chain investment, Singapore topped the list followed by Malaysia, Thailand, Indonesia, Vietnam, Mexico, Egypt, Bangladesh and Morocco.After Cambodia were South Africa, Chile, the Philippines, India, Hungary, Brazil, Poland, Bulgaria, Romania and Turkey."We suggest that investors consider the key operational risks associated with the investment destination, such as labour market restrictions and disputes with major trading partners," the report said."Financial risks, such as exchange-rate volatility and capital account convertibility, are also instrumental.”BALANCING OPPORTUNITIES AND RISKSThe EIU ranked Cambodia among 21 destinations with "more opportunities and less risk” — alongside fellow Regional Comprehensive Economic Partnership (RCEP) members Indonesia, Malaysia, Singapore, Thailand and Vietnam.China’s “mixed record” of direct investment abroad over the last decade “underscores the importance of anticipating the risks associated with entering a foreign country,” it said.The report noted that the Chinese government had increasingly emphasised the “rationalisation” of overseas investment.Part of this drive is putting priority on “small and beautiful” projects in the Belt and Road Initiative.New Zealand was the only RCEP member with “less risk but few opportunities” while Australia, Japan, the Philippines and South Korea has “more opportunities but high risk.” The only RCEP member with “few opportunities and high risk” was Myanmar.CAMBODIA’S OVERALL RANKING: 21 OUT OF 80 DESTINATIONSOverall, Cambodia ranked 21 out of 80 destinations based on their appeal to Chinese investors.The Top 20 were Singapore followed by Indonesia, Malaysia, Hong Kong, Thailand, Vietnam, Switzerland, UAE, Saudi Arabia, Chile, India, Bangladesh, South Africa, New Zealand, Russia, Qatar, Egypt, Colombia, Kazakhstan and South Korea.Trailing Cambodia in the Top 30 were Mexico, Israel, Ecuador, Peru, Germany, Brazil, the US, Austria and France.
NBC is ready to intervene in the exchange market internationally
Phnom Penh: The National Bank of Cambodia is ready to intervene in the exchange market to maintain the value of the riel in order to maintain the purchasing power of the Cambodian people as the US dollar appreciates globally against other currencies, including the Cambodian riel. .In recent days, the riel exchange rate against the US dollar has risen significantly, mainly due to seasonal factors and the pressure of the US dollar to appreciate in international markets. This is according to the press release of the National Bank of Cambodia.Due to seasonal factors, the demand for the riel slowed down during the agricultural growing season and the low season. The US dollar as a whole continued to appreciate against other world currencies after the US Federal Reserve continued to raise benchmark interest rates, attracting capital inflows into the United States and boosting demand for the US dollar in international markets.The National Bank of Cambodia continues to adopt a controlled floating exchange rate regime that allows the riel exchange rate to fluctuate at an appropriate level. In this regard, the National Bank of Cambodia is ready to take the necessary steps, including intervention in the foreign exchange market and the use of other monetary policy instruments to maintain the value of the riel in order to maintain the purchasing power of the Cambodian people.
Cambodian PM Asks South Korea to Invest in Agriculture
Phnom Penh, August 28, 2023 --Cambodian Prime Minister H.E. Kitti Tesaphibal Pundit Hun Manet has requested the Republic of Korea to further invest in the Cambodian agricultural sector.The Cambodian Premier made the request when he received here at the Peace Palace this afternoon visiting H.E. Chung Hwang-Keun, Minister of Agriculture, Food and Rural Affairs of the Republic of Korea. In the meeting, H.E. Kitti Tesaphibal Pundit Hun Manet expressed warm welcome to H.E. Chung Hwang-Keun’s visit, and appreciated and thanked the Korean side for their support and care for Cambodian migrant workers in Korea through the Korea Support Centre for Foreign Workers, which provides support services to workers from all countries, including Cambodia.H.E. Kitti Tesaphibal Pundit Hun Manet also reaffirmed Cambodia's support for Korea's bid for the host of the 2030 World Expo in Busan and called on the Korean side to boost more investment in Cambodia, especially in the agricultural sector for export.For his part, H.E. Chung Hwang-Keun was convinced that under the historic leadership of H.E. Kitti Tesaphibal Pundit Hun Manet, Cambodia will see further progress in all sectors.Both sides also agreed to further strengthen and expand the cooperation and trade between the two countries.H.E. Chung Hwang-Keun has been on a visit in Cambodia from Aug. 26-28, 2023. The visit highlighted the close cooperation between the two countries in agriculture and other fields.
