The Cambodian Chamber of Commerce to allow to meet BNI Cambodia to discuss the work in preparation for CIBExpo
Phnom Penh: On the afternoon of April 4, 2024, HE Oknha Nguon Meng Tech, Director General of the Cambodian Chamber of Commerce, High Representative, Oknha Kith Meng, President of the Cambodian Chamber of Commerce, received Mr. Jonathon Chua, General Manager of BNI Cambodia and the working group to pay a courtesy call and discuss work at the Cambodian Chamber of Commerce.The General Manager would like to thank His Excellency Oknha, General Director, for allowing him to pay a courtesy call and discuss the current work, he has been organizing Cambodia International Business Expo 2024 (CIBExpo) on 10-12 May 2024 at the Koh Pich Convention and Exhibition Hall, if nothing changes.His Excellency Oknha, Director General, welcomed the General Manager to meet with His Excellency Oknha, Director General to pay a courtesy call and discuss work. His Excellency Oknha, General Director, was pleased to welcome and support the upcoming CIBExpo. In addition, the General Manager also gave a presentation on the whole CIBExpo program.
Emirates to resume flights to Phnom Penh (Cambodia) in May
Emirates said on Thursday that it will resume daily flights to Phnom Penh, Cambodia, via Singapore as of May 1. This move will improve the airline's connections throughout Southeast Asia to and from Dubai.Adnan Kazim, Deputy President and Chief Commercial Officer of Emirates, stated: "The resumption of our Phnom Penh services demonstrates our commitment to strengthening our Southeast Asian network, as we continue to create more opportunities for travelers to explore diverse and culturally rich destinations, and help businesses and exporters of all sizes establish stronger trade connections."360 passengers can travel in three classes on board a Boeing 777-300ER, including 8 suites in First Class, 42 in Business Class, and 310 in Economy Class.360 passengers can travel in three classes on board a Boeing 777-300ER, including 8 suites in First Class, 42 in Business Class, and 310 in Economy Class.The schedule that connects Phnom Penh with Singapore is well-planned, offering the best possible connections to and from a number of destinations in France, the United Kingdom, Germany, Switzerland, and the United States.Emirates will begin serving Singapore with four daily flights via this new connection on May 1.
Cambodia Ready To Be A Strategic Partner Of Businessmen And Investors
Phnom Penh, April 02, 2024 --Cambodia is ready to be a strategic partner of businessmen and investors to seize ASEAN's viable economic opportunities and is committed to working closely with ASEAN member states and dialogue partners to build a resilient, sustainable and competitive ASEAN Economic Community (AEC) for the common interest of the region.The remarks were underscored by Samdech Moha Borvor Thipadei Hun Manet, Prime Minister of the Kingdom of Cambodia, while presiding over the official opening ceremony of Cambodia-ASEAN Business Summit, held here this morning.With her strategic location, Cambodia provides a seamless connectivity and creates an ecosystem of collaboration that focuses on mutual benefits and common well-being throughout the region, the Premier said.At the same time, he continued, Cambodia's strategic membership in major regional and global trade agreements such as the Regional Comprehensive Economic Partnership (RCEP) and World Trade Organisation (WTO) makes the Kingdom a highly integrated player in the global market. "Made in Cambodia" products such as clothing and bicycles are now internationally recognised for their quality and competitive prices, which demonstrates Cambodia's growing presence in the global market.According to Samdech Thipadei, Cambodia firmly believes that a strong, resilient and integrated ASEAN Economic Community can bring common prosperity to all member states. In this spirit, the Royal Government of Cambodia has been promoting the implementation of the "Plus-One Strategy" by attracting investment in the production of spare parts or semi-finished products to supply large factories in neighbouring ASEAN countries, and has approved the new Investment Law to provide investors with potential and strategic excellence with many incentives for investment projects in key priority areas.Moreover, he underlined, Cambodia is investing in developing connectivity infrastructure, including highways, deep seaports and international airports, and modern logistic centre, which will promote smooth and efficient regional connectivity to key economic corridors in Cambodia and the ASEAN region as a whole, and these strategic investments will help reduce the logistics costs and increase the efficiency of businesses operating in Cambodia so that they can draw huge potential from the regional market.
