Cambodia's economy to recover in 2024 at 6.6%
Phnom Penh: The Cambodian economy in 2024 is projected to recover well and is expected to achieve growth of around 6.6%, making the current gross domestic product (GDP) is around 142. 957 billion riels, equivalent to about 35.168 million US dollars, while per capita GDP is expected to increase to 2071 US dollars, compared to 1,917 US dollars in 2023.This statement was made by Dr. Phan Phalla, Secretary of State of the Ministry of Economy and Finance at the Public Forum on Macroeconomic Management and Budget Law 2024 on February 19, 2024.Dr. Phan Phalla stated that while the global economy in Cambodia's trading partners is better, while some domestic sectors have also improved, such as the non-garment sector has been leading the ongoing export trends growth.Tourism will increase over 2023, along with the recovery of the garment sector, in fact, in the garment sector in early 2024, exports were higher than exports in the same period in 2023."Stakeholders, both buyers and buyers, as well as factories, said that in 2024, there is a lot of hope, which shows a positive recovery in the production of non-garment products and the Agriculture sector has been going well. In addition to the above activities, there are other good factors for Cambodia, including foreign direct investment (FDI), from 2021 to 2023 has increased steadily such as the number of Chinese investors has increased significantly due to the close relations between Cambodia and China.At the same time, Cambodia continues to face a number of internal structural problems, especially limited competition and slow pace of economic diversification, as well as continued to rely heavily on external demand. The riel exchange rate is still around 4,065 riel per US dollar in 2024. The current account deficit is projected to narrow slightly to 9.6% of GDP due to expectations of continued growth in exports and tourism revenue. Total international reserves are expected to reach 21.28 billion US dollars and the import guarantee is 6.6 months.Dr. Phan Phalla added that adherence to the defined macroeconomic framework, in particular, supports the effective implementation of key policy measures set out to achieve the goal of economic growth within 6 6%, which is an indispensable basis to create more new jobs for the people, especially for the youth, and provide more opportunities for people to earn higher incomes, as well as to increase the national budget revenue.
Cambodia, Canada Established Bilateral Consultations To Forge Closer Cooperation
On 20 February 2024, His Excellency CHUM Sounry, Secretary of State of the Ministry of Foreign Affairs and International Cooperation, had a fruitful discussion with His Excellency ALAN Bowman, Director-General for Southeast Asia and Oceania of the Department of Foreign Affairs, Trade and Development of Canada, during the latter’s working visit to Cambodia from 19 to 21 February 2024. Both sides had candid exchange of views on the promotion of relations and cooperation in both bilateral and multilateral frameworks.His Excellency Secretary of State welcomed today’s signing of the MoU on the establishment of Bilateral Consultations between the two Foreign Ministries as another milestone in Cambodia-Canada bilateral relations. He considered the signing of the MoU as an important step in moving forward the bilateral cooperation to a new level. Both sides discussed the agenda and mutually convenient date for the first session of the bilateral consultations to be held within this year.During the dialogue, His Excellency Secretary of State also took the opportunity to express thanks and appreciation to Canada for supporting Cambodia’s economic growth and development through cooperation in the promotion of investment and trade, education, demining, and health.Noting with deep satisfaction that the number of Canadian tourist arrivals in Cambodia has increased by double in 2023 compared to 2022, His Excellency Secretary of State lauded the recent inauguration of the Canadian Consulate in Siem Reap on 13 February and expressed his confidence that the move by the Canadian side would contribute to promoting greater cooperation in tourism, trade and investment between the two countries.On ASEAN-Canada, His Excellency Secretary of State recalled and congratulated Canada on the elevation of the partnership with ASEAN to a Strategic Partnership level, and pledged to offer Cambodia's continued support to deepen ASEAN-Canada dialogue relations, including to work towards the conclusion of ASEAN-Canada FTA negotiation. Secretary of State CHUM Sounry assured the delegation of Cambodia’s readiness to facilitate and coordinate with relevant line ministries and institutions in Cambodia to implement decisions reached by both sides.It is noteworthy that right after the above-mentioned talks, His Excellency CHHOUK Bunna, Director-General of the General Department of Europe, Americas, and Africa-Middle East and His Excellency ALAN Bowman, Director-General for Southeast Asia and Oceania, signed the MoU on the establishment of the bilateral consultations between the two Foreign Ministries.