Cambodian, Indian ICT Companies Hold B2B Meeting
Phnom Penh August 24, 2023 --A visiting delegation of Electronics and Computer Software Export Promotion Council (ESC) composed of 15 Indian ICT industry players had here on Aug. 24 an exclusive Business Alliance Meet with Cambodian counterparts to foster the cooperation in ICT between the two countries.The event was presided over by H.E. Dr. Devyani Khobragade, Ambassador of India to Cambodia; Secretary of State at the Cambodian Ministry of Industry, Science, Technology, and Innovation H.E. Sun Seng Hout, and Secretary of State at the Cambodian Ministry of Post and Telecommunications H.E. So Visothy.According to a news release from the Embassy of India in Phnom Penh, the event provided the participating companies with opportunities to forge business and strategic alliances, strike market tie-ups, and create win-win propositions to take their businesses on a growth trajectory.The ICT products and services projected by the visiting Indian ICT delegation included Edu-tech, e-commerce, mobile web applications, identity verification, customer onboarding solutions, staff augmentation, ERP/ CRM solutions, international contact centres, block chain, embedded verticals, WMS software, quality management software, cloud consulting, UI/ UX, machine learning, mobile computing, Fintech, Agritech, Metaverse, VFX mobile editing, digital transformation, consulting infrastructure solutions, Health IT, ticketing machines, banking solutions, skill development, scientific and lab equipment, among others.Speaking on the occasion, H.E. Dr. Devyani Khobragade said that with an objective to enhance trade and investments, the two sides are working on a Bilateral Investment Treaty and discussing a Preferential Trade Agreement.She elaborated on various initiatives including India setting up a Centre of Excellence in Software Development & Training in Cambodia, a Pilot Project on a Common Service Centre to facilitate digitalisation of various government services at the village level.H.E. Ambassador laid stress on both sides’ efforts in setting up a Joint Business Council to facilitate private sector led initiatives and in establishing direct linkages between the two nations. India and Cambodia are working towards linking of payment systems enabling UPI payments in Cambodia, she added.For his part, H.E. Sun Seng Hout said that Cambodia has endorsed numerous strategic policies strengthening the use of digital technologies, including digital economy, digital government, digital commerce, on-line registrations for industry and enterprise, and to promote technology for supporting economic growth. He expressed thanks to the Embassy of India and visiting delegates for arranging the meeting to bring together business executives to share expertise and knowledge. H.E. So Visothy said that the Royal Government of Cambodia has launched Cambodia Digital Economy and Society Policy Framework 2021-2035 and Cambodia Digital Government Policy 2022-2035 for building a vibrant digital economy and society, to promote digital adoption and transformation, to accelerate new economic growth, to build a digital government, and to provide effective and inclusive public services. He added that one of the strategic goals of the Cambodia Digital Government Policy is to promote partnerships between the public and private sectors.To further strengthen the IT relations between India and Cambodia, a large Cambodian delegation was invited to visit India for INDIASOFT 2024, the largest IT global networking event in India, to be held in New Delhi, India from Jan. 17 to 19, 2024. INDIASOFT 2024, comprising of International Exhibition and Conference, is aimed to facilitate joint ventures, collaboration and strategic alliances for outsourcing with overseas buyers. The event will provide participants an opportunity to broaden their vision and forge business partnerships.
Cambodia’s Exports to RCEP Countries Increase by 21 Percent in January-July Period
Phnom Penh, August 21, 2023 --Cambodia exported US$4.59 billion worth of goods to the Regional Comprehensive Economic Partnership (RCEP) countries in the January-July period of this year, up 21 percent from the same period last year, according to the data from the Ministry of Commerce.The figures were shared in a Book Launch on “Regional Comprehensive Economic Partnership Part 1 – Geo-Political, Geo-Economic and Legal Analysis,” held at CamTech University in Phnom Penh on Aug. 19.Speaking at the function, H.E Pan Sorasak, Minister of Commerce, said that RCEP plays a key role in the integration of ASEAN into the world economy, promoting sustainable economic growth, environment and resilience, and resisting the trend of anti-globalisation and protectionism.The RCEP free trade agreement entered into force on January 1, 2022. The regional trade pact comprises 15 Asia-Pacific countries including 10-member states of the Association of Southeast Asian Nations (ASEAN) — 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.Cambodia’s exports and imports to RCEP countries have increased thanks to the trade preferences under this mega-regional trade pact, said H.E. Penn Sovicheat, Spokesperson at the Ministry of Commerce, yesterday.“With almost zero trade tariffs, exporters have been able to take advantage of the trade deal, resulting in increased exports and imports from Cambodia,” he underlined.Being the world’s largest trade bloc, the RCEP trade deal has a combined GDP of US$26.2 trillion, representing around 30 percent of the global GDP, 28 percent of global trade, and 32.5 percent of global investment.
