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.
NBC: Cambodia's economy to grow at around 6.4% by 2024 despite global uncertainty
Phnom Penh: The Cambodian economy is optimistic that it will continue to grow at around 6.4% in 2024, mainly supported by the growth of tourism and manufacturing. This is according to the National Bank of Cambodia's Macroeconomic and Banking Report 2023 and 2024 Outlook. The report said that the tourism sector is expected to recover due to the improvement of the tourism situation in the region as well as the continued development and improvement of infrastructure that will support the sector. Through the implementation of the new investment law, the manufacturing sector is expected to achieve better growth than 2023, especially non-garment manufacturing products, and the garment sector is expected to grow steadily.The agricultural sector is projected to grow slightly higher than 2023, benefiting from continued market diversification to members of the Regional Comprehensive Economic Partnership Agreement (RCEP) and bilateral free trade agreements, coupled with the government's support policy to boost production and markets.The construction and real estate sectors affected by the recent crisis are projected to continue to grow slowly, which will continue to be supported by public infrastructure development projects, coupled with a slow recovery in domestic demand focused on Affordable housing at a time when demand for luxury construction catering to residents is expected to remain weak.Inflation in 2024 is projected to be 2.5% slightly higher than in 2023, mainly due to expectations that global oil prices may rise after oil exporters plan to cut supplies. .Along with optimistic forecasts for economic growth this year, the National Bank of Cambodia has also warned of several risks that could adversely affect the Cambodian economy, including external factors: Lower-than-expected growth in Cambodia's major trading partners, such as China, the United States and Europe, could hurt investment, export and tourism flows, monetary policy normalization of major developed countries is slower than expected, which could put pressure on foreign borrowing and interest rates in Cambodia, Rising tensions and global geopolitical divisions could disrupt supply chains and hamper growth in exports and investment.Climate change, which is slowing down the agricultural sector, especially El Niño, which is projected to have a greater impact than 2023, and the potential for cybercrime could affect public confidence in digital payments and the whole financial system.Meanwhile, internal risks include: Increased non-performing loans may slow down credit growth for consumption and investment, and growth in the construction and real estate sectors may remain low and may have an impact on other sectors, such as banking. At the same time, Cambodia still faces major structural problems such as slow economic diversification and exports, limited capacity, skills, and productivity, high transportation, and electricity costs compared to competitors for export of Agriculture is vulnerable to climate change and dollarization remains high.According to the National Bank of Cambodia, in 2023, the Cambodian economy is projected to continue to grow at a rate of 5.5%, slightly higher than the previous year (5.2%), mainly supported by tourism growth and non-garment manufacturing, despite low growth in the garment, construction, real estate and agriculture sectors.
GX Foundation To Continue Working With Cambodia On Health Sector
Phnom Penh, January 29, 2024 --GX Foundation will strengthen and expand its health support cooperation with the Royal Government of Cambodia mainly on cataract treatment and dengue fever.The commitment was highlighted in a meeting here at the Peace Palace this morning between Cambodian Prime Minister Samdech Moha Borvor Thipadei Hun Manet and Mr. Leung Chun-Ying, Chairman of GX Foundation and Vice Chairman of the National Committee of the Chinese People's Political Consultative Conference.During the meeting, Mr. Leung Chun-Ying informed Samdech Thipadei about the cooperation between the GX Foundation and the Ministry of Health through a memorandum of understanding on the care and treatment of cataracts for Cambodians in some provinces.In addition, Mr. Leung Chun-Ying laid stress on the continued cooperation and the expansion plan of two programmes in collaboration with the Ministry of Health, including the cataract examination and treatment services to other target provinces; and fight against dengue fever.In response, Samdech Thipadei Hun Manet expressed thanks and appreciation for the contribution of the GX Foundation to the health sector in Cambodia, especially in providing cataract examination and treatment services.The Cambodian Premier also encouraged the GX Foundation to further strengthen its cooperation on the above-said programmes with the Ministry of Health, particularly in identifying new target provinces for the provision of cataract examination and treatment services and dengue control programme.