Cambodia Approves 22 Investment Projects Worth US$444 Million In The First 15 Days Of February
Phnom Penh, February 19, 2024 --The Council for the Development of Cambodia (CDC) has endorsed 22 investment projects worth US$444 million in the areas of industry, physical infrastructure, and agriculture and agroindustry in Phnom Penh capital city and nine provinces for the first 15 days of February.According to a news release of CDC issued today, the newly approved investment projects in Phnom Penh cover the establishment of data centres in Khan Russey Keo and Khan Daun Penh; a bag, car tyre, book cover and pad factory in Khan Kambol; and a garment, medical clothing and pet clothing factory in Khan Pursenchey.In Svay Rieng province, there will be factories of home appliances from recycled metals in Svay Chrum district, and furniture, house appliances, packaging materials, decorative light bulb, wire and cardboard boxes in Giga Resource Special Economic Zone.While cardboard box, Christmas tree and decorative light bulb factory in Kong Pisei district, and bag and accessories factory in Samrong Tong district of Kampong Speu province, there will be coconut processing, doll and pet supply factories in Prey Nup district, and sofa and furniture factory in Sihanoukville Special Economic Zone of Preah Sihanouk province.Besides, when fruit tree farm and processing factory, and pig farm and processing factory will be established in Borey O’ Svay Senchey of Stung Treng province, there will be garment factories in Bati district and Samrong district of Takeo province.A garment factory project in Takhmao city of Kandal province; an iron mining project in O’ Rovieng district of Preah Vihear province; a multi-purpose port and logistics centre project in Kampong Leng of Kampong Chhnang province; and a garment, glove, sock, hat and bag factory project in Jiangsu Special Economic Zone in Kampong Cham province have also been approved during the first two weeks of this month.
Cambodia, Germany To Go Hand In Hand To Attract Investors From Both Countries
Phnom Penh, February 15, 2024 --Cambodia and Germany would go hand in hand to attract investors from both countries for the sake of strengthening bilateral relations and cooperation.The remark was made by H.E. SUN Chanthol, Deputy Prime Minister and First Vice President of the Council for the Development of Cambodia (CDC), while receiving Mr. Johannes Steiniger, a Member of the German Bundestag and Dr. Stefan Heck, Chairman of the Christian Democratic Union (CDU) Marburg-Biedenkopf, accompanied by representatives of Konrad-Adenauer-Stiftung (KAS) Cambodia, at the CDC headquarters in Phnom Penh on Feb. 14.H.E. SUN Chanthol also informed his guests about Cambodia’s development under the shadow of full peace, political stability, macroeconomic stability, increased life expectancy, reduced poverty rate through access to education, clean water, electricity, health, social infrastructure, and improved living condition.In this regard, the First Vice President of CDC laid stress on the effort of the Royal Government of Cambodia (RGC) to turn the country into a high-income economy by 2050.He also mentioned the main roles of CDC to attract more investors to Cambodia, facilitate investment affairs through investment law that is widely open for all investors, as well as collaborate with 15 working groups of Government-Private Sector Forum (G-PSF), which would deal with investors’ problems and concerns.H.E SUN Chanthol added that, to support the investment affairs, the RGC has developed physical infrastructure, and issued Comprehensive Intermodal Transport and Logistics Master Plan (CIT-MP) 2023-2033 to reduce transport and logistics costs.The German side praised Cambodia’s development in all sectors, adding that the purpose of the German delegation’s visit in the Kingdom was to further strengthen bilateral cooperation of both countries.