Cambodian Statesman Praises China’s Role In World Development
Phnom Penh, March 28, 2024 --Samdech Akka Moha Sena Padei Techo Hun Sen, President of the Supreme Privy Council to His Majesty the King, has lauded China’s key role in the development of countries from Asia, Africa to Latin America.Samdech Techo made the remarks in his keynote address at the opening ceremony of the Boao Forum for Asia Annual Conference 2024, held in Hainan province, the People’s Republic of China on Mar. 28.The former Cambodian Prime Minister emphasised that the common responsibility in Asia is to maintain peace and security in the region to ensure poverty alleviation and future development for common prosperity. Asia has achieved tremendous development and has played a leading role in growth, especially during a difficult period of global economic downturn. Asia's strong economic growth and position as the world's manufacturing and trade hub have given Asia an important global role, despite the slowdown in the global economy and the recent supply chain restructuring. Overall, Asia’s economy is expected to contribute 60 percent of the world's GDP growth in the coming year.“In this sense, our region needs to work together to maintain a positive momentum, our actions must be guided by the principles of multilateralism, based on the rule of law that applies to all of us, not to any group of countries. We must continue to strive for deeper integration and better connectivity, rather than push for disconnection and blockade. We must recognise that multilateralism is a principle that supports globalisation, sustainable development and poverty reduction that are of real benefit to our world today,” he underlined.Samdech Techo Hun Sen said that the Belt and Road Initiative has supported the construction of public infrastructure on continents. These infrastructures are an indispensable part of the efforts to develop and reduce poverty of the people of the beneficiary countries, including Cambodia. “We must recognise that China's model of growth and development has allowed other countries to prosper together, not abandon other countries for their own growth,” he added.“It is our shared responsibility to promote inclusive growth in a multilateral international order based on the rule of law that gives every country, large and small, the opportunity to stand out, grow and prosper. […] We must work to protect multilateralism that supports the community interests, so that people around the world can enjoy peace and a better quality of life,” stressed Samdech Techo Hun Sen.
11th Annual Macroeconomic Conference To Be Held In December
Phnom Penh, March 30, 2024 --Cambodia will hold the annual Macroeconomic Conference, the 11th of its kind, on Dec. 17, 2024, according to a recent announcement of the National Bank of Cambodia (NBC).Themed this year “Geoeconomic Fragmentation: Implications and Policies”, the 11th Macroeconomic Conference will be jointly organised by the NBC and the International Monetary Fund (IMF).The conference is aimed to strengthen and build the culture of research in Cambodia and provide a forum for dialogue among researchers, experts and relevant stakeholders on topics that are important for and relevant to the development of Cambodian economy.“In light of this upcoming conference, the NBC is accepting research proposals from candidates conducting their research on topics related to the theme of this macroeconomic conference,” said the announcement.Authors presenting their papers at the conference will be rewarded, and their papers will be published in the NBC's working paper series, the source added.Interested candidates are required to submit their research proposals to the Monetary Policy and Research Department via macroconfer@nbc.gov.kh by April 10, while the announcement of selected proposals/papers will be on April 20.
NBC Launches 'Love The Riel' Campaign
Phnom Penh, March 20, 2024 --The National Bank of Cambodia (NBC) marks the 44th anniversary of Riel banknote printing with the 'Love the Riel' campaign.According to a public notification issued by NBC on Mar. 19, the campaign welcomes the exchange of old and torn riel banknotes with the new ones across Cambodia.Running from Mar. 20 until 29, the campaign with 'Riel, Sustainability, Development' as its motto is launched in cooperation with capital, provincial and municipal banking and financial institutions.During the campaign, the public can access their nearest banking and financial institutions for the exchange.Cambodia re-printed the first Riel banknotes on Mar. 20, 1980.
More Korean Companies Seek Trade And Investment Opportunities In Cambodia
Phnom Penh, March 27, 2024 --A Korean delegation of 13 companies led by Mr. Hacheong Yun, Director General of Korea Trade-Investment Promotion Agency in Cambodia (KOTRA Phnom Penh), has sought for more trade and investment opportunities in potential sectors in Cambodia.The intention was revealed during a working meeting between H.E. Sun Chanthol, Deputy Prime Minister and First Vice President of the Council for the Development of Cambodia (CDC), and the Korean delegation, at the CDC headquarters here on Mar. 26.On the occasion, H.E. Sun Chanthol explained to his guests the reasons why Cambodia is the best choice for their investment destination, ranging from full peace, political stability, economic growth, and exchange rate stability to human resource productivity and attention to physical infrastructure development.The Cambodian DPM also laid stress on the openness of Cambodian investment law which provides many incentives to investors, the regular organisation of Government-Private Sector Forum to address investors’ challenges, and especially on the connection of the Cambodian market to the world through Cambodia-Republic of Korea Free Trade Agreement (FTA), Cambodia-China FTA, and Cambodia-United Arab Emirates Comprehensive Economic Partnership Agreement, Regional Comprehensive Economic Partnership (RCEP) Agreement, Everything But Arms (EBA) scheme, and so on.The Royal Government also encourages investment projects in heavy industries such as electronic assembly, automobile assembly, and technology projects to name a few, he underlined.The 13 Korean companies include Samsung Electronics, Hyundai Motor, LG Electronics, CJ Group, LX International, DAEJOO KC Group, Booyoung Group, Hanshin Engineering & Construction, KORINDO Group, Kolao Group, KBIZ, World OKTA, and Maekyung Media Group.