Australia Backs Cambodia's Government-Private Sector Forum
Phnom Penh, August 21, 2023 --Australia has expressed its support for Cambodia's Government-Private Sector Forum (G-PSF), the peak platform for dialogue between the government and private sector in Cambodia.According to a recent news release of the Australian Embassy in Phnom Penh, Australia is supporting the inclusive development of a strong private sector in Cambodia - a vibrant private sector is essential for promoting inclusive economic growth and poverty reduction.Through the Cambodia Australia Partnership for Resilient Economic Development (CAPRED), Australia is working with Cambodia Chamber of Commerce, the Council for the Development of Cambodia and other stakeholders to improve the effectiveness of the G-PSF, it added.Recent discussions between Australia, CAPRED and the CCC have focused on ways to improve the G-PSF to make it inclusive and results oriented, said the same source, pointing out that in particular, support will be provided to strengthen the 14 technical Working Groups at the national level and support public and private sector dialogue at the provincial levels.By facilitating the input from Cambodia’s private sector, it underlined, the G-PSF's history indicates that it can contribute to improving the enabling environment for businesses in Cambodia. The impact of this work can stimulate economic growth and increase opportunities, generating jobs and reducing poverty.
Indonesia to Import Cambodian Rice and Export Fertilisers to Cambodia
Phnom Penh, August 17, 2023 --In recognising the importance of food security for the two countries and the region, Indonesia expressed its intention to import rice from Cambodia and export fertilisers to Cambodia through both government-to-government and business-to-business agreement frameworks.The intention was raised by H.E. Pahala Nugraha Mansury, Vice Minister of Foreign Affairs of the Republic of Indonesia, during a meeting here on Aug. 15 with H.E. Dr. Soeung Rathchavy, Secretary of State at the Ministry of Foreign Affairs and International Cooperation (MFAIC).According to an MFAIC’s press release, the two sides expressed satisfaction on the progress in bilateral relations which have grown from strength to strength in multifaceted areas and agreed to further enhance cooperation in key areas including political-security, trade, tourism, education, health and agriculture.The Cambodian side expressed high appreciation to Indonesia for its assistance in human resource development and welcomed Indonesia’s willingness to provide capacity building in the area related to agriculture such as irrigation system management and fisheries, including aquaculture.H.E. Pahala Nugraha Mansury warmly congratulated Cambodia on the success of the General Election and expressed full support of the Indonesian Government to continue working closely with the Royal Government of Cambodia under the new mandate.Both sides also discussed the preparations for the upcoming Meeting between H.E. Kitti Tesaphibal Bindit Hun Manet, incoming Prime Minister of the Kingdom of Cambodia, and President Joko Widodo on the sidelines of the 43rd ASEAN Summit and Related Summits in Jakarta and the 5th Joint Commission for Bilateral Cooperation (JCBC) between Cambodia and Indonesia in the fourth quarter of 2023.
Preah Sihanouk, Thai Delegation Discuss Investment Potential
Phnom Penh, August 18, 2023–Preah Sihanouk Provincial Administration has received a delegation from the Thai Enterprise Development Division to discuss investment potential in the province. Deputy Governor of Preah Sihanouk province, Mr. Long Dimanche, accompanied by representatives of tourism associations, agencies, and entrepreneurs associations, met the Thai delegation led by Mr. Audsitti Sroithong on Aug. 17 As highlighted by the deputy governor, Preah Sihanouk province has beautiful beaches, 32 tourism islands, and is rich in ocean resources. The province's deep-sea port, which is 9.5 metres deep, is a gateway for about 70 percent of goods importing into and exporting from Cambodia. He added that the depth of the port will be increased to 14.5 metres by 2030 and then to 17.5 metres to accommodate larger transport vessels. The province, he continued, is also home to special economic zones of goods stockpiled for regional distribution and some 170 factories operating. To make Preah Sihanouk province a multi-purpose economic zone, the Royal Government of Cambodia is expanding the province's airport, and the city is also connected by railway and highway to Phnom Penh capital, and other provinces. Preah Sihanouk province has been cooperating well with the provinces of Trat and Chanthaburi in Thailand. Mr. Audsitti Sroithong appreciated the briefing and spoke highly of Preah Sihanouk's rapid development, and he was very optimistic about Thailand's investments in the province in the near future. He also proposed the establishment of an investment coordination mechanism between the province and the Thai Chamber of Commerce.