Cambodia-Japan Relations Are At Best Level Ever
Phnom Penh, February 15, 2024 —Cambodian and Japanese leaders have acknowledged that Cambodia-Japan relations are at the best level ever.The spirit was highlighted here on Feb. 14 by H.E. SOK Chenda Sophea, Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation, at the reception commemorating the National Day of Japan.H.E. SOK Chenda Sophea extended warmest congratulations to the Government and the people of Japan.The Deputy Prime Minister emphasised the enduring friendship, excellent ties, and close cooperation between the two countries in both bilateral and multilateral frameworks over the years. He highly appreciated Japan’s vital role in contributing to Cambodia’s peace and reconstruction processes in the early 1990s, as well as for its continuous assistance in supporting the Kingdom’s socio-economic development.The Deputy Prime Minister stated 2023 was indeed a very special year for both countries as Cambodia and Japan celebrated the 70th Anniversary of the Diplomatic Relations and elevated the relationship to a “Comprehensive Strategic Partnership.
Cambodia's export trade in January this year reached a new record of 27%, driven by the growth of garments
Phnom Penh: Cambodia's exports in January 2024 recorded a significant growth rate of 27%, a new record for many months since the Covid-19 outbreak.According to a report by the General Department of Customs and Excise of Cambodia, Cambodia's exports in January this year reached a total of 1.967 billion US dollars, an increase of 27% compared to the same period last year.Cambodia's import trade in the first month of this year increased by 8.7% to about US $ 2.090 billion compared to the same period last year.The growth of Cambodia's export trade in the first month of this year was largely driven by growth in key goods such as textiles, garments, footwear and travel bags, showing a double-digit increase in exports after Exports of these goods have been declining for several consecutive months throughout most of 2023 due to weak orders from Cambodia's major trading partners such as the United States and the European Union.In addition, exports of agricultural products such as natural seeds and rubber also increased significantly. Cambodia's main export items include textiles, garments, clothing, footwear and travel bags, accessories, electrical appliances, machinery, electronics, furniture, bicycles, plastics and jewelry. Most of the goods that Cambodia imports include raw materials, textiles, garments, precious stones and jewelry, fuel, construction materials, electronics, vehicles, groceries and medicine and medical equipment. According to the same data, Cambodia exported about 22.64 billion US dollars worth of goods by 2023. This figure is up 1.8% compared to 2022. At the same time, Cambodia's imports reached 24.18 billion US dollars, down 5% compared to 2022.
Cambodia's Tourism Generates US$3 Billion Revenue In 2023
Phnom Penh, February 13, 2024 --Cambodia's tourism earned a gross revenue of US$3.04 billion in 2023, a year-on-year increase of 115 percent from US$1.41 billion in 2022, according to a Ministry of Tourism’s report released on Monday.The Kingdom received 5.45 million international tourists last year, up 140 percent from 2.27 million a year earlier, it said.Thailand topped the chart among foreign arrivals to the Kingdom with 1.82 million, followed by Vietnam (1.01 million), China (547,789), Laos (372,285) and the United States (184,780), the report pointed out.Tourism is one of the four pillars supporting Cambodia's economy. The country has four world heritage sites, namely the Angkor Archaeological Park in Siem Reap northwestern province, the Temple Zone of Sambor Prei Kuk in Kampong Thom central province, and the Temple of Preah Vihear and the Koh Ker archaeological site in the northern province of Preah Vihear.Besides, the Kingdom has a pristine coastline stretching in the length of about 450 kilometres in four southwestern provinces of Preah Sihanouk, Kampot, Kep and Koh Kong.The Ministry of Tourism has predicted that the number of international visitors to Cambodia would reach 7 million by 2025, surpassing the pre-COVID-19 pandemic level of 6.6 million in 2019.