Mizuda Group Intended To Expand Investment To Waste-To-Energy Generation In Phnom Penh
Phnom Penh, January 29, 2024 --Mizuda Group has expressed its intention to expand its investment to waste-to-energy generation using the latest technology and advanced environmental protection in Phnom Penh capital.The intention was made known by Mr. Shan Jianming, CEO of Mizuda Group Co., Ltd., while paying a courtesy call on Cambodian Premier Samdech Moha Borvor Thipadei Hun Manet, at the Peace Palace here this morning.Samdech Thipadei welcomed the intention and advised the company to further work with Cambodian relevant ministries and institutions, especially the Ministry of Mines and Energy and the Ministry of Environment under the coordination of the Council for the Development of Cambodia. (CDC).Mr. Shan Jianming also briefed the Cambodian Premier on the activities of Mizuda Sanitation (Cambodia) Co., Ltd., a subsidiary of Mizuda Group, which has been providing garbage and solid waste collection and transportation services in Phnom Penh in the past about three years, with recognition from the authorities and the general public. At the same time, he added, the company conducted awareness raising programmes on garbage and solid waste management in some areas in Phnom Penh and created 710 jobs for Cambodians.In reply, Samdech Thipadei Hun Manet highly valued the business operation of Mizuda Sanitation (Cambodia) Co., Ltd. as well as its good cooperation with the Phnom Penh Capital Hall in providing services for cleaning, collecting and transporting garbage and solid waste, which is a contribution to the improvement of the people’s well-being and environmental protection in the capital.
In 2023, Cambodia will keep the riel stable, despite the global appreciation of the US dollar
Phnom Penh: In 2023, Cambodia will maintain the value of the riel against the US dollar to be more stable, with a rate of change of less than 2% compared to the exchange rate of the currency in some countries, such as the Japanese yen depreciated by 9%, the Chinese yuan depreciated 6.7% and the Lao Kip fell 29.8% as the US dollar strengthened under the influence of raising and keeping the benchmark interest rate high.This was confirmed by Ms. Dr. Chea Serey, Governor of the National Bank of Cambodia on the occasion of the opening meeting to review the work results for 2023 and the work direction for 2024 of the National Bank of Cambodia on January 25, 2024.Stabilization of the riel is the main factor leading to a reduction in inflation to 2.1% in 2023 from a high of 5.4% in 2022.Dr. Chea Serey said that exchange rate stability has contributed significantly to strengthening investor confidence, partially controlling inflationary pressures, as well as maintaining macroeconomic stability. The exchange rate is considered by economists as an indicator of economic health, as former IMF managing director Per Jacobson once said: "Improving the value of the national currency is a priority in building economic development. Nation.According to the Governor of the National Bank of Cambodia, the stabilization of the riel exchange rate against the US dollar has been largely due to prudent monetary policy through the proper management of the riel circulation and the intervention of the US dollar. On the exchange market as needed.In addition, Dr. Chea Serey also said that this work can be achieved due to maintaining a sufficiently high level of international reserves, which reached about 20 billion US dollars, an increase of 12.3% compared to 2022 and more than seven months of imports of goods and services in the future, despite the uncertainty of international financial markets and the maintenance of high benchmark interest rates in developed countries have caused some central banks' international reserves Significantly decreased.According to the National Bank of Cambodia, on January 25, 2024, the riel was worth 4,079 riel per US dollar.
Cambodia’s Song Saa Private Island Recorded In Gold List 2024 As A Best Seaside Resort In Asia
Phnom Penh, January 26, 2024 --The Song Saa private island of the Kingdom of Cambodia is recognised among the Best Hotels and Resorts in Asia: The Gold List 2024, according to the Condé Nast Traveller (CNT), a luxury travel magazine.“Like many of the world’s greatest private island retreats, southern Cambodia’s Song Saa has all the trimmings of a tropical fantasy: there are stilted wooden pathways snaking to overwater villas, and private-pooled hideaways burrowed in the thick jungle cloaking the island’s hilly spine,” one of the CNT’s editors commented.“At breakfast, shoals of silvery fish shimmer like fine jewels in the glassy swell below my feet. And when the sun beams overhead, skinny palms leave shadowy patterns on the talcum-white sand hemming the snug, lounger-dotted bay,” he added.“Cambodia’s coastal regions might be plagued by overdevelopment, but Song Saa’s blueprint for mindful hospitality delivers a glimmer of hope,” wrote the editor.Song Saa Private Island is a haven of sustainable luxury nestled in the undiscovered beauty of Cambodia’s Koh Rong Archipelago. By Phal Sophanith,
GTV MOTOR to assemble car plant in Cambodia with a capacity of more than 30,000 units per year in 2024
Phnom Penh: GTV MOTOR, a manufacturer of used cars of local brands, plans to officially start assembling cars in Cambodia in 2024 to meet the demand for new cars in the country and drive lower car prices, while new cars are currently expensive. Similar to a used car. The company is currently speeding up the construction of its plant, which will be completed soon. The car assembly plant is located along National Road 2, Srok Thom Village, Cheung Keb Commune, Kandal Steung District, Kandal Province, covering an area of 10 hectares with a production capacity of up to 35,000 units per year, which assumes 5 types of vehicles models with reasonable prices for Cambodians.The presence of this factory will contribute to the support of Cambodia's heavy industry, which is driving the use of new cars in Cambodia due to the increase in living standards of the people, which gives them access to cars and awareness of consumption. At the same time, increasing investment in car assembly and assembly plants in Cambodia is a reason to drive the growth of new car use in Cambodia from year to year.It is noteworthy that some of the company's models use the Khmer name, including GTV Soben (Dream), which means "We will achieve your dream because we are Soben".GTV MOTOR has been approved by the Council for the Development of Cambodia to build a car assembly plant in Cambodia in 2022 with a registered capital of approximately US $ 15.6 million and create 738 jobs.In recent years, Cambodia is attracting more and more world-renowned car manufacturers to invest in building factories in line with the "Roadmap for the Development of Automotive and Electronics Sector" issued by the Royal Government. Come to attract investment in this sector in Cambodia. In fact, in addition to GTV MOTOR, Cambodia currently has car assembly plants of many well-known brands such as Hyundai, Daehan, Kia, Ssangyong, Soueast, Dongfeng, Ford, ISUZU and Toyota.