PM Hun Manet Urges Laos to Explore Importing Goods from Cambodia, Particularly Beverages
26 March, Phnom Penh - In a bilateral meeting with Laotian Prime Minister Sonexay Siphandone, Cambodian Prime Minister Hun Manet asked the Lao side to look into the possibilities of importing some items from Cambodia, especially drinks, according to Cambodian Delegate Minister Jean François Tan.After Samdech Thipadei's visit to the Lao PDR came to an end on Tuesday, March 26, Jean François Tan spoke during a news conference.Delegate Minister Jean François Tan pointed out, "In order to increase the trade volume between Cambodia and Laos, we have asked our Laotian friends to consider importing some goods from Cambodia, such as beverages, which are high-potential and abundant in Cambodia."In addition, Prime Minister Hun Manet urged his Laotian colleagues to investigate the prospect of strengthening economic integration through trade in services, including as banking, transportation, and tourism services, according to Jean François Tan. This was in reference to the trade boost.The importance of arranging the Joint Commission on Bilateral Cooperation's (15th) meeting, reviving the Joint Trade Commission, hosting forums for business and investment, and promoting economic integration through trade in services like financial, travel, and tourism services were all topics of discussion between Prime Minister Hun Manet and his Laotian counterpart.
Conservationists Witness Explosion Of Life Coral Spawning In Cambodia
Phnom Penh, March 22, 2024 –Synchronised mass coral reef spawning has been observed for the first time in Cambodian waters, demonstrating that the coral remains healthy despite challenging conditions, said Fauna & Flora in a news release AKP received on Mar. 22.According to the same source, the spawning event – which will help to inform future conservation efforts in this area – was observed during the first week of March by Fauna & Flora’s Cambodia team, alongside local partners.Partners included Cambodia’s Fisheries Administration and Ministry of Environment, Song Saa Foundation, Bubbles Up! Dive Centre with advice from Dr. Rahul Mehrotra and Aow Thai Marine Ecology Centre.Coral spawning – or coral reproduction – usually occurs once per year, when entire colonies of coral reefs release their eggs and sperm at the same time. The length of the release varies from just a few minutes to over an hour, depending on the genera of the coral.Understanding when coral reproduction occurs is important for coral reef management, as it allows conservationists to effectively deploy restoration techniques and assess the health of hard coral communities. Significant mass spawning is an important sign of coral reef health, and this event shows that Cambodian coral reefs have not been severely affected by major stressors, such as climate change - that could prevent reproduction.Coral reefs near the Cambodian coastline are characterised by high sedimentation and are subject to significant variations in temperature between the wet and dry seasons. Therefore, Cambodia’s coral reefs may act as important refugia for thermally tolerant coral genotypes that can seed coral reefs elsewhere in the Gulf of Thailand.Matt Glue, Fauna & Flora’s Marine Technical Specialist in Cambodia, comments: “What a spectacular event to witness along our coastline. It was like an explosion of life as the reef released thousands of eggs, spreading as far as the eye could see.“Coral reefs provide a crucial habitat for marine life as well as vital ecosystem services through tourism and fisheries that coastal communities in Cambodia rely on. It is therefore enormously reassuring to see that the coral here remains healthy, and this sighting will help to improve our knowledge of coral reproduction in the Gulf of Thailand.”Chantha Chroeng, a Marine Species & Ecosystems Officer at Fauna & Flora, adds: “It is difficult to explain, but the mass spawning is like snow, except instead of falling, it moves up slowly, slowly. It is a wonderful spectacle.”Anne Groeneveld, Bubbles Up!, observes: “It was like diving in a Blue Planet documentary! To see something so rare and special is amazing.”Sorn Srenh, Deputy Chief of Koh Sdach Commune, says: “Coral spawning is truly captivating, and it has left a lasting impact on my soul. When corals spawn, it is a sign that they are flourishing and that the environmental conditions are conducive to their survival and growth.”Fauna & Flora is working with the Cambodian Fisheries Administration, and the Ministry of Environment, and local NGOs to protect marine and coastal ecosystems in this region. The work, which receives funding from the Blue Action Fund and Fondation Prince Albert II de Monaco, includes biodiversity research, such as the mapping of coral reef, seagrass, and mangrove habitats; marine protected area development; and the restoration of mangrove forests along the coastline.Fauna & Flora and its partners are also engaging with local communities and other stakeholders along the Cambodian coastline to raise awareness of the value of marine resources and develop sustainable conservation methods and livelihood activities.