ACLEDA Bank Plc. Signs Memorandum Of Understanding With Ministry Of Justice On Usage Of E-Payment Services Of ACLEDA Bank
Phnom Penh, February 08 2024 --Phnom Penh, 08 February 2024, ACLEDA Bank Plc. "ACLEDA Bank" the first listed Commercial Bank in Cambodia, hereby announces that it has signed an Memorandum of Understanding “MoU” with The Ministry of Justice on usage of E-Payment Services of ACLEDA Bank for criminal record application fee payment in order to facilitate customers and the public who need to request a criminal record faster and more convenient.Dr. In Channy, President & Group Managing Director of ACLEDA Bank said that “It is so proud that ACLEDA Bank has signed the MoU with the Ministry of Justice for the official use of the E-payment service for criminal record application fee payment. Through this MoU, customers and public can make an online payment for the criminal record application fee payment through scanning ACLEDA KHQR conveniently and safely.He added that under this cooperation, it is a new step for using the technology and banking infrastructure in the field of jurisdiction to meet the customers’ needs, to contribute to the development of digital technologies playing a significant role in economic and business activities in line with the National policy and strategy of the Royal Government of Cambodia”.About ACLEDA Bank Plc.Currently, ACLEDA Bank Plc., has 4 subsidiaries, they are ACLEDA Institute of Business, ACLEDA Securities Plc., ACLEDA Bank Lao Ltd., and ACLEDA MFI Myanmar Co., Ltd. as well as representative offices in the Republic of the Union of Myanmar. By the end of September 2023, ACLEDA Bank had US$9.40 billion in total assets, US$6.57 billion in total credit balances, and US$6.92 billion in total savings deposits with over 4.43 million customers. As the end of September 2023, the Bank has 3.13 million subscribers of ACLEDA Mobile and 311,166 million business partners.
Banking and microfinance lending in Cambodia to reach nearly $ 60 billion by 2023, but at a low growth rate
Phnom Penh: According to the report of the National Bank of Cambodia, lending of the banking and microfinance sector in Cambodia by the end of December 2023 reached 59.31 billion US dollars, an increase of 4.8 percent compared to the same period as 2022. This is the lowest credit growth rate in more than two decades.The report said loans by sector, including hotels and restaurants, rose 0.6 percent, wholesale sales rose 4.8 percent, home purchases rose 6.4 percent and real estate rose 16.9 percent, and construction, up 13.9 percent. Non-performing loans (NPLs) in the banking sector as a whole stood at 5.4 percent and the microfinance sector at 6.7 percent last year.Dr. Chea Serey, Governor of the National Bank of Cambodia, expressed his pride that the Cambodian banking system continues to be strong in the context of countries such as the United States and Switzerland, which have raised serious concerns about global financial stability.At the same time, she stated that credit interest rates in Cambodia have remained relatively stable, although slightly higher for some institutions compared to the increase in other countries due to the increase in the benchmark interest rates of central banks in major developed countries such as the United States and Europe.However, the governor said that non-performing loans also continued to increase, which required higher attention on bank inspections, regular stress testing, and in-depth monitoring of cellular risks also requires the banking and financial institutions to be extra vigilant.Mr. Sok Voeun, Chairman of the Board of the Microfinance Association of Cambodia, said that the lending of banks and microfinance institutions in 2023 has a lower growth rate than in previous years due to the demand for loans from customers for use to expand their business or other business seems to be less active, especially in real estate and construction."The reason for the low growth due to market demand from customers is that in our current economic situation, the demand for him to expand his business, expand something, he is stagnant, or he does not dare to invest in it in the meantime." he said. Especially in the two sectors where we see that in the real estate sector and the construction sector, I see it is declining, when these two sectors are declining, the general environment sees that the growth rate is slightly lower. "However, Mr. Sok Voeun said that in general, the credit growth rate of around 4 to 5% is still indicative of the strength of the banking and financial sector in Cambodia, which is progressing well.At the same time, he is optimistic that in 2024, lending to the banking and financial sector will grow better than last year, as the outlook for the microfinance and banking sector continues to support the influx of money into the economy to meet the needs of customers to use, which makes the economy run smoothly and to protect the risk level of the sector to continue to grow sustainably.It is projected that by 2024, MFI lending will grow by between 5% and 15%, while in 2023 it will grow by around 3% with a total loan size of about $ 5 billion for MFI members. Cambodian Finance. This was confirmed by Mr. Sok Voeun, Chairman of the Board of the Microfinance Association of Cambodia. As of the first half of 2023, Cambodia has 59 commercial banks, 9 specialized banks and 87 microfinance institutions operating throughout the country.