Metfone Organizes A Nationwide Dealers Meeting Event, Kicking Off A New Development Journey
Phnom penh 23 janury 2024 On January 20, at the Sun And Moon Riverside Hotel, Viettel Cambodia Company (Metfone) organized a meeting to honor and recognize the achievements of outstanding agents in 2023, looking forward to many new successes in 2024. The year-end nationwide dealer meeting is an annual event for Metfone Company. The event is not only a profound expression of gratitude but also an opportunity for Metfone's agents and strategic partners nationwide to meet, share, and connect information. In 2023, Metfone experienced a breakthrough year of growth in all aspects, both in the telecommunications sector and digital transformation activities. Metfone's information technology products are also accelerating Cambodia's digital transformat.ion. A significant part of this achievement is attributed to the crucial contributions from nationwide agents and strategic partners. Speaking at the ceremony, Mr. Nhong Dinthan, Deputy General Director of Metfone, emphasized: "2023 is an incredibly wonderful year, marking the 15-year development journey of Metfone. We are extremely delighted and proud of the results we have collectively achieved.In the new year, we hope to continue our journey together, contributing to creating the best values for the people and the country of Cambodia." Identifying distributors and strategic partners as crucial companions, key determinants of the success of future products and projects, Metfone continues to affirm its commitment to transparent and attractive collaboration policies, aiming to provide optimal benefits for its partners. Inheriting the existing diverse product system, Metfone is actively promoting development, introducing many new projects in the coming year 2024 and the subsequent years. Also, within the framework of the event, Metfone honored and presented gifts to outstanding distributors. These gifts serve as a precious token of appreciation that Metfone extends to all distributors who have stood side by side, accompanying throughout the past period. Promising a bright and successful new year in 2024.
Cambodia's Development Journey Presents Golden Opportunities For Investments
Phnom Penh, January 24, 2024 --Cambodia's solid growth foundation, existing advantages, and firm aspiration ahead are positive indicators for the country's development journey.According to the Foreign Direct Investment (FDI) Outlook 2024, Cambodia has maintained a steady annual growth rate of around seven percent.The country's Gross Domestic Product (GDP) increased by ten times from US$3.11 billion in 1998 to US$29.60 billion in 2022, and its FDI rose 15 times between 2007 and 2022.Cambodia is rich in a young workforce with great potential and an important catalyst for the national economy.The rollout of the Pentagonal Strategy, the national development strategy, is mainstreaming digital knowledge and skills, particularly among the young workforce, and triggering necessary reforms.Cambodia continues to modernise its physical infrastructure, including international airports, deep-sea ports, land and waterways, as well as logistics systems, to create golden opportunities for investments.The peace that Cambodia has achieved and maintained also serves as an additional opportunity to expand its free market and green initiatives.In the years ahead, the Cambodian government aspires to become an upper middle-income country by 2030 and a high-income economy by 2050.