Microfinance Sector Propels Cambodian Riel Circulation In 2023, Says CMA
Phnom Penh, March 25, 2024 --The Cambodian microfinance sector has emerged as a transformative force in the national economy, championing an impressive surge in the adoption and use of the Khmer Riel (KHR) in 2023.The sector reported that 25 percent of its loans and 16 percent of deposits are now denominated in Riel, the Cambodia Microfinance Association (CMA) said in a press release issued on Mar. 25.The total loan balance in Cambodian Riel escalated to an unprecedented KHR 5.56 trillion. Furthermore, the volume of Riel deposits at Microfinance Deposit-taking Institutions (MDIs) has swelled to KHR 1.52 trillion, signaling a notable shift in the public's saving habits toward the local currency.These figures are indicative of a growing confidence in the national currency, greatly surpassing the benchmarks previously set by regulatory bodies, CMA said.Under the stewardship of the National Bank of Cambodia (NBC) and collaboration with the CMA and other stakeholders, extensive efforts have been made to broaden the public's understanding and embrace of the Riel. Initiatives focusing on improving financial literacy, advocating for adopting digital transactions in Riel, and highlighting the advantages of a vigorous local currency system have been critical. These endeavours have paved the path toward establishing a more inclusive and durable financial environment nationwide.Ms. Dith Nita, Chairperson of the CMA, highlighted the strategic importance of these initiatives. "The comprehensive approach that our members adopted in 2023 was designed to elevate the Riel's role in our financial transactions and to deepen our community's relationship with our national currency. This effort is crucial for creating an inclusive and resilient financial ecosystem,” she said.The influence of microfinance loans on the Cambodian economy has been significant, touching upon various sectors such as households, commerce, agriculture, and beyond, she added."Our targeted interventions across these sectors have not only propelled economic activity but also emphasised the microfinance sector's integral role in supporting Cambodia's developmental ambitions," Ms. Dith Nita commented.According to CMA, the remarkable growth in transactions through Cambodia's Bakong payment system, with a 3.4-fold increase in Riel transactions, significantly outstripping those in U.S. dollars, underscores a year of unparalleled success for the national currency.“This leap forward symbolises a concerted push towards cementing the Khmer Riel's position as a preferred medium of exchange, bridging the gap between digital and traditional commerce. It's a clear indication of Cambodia's journey towards economic self-sufficiency and sustainability,” CMA said.Cambodia has 59 commercial banks, nine specialised banks, and 87 microfinance institutions across the country, with 16.5 million deposit accounts and 3.8 million credit accounts, pointed out the NBC report.
The Riel Has Gained Noticeable Confidence In National Economy
Phnom Penh, March 21, 2024 --On the 44th anniversary of its reintroduction, Cambodian banknote Riel sees noticeable confidence in its, while more measures are being taken to sustainably 'Rielise' in Cambodia.At an official event to mark the Riel reintroduction anniversary, Governor of the National Bank of Cambodia (NBC) H.E. Dr. Chea Serey reported that the Riel circulation in the Cambodian market has increased by an average of 15 percent in the last two decades.Loans and deposits at banks and financial institutions have grown remarkably at 35 percent and 30 percent, respectively.The NBC governor added that it needs time to build confidence in Riel both among the locals and investors.To bring the use of Riel to a new height, NBC has promoted the use of electronic payment, especially through the well-known Khmer-introduced Bakong system, resulting in a 44 percent increase in 2023 compared to 2022, while such transactions rose only 3.1 percent for U.S. dollars.Cambodia has also connected the electronic payment system in Riel with Laos, Thailand, and Vietnam and will expand it to more territories in the near future.NBC, continued H.E. Dr. Chea Serey, has also been building public awareness of the importance of using the Riel, including the establishment of Cambodia's first ever museum of economy and money, widely referred to as the Sosoro Museum in Phnom Penh.Macroeconomic stability has returned to normal with confidence, but the level of dollarization has risen to more than 60 percent by the late 1990s and about 80 percent by the late 2000s.
Cambodia, Russia Boosting Effective Legal Cooperation
Phnom Penh, March 20, 2024 --Cambodia's Ministry of Justice and the Russian Embassy in Phnom Penh have agreed to establish a joint mechanism for more effective implementation of legal cooperation.The move was shared during a meeting between H.E. Koeut Rith, Deputy Prime Minister and Minister of Justice, and H.E. Anatoly Borovik, Ambassador of Russia to Cambodia, in Phnom Penh on Mar. 19.They also discussed the progress of bilateral relations between Cambodia and Russia on legislation, including the addition to the implementation of a treaty on the transfer of prisoners.Cambodia and Russia have entered into agreements on extradition and legal aid to promote comprehensive legal cooperation between the two countries.
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.