Cambodia Logs Rise In Exports In January
Phnom Penh, February 12, 2024 --Cambodia’s exports topped US$1,967 million in the first month of this year, an increase of 27 percent compared to the same period last year, pointed out a report of the General Department of Customs and Excise on Monday.Cambodia's exports to the U.S. rose by 11 percent to US$626 million in January, from US$562 million in the same period last year, followed by Vietnam and China with US$373 million and US$121 million, respectively, underlined the source.The main items Cambodia exported included garment, footwear, travel goods, bicycles, and a number of agricultural products such as rice, rubber, cassava, bananas, mangos and longans.The garment, footwear and travel goods industry is the largest foreign exchange earner for Cambodia. The sector consists of roughly 1,133 factories and branches, employing approximately 840,000 workers, mostly female.H.E. Penn Sovicheat, Secretary of State and Spokesperson at the Ministry of Commerce, said the trade agreements had given an impetus to promoting Cambodia-made products to gain momentum across foreign markets.“The trade agreements have contributed not only to boosting of exports of made-in-Cambodia products but also brought new investments to the country, contributing to its economic development,” he stressed.At the same time, Cambodia’s total imports rose by 8.7 percent to US$2,090 million, read the report.The country primarily imported raw and construction materials, automobiles, pharmaceuticals, electronic equipment, fertilizers and pesticides.
Outcomes Of The Bilateral Meeting Between Cambodian And Thai PMs
Phnom Penh, February 08 2024 --The Cambodian Ministry of Foreign Affairs and International Cooperation this afternoon issued a press release highlighting the outcomes of the official bilateral meeting between Samdech Moha Borvor Thipadei Hun Manet, Prime Minister of the Kingdom of Cambodia, and his Thai counterpart H.E. Srettha Thavisin in Bangkok, on Feb. 7, during the former’s day-long visit to Thailand:
Cambodia, Belgium Hold First Session Of Bilateral Political Consultations
Phnom Penh, February 08, 2024 --The First Session of the Bilateral Political Consultations between the Ministry of Foreign Affairs and International Cooperation (MFAIC) of the Kingdom of Cambodia and the Federal Public Service of Foreign Affairs, Foreign Trade and Development Cooperation of the Kingdom of Belgium, was conducted here at the MFAIC on Feb. 7.The meeting was co-chaired on the Cambodian side by H.E. Dr. CHEM Widhya, Secretary of State at the MFAIC, and on the Belgian side, by Ambassador François DELHAYE, Director Asia and Oceania, according to a press release of the MFAIC issued this morning.During the discussions, the source pointed out, both sides briefed on the political and economic development of their respective countries and expressed their desire to further strengthen and expand bilateral cooperation, especially in trade and investment. They also exchanged views on a number of regional and global issues of common concern.Both Senior Officials agreed that the Bilateral Consultations mechanism is essential to promote closer interactions between the two Ministries, said the press release, adding that they looked forward to the holding of the Second Session of the Bilateral Political Consultations in Brussels at the earliest convenience.
Cambodia to have 281 new large-scale factories with more than $ 1.8 billion investment
Phnom Penh: 241 large factories will be established in 2023 with a total investment capital of about 1.875 million US dollars, which brings the total number of large factories now to 2,125 across Cambodia, with a total investment capital of approximately $ 18.56 billion. This is according to the report of the Ministry of Industry, Science, Technology and Innovation.The presence of these factories has created hundreds of thousands of jobs for the people, providing income to support the family economy and the national economy. Attracting heavy industry is something that the Royal Government of Cambodia is desperately trying to achieve by its goal of turning Cambodia into a high-middle-income country by 2030 and a high-income country by 2050.At the same time, based on the long-term vision of Cambodia, the Royal Government has set out an industrial development policy as a guide to promote the development of the industrial sector in Cambodia, which will contribute to maintaining high, sustainable and sustainable economic growth through diversify the economy, strengthen competitiveness and increase productivity.These large factories include: car assembly and assembly plant, electronics factory, cement factory, electrical equipment factory, solar panel factory and tire factory. According to the Council for the Development of Cambodia (CDC), in 2023, Cambodia approved a total of 268 investment projects with a total investment of 4.9 billion US dollars, an increase of 22% compared to 2022.According to the latest results of the 2022 Census of the Kingdom of Cambodia, there are more than 750,000 economic entities in Cambodia, with a total of about 2.98 million jobs. The large-scale economic entity has about 2,165 enterprises that can create up to 1.87 million jobs, accounting for more than 62% of total employment.The report noted that most of the large-scale economic enterprises concentrated in Phnom Penh with nearly 900 enterprises, followed by Kandal with more than 200 enterprises, followed by Kampong Speu with more than 100 enterprises, Sihanoukville with more than 100 enterprises and Svay Rieng for more than 100 enterprises and Takeo province has nearly 100 enterprises.