Cambodia will earn more than 851 million USD from the export of jewelry and gems, an increase of 261% In 2023
Phnom Penh: Throughout 2023, Cambodia earned more than $ 851 million from the export of jewelry and gems to the international market, an increase of 261% compared to 2022, which was only about $ 261 million. This statement was made by Ms. Tan Tepi Kanika, Undersecretary of State of the Ministry of Commerce at the Second Press Conference on the 15th Cambodia International Jewelry and Gem Fair 2024 on January 22, 2024. Ms. Tan Tepi Kanika emphasized that the positive momentum of export growth underscores the success of the close, strong, and comprehensive cooperation between the Ministry of Commerce, relevant ministries, institutions, as well as the Royal Government of Cambodia, and the private sector as well as the Cambodian Association of Jewelers and Precious Gems.It should be noted that the export of Cambodian jewelry and precious stones to international markets has increased steadily, with 2021 Cambodia exporting 149 million dollars, in 2022 Cambodia exports 261 million dollars, an increase of 75%, and by 2023, Cambodia exported $ 851 million, an increase of 261%. As of the first 11 months of 2023, the Ministry of Commerce has issued permits for the import of unprocessed diamonds amounting to 148 million US dollars and the export of processed diamonds, plus the remnants of processing for $ 62 million.
Global economists express pessimism over 2024 economic outlook
Global economy: According to a report by a group of business experts released at the annual World Economic Forum in Davos earlier this week, pessimistic about the continued slowdown in global economic growth for 2024, arguing about the tense geopolitical situation and the industrial competition between the great powers.The above assessment report continues to show a significant increase in economic activity in Asia compared to other regions around the world.Regarding economic growth in some major countries for 2024, about 70% of economists predict that China will achieve moderate economic growth, while 23% made a similar forecast for Growth in Europe as a whole, and about 56 percent, was for the United States, with only moderate growth.
Cambodia, WEF Discuss Ways to Promote Economic Cooperation
Phnom Penh, January 17, 2024 --Cambodia and World Economic Forum (WEF) have discussed ways to strengthen and expand their cooperation.The discussion was among H.E. Mrs. CHAM Nimul, Minister of Commerce of Cambodia, Mr. Matthew Stephenson, Head of Investment and Services of WEF, and Mr. Philippe Isler, Director of Global Alliance for Trade Facilitation, in Davos, Switzerland on Jan. 16.According to the Ministry of Commerce, the three parties had recalled previous cooperation on the establishment of the Suppliers Database with Sustainability Dimensions (SD2) and co-organsing various events at the World Trade Organisation (WTO) and in Cambodia.In the meeting, they also discussed WEF’s support to further promote investment in some sectors, including the organisation of a regional agri-food forum or another forms of events that bring together all actors in the agri-food industry.
Cambodian Commerce Minister Attends a Multilateral Meeting on Trade for Development in Switzerland
Phnom Penh, January 17, 2024 --H.E. Mrs. CHAM Nimul, Minister of Commerce of Cambodia, participated in a multilateral meeting on Trade for Development, a sideline of the Word Economic Forum (WEF) Annual Meeting 2024 in Davos, Switzerland on Jan. 16.According to Ministry of Commerce, in the meeting, H.E. Mrs. CHAM Nimul acknowledged the important role of trade in fostering economic development, create job opportunities, and enhance the overall standard of living of people.The Cambodian minister continued that, to contribute to global economic recovery efforts such as health crisis and wars, Cambodia had actively participated in many multilateral initiatives of the WTO, including as a negotiating member of the Joint Initiative Investment Facilitation for Development and had energetically implemented the WTO Trade Facilitation Agreement, by expecting that these initiatives would attract more investments to Cambodia and further facilitate the smooth flow of goods.She added that Cambodia had also participated constructively to improve regional trade processes through the use of digital trade facilitation and the promotion of digital economy transformation in ASEAN.H.E. Mrs. CHAM Nimul was also optimistic that Cambodia’s effort would contribute to reinforcing the role of trade sector which was a core momentum for national and global economic development.The multilateral meeting on Trade for Development has attracted commerce ministers of the United Arab Emirates (UAE), Morocco, Zambia, and Peru as well as a number of NGOs and business leaders.