Cambodia, Indonesia Agree on Three Points on Rice Trade
Phnom Penh, August 17, 2023 --The Kingdom of Cambodia and the Republic of Indonesia on Aug. 16 discussed rice trade between both nations and agreed on three main points.The Cambodian side was led by H.E. Pan Sorasak, Minister of Commerce, while the Indonesian side was headed by H.E. Pahala Nugraha Mansury, Vice Minister of Foreign Affairs.According to the Cambodian Ministry of Commerce, Indonesia agreed to buy some 125,000 tonnes of Cambodian milled rice, of which 100,000 tonnes of white rice through the Bulog-Green Trade mechanism, and 25,000 tonnes of premium rice through ID Food-CRF mechanism.Both sides decided to revise the Memorandum of Understanding on Rice Trade between the two countries’ Ministries of Commerce for up to 250,000 tonnes of milled rice per year for a period of four years, it added.They also agreed to establish a mechanism to facilitate communication and coordination in rice trade, said the same source.
Cambodia Investing Heavily in Tourism Skill Training
Phnom Penh, August 17, 2023 -- Cambodia is a leading country in ASEAN investing heavily in tourism skill training for youth, according to an assessment of the Economic Research Institute for ASEAN and East Asia (ERIA).The note was highlighted in a recapitulative meeting of the National Committee for Tourism Professionals (NCTP) of the Ministry of Tourism, chaired by H.E. Thong Khon, Minister of Tourism here in Phnom Penh on Aug. 14. H.E. Thong Khon said the NCTP's achievements in training tourism skills to youth in accordance to the national and ASEAN mechanisms such as study curriculum development, teacher training, and tourism study mainstreaming at general high schools and technical education.The minister encouraged the involved experts to manage the training well, especially for the skills of spa-massage, chef and MICE (Meeting, Incentive, Convention, Exhibition) with certificates acknowledged by ASEAN. Since 2011, Cambodia has carried out capacity assessment of tourism professionals and provided needful training in line with the national and ASEAN qualification framework, said H.E. Try Chhiv, Chairman of NCTP Secretariat.
25 Chinese Firms to Invest in Kampong Speu
Phnom Penh, August 16, 2023 --Twenty-five (25) Chinese factories and enterprises will invest in Cambodia's Kampong Speu province this year.The good news was shared by H.E. Vey Samnang, Governor of Kampong Speu province, while leading a delegation to inspect the production chains of factories and entrepreneurs in Guangzhou province, the People's Republic of China, on Aug. 14.Of the 25 plants, two belonging to SITOY Group will produce world-brand bags and are expected to generate 3,000 jobs, and six garment factories from Hong Yi Industrial Park are expected to create 6,000 jobs.Other 17 garment, textile, shoe, electronic component, phone cases and screens, and dyeing fabric factories from Suzhou Industrial Park are expected to generate 14,000 jobs.In the first step, those factories and enterprises will create a total of 23,000 jobs for the locals by the end of 2023.
Lucrative Local Bamboo Business
Phnom Penh, August 15, 2023 --A Siem Reap man has modernised the design of household materials and souvenirs made of bamboo, making it a lucrative business in the province.A resident of Thnal Bandoy village, Preah Dak commune, Banteay Srei district in Siem Reap province, Mr. Sreng Sreb said he has spent almost 13 years upgrading his family bamboo business, passed on to him by his parents. Though it takes at least six months to process fresh bamboo into various materials, the current market price for them is very decent, he said.He added that "Bamboo hammock is currently a bestseller at his place, and I can make at least US$60 from a bamboo hammock."According to Mr. Sreb, the best bamboos that can produce quality household materials and souvenirs are those with low sugar, are big enough, and are resistant to heat and water.He bought those bamboos from other villagers in Siem Reap, so when his business is going well, those villagers also benefit from it.The success of Mr. Sreb's business is attracting many locals to grow bamboo, and the extra farming is contributing significantly to their families' livelihoods.Looking to the future, Mr. Sreb wants to expand his tailored supplies for home, restaurant, and hotel designs and export his products to international markets.He also encouraged more supporters for products made of bamboo, which do not deplete the forest but promote it and create jobs.