DPM Sun Chanthol: New Investment Projects In January Reflects Investors’ Confidence On Royal Government
Phnom Penh, February 06, 2024 --Deputy Prime Minister H.E. Sun Chanthol, First Vice President of the Council for the Development of Cambodia (CDC), welcomed the new investment projects approved by CDC in January, stressing that this reflects the investors’ trust on the leadership of Prime Minister Samdech Moha Borvor Thipadei Hun Manetin maintaining peace and social stability in Cambodia, which ensures that their factories’ production chains run smoothly.H.E. Sun Chanthol considered the approved investment projects as the result of the political, diplomatic and economic policies and efforts of Samdech Hun Sen Manet, also CDC President, over the past five months.The DPM is optimistic that in the coming months, Cambodia will receive more foreign investment projects that will contribute to the national economic growth and job creation.According to the CDC’s news release issued last week, the council authorised 32 investment projects worth some US$187 million in the first month of 2024. The projects are expected to generate almost 29,000 job opportunities for the locals.The most outstanding projects approved include electronics manufacturing project in Samrong district of Takeo province; electric motor, bicycle and tricycle assembly plant in Kean Svay district of Kandal province; aluminum, steel and copper processing project in Kong Pisei district of Kampong Speu province; and textile and garment factory project in Kampong Seila district of Preah Sihanouk province, the CDC pointed out.Over 78 percent of the investment capital came from China, 9.65 percent from Singapore, 5.34 percent from the United States of America, 3.55 percent from Republic of Korea and 2.73 percent from local sources.
ASEAN, China push for free trade talks between the two sides by the end of this year
China: ASEAN-China side holds 5th meeting to discuss upgrading ASEAN-China free trade agreement held by China Free ASEAN-China to be able to reach a complete conclusion by the end of 2024. The talks were held from January 29 to February 2, 2024 in Hangzhou, Zhejiang Province, People's Republic of China. Mr. Tith Rithypol, Undersecretary of State, Ministry of Commerce and Chairman of the Joint Committee for the Cambodian side, led the Cambodian delegation. Meetings of relevant working groups were also held, such as the Commodity Trade, Investment, Digital Economy, Green Economy, Customs and Trade Facilitation Procedures, Standards and Compliance Assessment, Competition and Consumer Protection, small and medium Micro-Enterprise, legal and institutional, supply chain connection.The 5th meeting was successfully concluded, and the 6th meeting was agreed to be held in April 2024 in Singapore.The ASEAN-China Free Trade Agreement was signed in 2004 and entered into force in July 2005, reducing tariffs on more than 7,000 tariff lines or 90 percent of imports to "zero" by the end of 2010 exempt CLMV countries by 2015.Since the establishment of the ASEAN-China Comprehensive Strategic Partnership, economic and trade cooperation between China and the Association of Southeast Asian Nations (ASEAN) has reached a new high.Trade and investment between the two sides continue to grow on an existing basis: In the first 10 months of 2023, the total trade volume between ASEAN and China reached 731.9 billion US dollars, equivalent to 15 , 2% of China's total foreign trade.In the first seven months of 2023, bilateral investment between China and ASEAN countries exceeded 380 billion US dollars.At the same time, the two sides are looking for new areas for economic and trade cooperation, making significant progress in areas such as green economy, digital economy, maritime economy and financial and monetary cooperation. Progress has also been made in building "Version 3.0" of the ASEAN-China Free Trade Area, with five rounds of negotiations successfully concluded.
China overtakes Japan to become world's largest car exporter by 2023
TOKYO (Reuters) - China will become the world's largest car exporter by 2023 for the first time, surpassing Japan with strong electric car sales overseas, industry data show. Japan's auto exports to reach 4.42 million units in 2023, up 16 percent from a year earlier, data from the Japan Chamber of Commerce released on Wednesday shown an increase of 58 percent to 4.91 million units.Japan has overtaken Germany for the first time since the top spot in 2016. Demand for all-electric vehicles to reduce carbon emissions is growing around the world by Chinese automakers such as BYD Co. boosted its exports with strong support from the Chinese government.China's gasoline car exports to Russia also rose sharply after Japanese, US and European automakers withdrew from the war in Ukraine.Japan's auto exports rose for the first time in the last two years, but were lower than the previous prevalence of 4.82 million in 2019, according to data released on Wednesday.Japanese automakers such as Toyota Motor Corp. have been reviewing their production strategies in recent years, aiming to be less reliant on gasoline-powered vehicles and increase sales of gasoline-electric vehicles, which in many cases Can be used for longer distances than pure electric vehicles.Maintaining its top position could present a challenge for China as global electric vehicle sales show signs of recent decline due to high prices and shortage of charging stations, experts said.
NBC, in collaboration with the Ministry of Education, launches a project to integrate financial literacy
Phnom Penh: The National Bank of Cambodia has launched a project to integrate financial literacy into the general education curriculum with the Ministry of Education, Youth and Sports, Phase III, after the success of the first phase and the second phase. Dr. Chea Serey, Governor of the National Bank of Cambodia, said in a workshop on the implementation of the Financial Literacy Prevention Project in the General Education Curriculum with the Ministry of Education, Youth and Sports, Phase 3 on February 1, 2024 that Financial literacy is a skill that is used in one's daily life and in the context of the constantly evolving economy, providing students with financial skills such as understanding money, investing, and financial management from an early age. Students need to have the ability to make the right decisions to build a solid foundation for their financial future.Lack of financial literacy can lead students or young people to face problems in managing their finances, such as falling into debt or bad investments caused by poor decisions, she said. In addition, the integration of financial literacy into the general education curriculum is a holistic approach that will help cultivate a sense of responsibility, thinking and problem-solving skills that are valuable qualities for individual success.On the other hand, the suppression of financial literacy into general education curriculum is an investment in the future because it not only helps individuals to make the right financial decisions, but also contributes to the well-being and stability of our society.Please be informed that the discussion on the project to integrate financial knowledge into the general education curriculum has been held since 2017, with the consensus on setting long-term goals to integrate financial knowledge into the general education curriculum from 1st to 12th grade, especially in subjects related to currency, planning and personal financial management, banking and financial institutions, financial responsibility and risk management.The "first phase" officially began in 2017 and the "second phase" began in December 2019. The "third phase", the last phase, will start from 2024 to 2026.