STMarket Hosted a Successful Workshop on Alternative Investment and CFDs
Phnom Penh, August 12, 2023 --Phnom Penh, Cambodia, August 8, 2023 - STMarket, a leading broker in Cambodia and regulated by the Securities and Exchange Regulator of Cambodia (SERC), hosted a successful workshop on alternative investment and CFDs on August 5, 2023, from 9:00 a.m. to 12:00 p.m. The event took place at the STMarket office at Amass Central Tower, 23rd floor.The workshop was attended by more than 50 participants who were interested in learning more about alternative investment and CFDs trading. The workshop covered topics such as how to earn passive income by trading CFDs, guides to fundamental analysis, and guides to technical analysis which was conducted by Mr. Bean Ratana, a technical analyst and trainer with over 7 years of experience in the FX industry.This workshop provided tips and tricks from experts in the industry, and also free food, drinks, and networking opportunity to participants.“We are very pleased with the outcome of the workshop. We received positive feedback from the participants who said they learned a lot from the workshop and enjoyed the interactive and engaging atmosphere. We hope that the workshop will help them to make informed and profitable decisions in the CFDs market. We also hope that the workshop will increase their trust and confidence in our products and services.” said Mr. Ros Rithpanha, the Business Growth Specialist of STMarket.Representing the STMarket business team, we would like to extend our sincere gratitude and thanks to our esteemed media partners, The KhmerToday, for their invaluable contribution to our workshop. Your involvement has played a significant role in disseminating knowledge about investment education and has been instrumental in achieving our awareness objectives.STMarket provides diversified products including Forex product, Commodities, Stock and CFDs, we also aim to serves our clients with a secure, transparent, and user-friendly trading environment, as well as excellent customer service and support. Therefore, we plan to host more workshops in the future to provide trading education to the public and increase their awareness and confidence in financial products investment. For more information, please visit stmarket.com.kh or follow STMarket page on Facebook.What you should not miss out on? Get in touch with us through the Real estate expo this Saturday, August 12th-13th, 2023 to know more about our company and your investment journey. Come and visit us now!
Non-Sovereign Loan Forum Guides Private Sector to Directly Access Development Partners’ Financial Services
Phnom Penh, August 09, 2023 --The Ministry of Economy and Finance has held a forum on non-sovereign loan aimed at providing directions and guides to private sector and business associations to access loan directly from the international financial institutions.The half-day forum took place in Phnom Penh on Aug. 9 under the presidency of H.E. Hem Vanndy, Secretary of State at the Ministry of Economy and Finance, Mr. Anthony Gill, Principal Portfolio Management Specialist of the Asian Development Bank, Ms. Sandrine Boucher, AFD’s Country Director, Mr. Dourng Kakada, Operation Officer of the International Finance Corporation, and selected business associations who are active and key to the private sector development.The forum provided clarity on the comparative advantage of each financing institution, financing mechanisms and requirements of each financing institution, and opportunities and challenges in private sector financing in Cambodia.The forum was organised to collect feedback and the voices of the private sector who are on the ground in regards to their demand and their outlook of the sector development, and private sector and the abovementioned institutions will be able to report what they are in need, said H.E. Hem Vanndy. The ministry in cooperation with these institutions would formulate the medium-term Country Financing Framework for non-sovereign financing to guide and direct the investments in the priority sectors identified by the government and ensure that investments are allocated based on the comparative advantage of the institutions, he said.“The new innovations and modalities will help our country and people of businesses get a better relief after they were to march from Covid. They need goods from all of us,” he said.The private sector is now more than ever becoming increasingly important in order to help the government achieve the economic growth and development ambitions.The private sector is recognised as an indispensable partner of the government and its development remains the priority for the RGC in the market economy development approach and plays a key role in promoting growth and socio-economic development.
Cambodia’s Insurance Industry Records Premium of US$80 Million in Q2
Phnom Penh, August 10, 2023 --Cambodia’s insurance industry recorded a total premium of US$81.2 million in the second quarter (Q2) of 2023, up 6.3 percent from US$76.3 million in the same period last year, a report showed on Thursday.The growth was driven by 18 general insurers, 14 life insurers, seven micro-insurance companies, one reinsurance firm, and 20 insurance brokers, 34 corporate agents, and loss adjusters, it said.The gross premium of general insurance market during the April-June period this year was US$33.3 million, a year-on-year increase of 16.4 percent, while life insurance premium totaled US$46.1 million, down 0.13 percent, and micro-insurance premium was amounted to US$1.7 million, up 12.3 percent, the source added.The report pointed out that the total amount of claims paid out by the insurers was US$7.7 million in the cited period, up 27.5 percent from US$6 million a year earlier.According to the report, Cambodia’s insurance sector had US$1,050 million in total assets as of Q2 this year, a year-on-year increase of 10.8 percent.The increased insurance premiums have reflected the strength of the insurance market in the Kingdom, as the insurance sector contributed about 1.17 percent to the country’s gross domestic product (GDP) per year, according to the Insurance Regulator of Cambodia (IRC).The insurance density in the country is about US$20.53 per person, which indicates that the insurance sector will have a great potential for future development, it said.