Cambodia approves investment worth nearly 190 million USD
Phnom Penh: In the first month of 2024, the Council for the Development of Cambodia approved 32 new projects and production expansion projects with a total investment of more than 187 million US dollars, and can create nearly 29,000 jobs. This is according to the press release of the Council for the Development of Cambodia.According to the Council for the Development of Cambodia, the most prominent investment projects of the month include (1) a project to establish an electronics factory in Samrong district, Takeo province, and (2) a project to assemble a motorcycle and bicycle assembly plant. Tuk-tuks (Electricity) and Chargers in Kien Svay District, Kandal Province (3) Project to establish an aluminum, iron, and copper processing factory in Kong Pisey District, Kampong Speu Province, and (4) Project to establish a textile and garment factory in Kampong Seila District, Preah Sihanouk.Province.In January 2024, more than 78% of investment came from China, 9.65% from Singapore, 5.34% from the United States, 3.55% from the Republic of Korea, and 2.73% from local sources. These investment projects focus entirely on industry.On January 31, 2024, Samdech Prime Minister Hun Manet, Prime Minister of Cambodia, decided to officially launch the "Special Program to Promote Investment in Sihanoukville 2024."."Special Program to Promote Investment in Sihanoukville 2024" is an initiative of the Prime Minister to promote business and investment activities to turn Sihanoukville into a leading province in promoting economic growth in Cambodia in the context of the global and regional economic situation continues to face high uncertainty.Samdech Hun Sen said that the special program to promote investment in Sihanoukville 2024 aims to promote investment activities as well as solve the problems that are facing and stuck to turn Sihanoukville into a leading province. To increase national economic growth for the better.Samdech emphasized that the "Special Program to Promote Investment in Sihanoukville 2024" is another new practical step of the Royal Government in economic development in Sihanoukville. Sihanoukville and Siem Reap are special targets for settlement, so the Royal Government has launched special programs in these two provinces.According to the Council for the Development of Cambodia, In 2023, the Royal Government of Cambodia approved a total of 268 investment projects with a total investment of 4.9 billion US dollars, an increase of 22% compared to 2022, most of which are led by Chinese investment and followed by local investment.
Ministry Launches Trust Fund For Skills Development
Phnom Penh, January 31, 2024 --The Ministry of Economy and Finance and partners have launched the upgrade of the piloted Skills Development Fund (SDF) into a trust fund to expand and sustain its services in enhancing Cambodia's labour force for economic diversification.According to the ministry's press release, the launch took place on Jan. 30 in Phnom Penh under the auspices of Deputy Prime Minister and Minister of Economy and Finance H.E. Dr. Aun Pornmoniroth.Initiated and successfully piloted by the Ministry of Economy and Finance and partners since March 2018, the launched SDF was themed 'Develop Your Skill, Develop Your Business, Develop Yourself'.In his opening address, H.E. Dr. Aun Pornmoniroth recommended all ministries, relevant institutions, development partners, and the private sector join hands in supporting SDF to further promote market-demand-driven and ethical human resources in Cambodia, both in terms of quality and quantity.The event also showcased SDF achievements and hosted the signing of the memoranda of understanding between the trust fund and strategic partners, including the Cambodia Chamber of Commerce (CCC), the Cambodian Federation of Employers and Business Associations (CAMFEBA), and the Hospitality Kampuchea (HoKa) Steering Committee of the Ministry of Tourism and SwissContact.From 2024 onwards, the SDF has set key priorities to strengthen the service quality and efficiency of managing and allocating its funds, increase support for training programmes to meet the needs of the private sector, and introduce new programmes to further advance its work.
By 2023, Cambodia to produce nearly 37 million tons of agricultural crops, an increase of about 6% compared to 2022
The Minister of Agriculture, Forestry and Fisheries said, “In 2023, Cambodia produced 36.81 million tons of agricultural crops, an increase of 6% compared to 2022, of which 12.49 million tons of rice production, 4.96 million tons of horticultural production and industrial production of 18.96 million tons and rubber production of 0.4 million tons. This was stated by HE Dith Tina, Minister of Agriculture, Forestry and Fisheries at the Closing Ceremony of the National Conference on Agriculture, Forestry and Fisheries in 2023 and the direction of implementation in 2024 under the presidency of Samdech Hun Sen, Prime Minister of Cambodia at this afternoon, January 30, 2024.The Minister of Agriculture, Forestry and Fisheries stated, "Cambodia has officially exported a total of 8.82 million tons of agricultural products worth more than 4798 million US dollars. Cambodia has a surplus of rice left after domestic food demand of nearly 7 million tons, compared to 4.5 million tons of rice, an increase of 11.2% compared to 2022.Please be informed that the cultivation work in 2023 has encountered some problems related to climate change, especially floods and droughts, which have damaged the crops of farmers in 16 provinces. To solve this problem, the Royal Government has released more than 2,255 tons of rice seeds through the Cambodian Food Reserve System to distribute to 23,000 affected families, 30.5 tons of vegetable seeds and mixed crops distributed to the population of 98,000 of 452 families for rehabilitation intervention.