Some French Companies Interested in Renewable Energy Investment in Cambodia
Phnom Penh, January 16, 2024 --Some French companies, including Blue Circle, TotalEnergies, and Électricité de France (EDF), are interested in renewable energy investment projects in Cambodia, according to statements released after Cambodian Prime Minister Samdech Moha Borvor Thipadei Hun Manet received representatives of those companies separately in Paris, France yesterday.In his courtesy call on Samdech Thipadei Hun Manet, Chairman and CEO of Blue Circle, Mr. Olivier DUGUET raised his company’s investment plan to generate some 100 megawatts of electricity from wind turbines as the company has studied and noticed some potential areas such as Bokor in Kampot province, and Mondulkiri province.Mr. Patrick POUYANNÉ, CEO of TotalEnergies informed Samdech Thipadei Hun Manet that his company is looking for investment opportunities in the renewable energy sector in Singapore, and with its success, this project will be expanded to Cambodia, adding up to the company’s existing investment on petroleum and gas in the Kingdom.For her part, Ms. Makreeta LAHTI, Director of Foreign Affairs Strategies at the EDF, said her company is exploring investment opportunity in renewable energy sector in Cambodia, and spoke highly of the country’s carbon neutrality policy 2050.In reply, Samdech Thipadei Hun Manet welcomed the investment intention in renewable energy in Cambodia by the three French companies and encouraged them to work with Cambodian relevant ministries and institutions.The Premier laid stress on Cambodia's investment law which provides favourable conditions and encouragement for all investment activities in that area, while the energy security is a priority for Cambodia and a global trend towards carbon neutrality in the future.
Cambodia’s Bicycle Export Earns More Than US$400 Million in 2023
Phnom Penh, January 16, 2023 --Cambodia exported bicycles worth US$416.7 million in 2023, a decrease of 53.6 percent from US$899.7 million in a year earlier, pointed out a report of the General Department of Customs and Excise.According to the source, the made-in-Cambodia bicycles were exported to the European Union, the United States of America, Britain, Canada, Japan and China, among others.Cambodia’s bicycle exports have declined as orders from other countries were affected by the economic crisis, said H.E Penn Sovicheat, Secretary of State and Spokesperson at the Ministry of Commerce.“People in countries buying Cambodia’s bicycles are likely paying much more attention to food as necessary base in the time of uncertain global economic growth caused by wars rather than consuming products,” he said.Bicycles have become one of Cambodia’s key manufacturing products for exports after clothes, footwear and travel goods.The bicycles are assembled only in the special economic zones located in Bavet city, Svay Rieng province, at the border with Vietnam.Currently, five companies assemble bicycles for export. They are Evergrand Bicycle (Cambodia), Speedtech Industrial Co., Ltd., Smart Tech (Cambodia) Co., Ltd., A and J (Cambodia) Co., Ltd., and XDS Bicycle (Cambodia) Co., Ltd.Cambodia is one of the top five exporters of bicycles in the world.
APF Pledges to Promote Cambodian Investment Opportunities to French Companies
Phnom Penh, January 16, 2023 --Alliance des Patronats Francophones (APF) has vowed to disseminate and provide information about Cambodian investment opportunities, especially the Kingdom’s macroeconomic and politic stability and full peace, to French companies.The commitment was made by Mr. Geoffroy ROUX DE BEZIEUX, President of APF, when he paid a courtesy call on Cambodian Prime Minister Samdech Moha Borvor Thipadei Hun Manet in Paris, France on Jan. 15.This is a good time for French companies to consider and find more markets in Asia, especially in Cambodia, the founding member of the Organisation internationale de la Francophonie (OIF) and a candidate for the hosting of Francophonie Summit in 2026, he said.In reply, Samdech Thipadei Hun Manet thanked APF for its commitment to promote Cambodia’s investment opportunities to French companies while Cambodia also intends to integrate into regional and global supply chains.The Premier encouraged the French companies to invest in new technologies, renewable energy, digital technology, infrastructure, and agriculture in Cambodia.
ACCOR Group is optimistic that the tourism sector in Cambodia in 2024 will grow and improve
On the morning of January 15, 2024, the Prime Minister of the Kingdom of Cambodia, His Excellency Hun Manet, paid a courtesy call on Ms. Maud BAILLY, Executive Director of Sofitel, MGallery and Emblems, representing ACCOR Group, on the occasion of her official visit from January 13-19, 2024 in Paris, France.On the occasion of the meeting, Ms. Maud BAILLY thanked the President for taking the time to allow her and her colleagues to pay a courtesy call and to inform the progress of the business activities of ACCOR Group in Cambodia. Also at the meeting, Ms. Maud BAILY informed about the better situation and the progress of Tourism in the Kingdom of Cambodia is optimistic that tourism in Cambodia in 2024 will grow and improve. She added that ACCOR Group has been investing in the hotel sector with modern and mid-range hotels and other boutique hotels, which enhances the image and prestige of Cambodia. She said that through Sofitel, which operates businesses around the world, promoting the culture and excellence of the Angkor resort area to encourage more tourists to visit Siem Reap in 2024.In response, the President welcomed and was pleased to meet with Ms. Maud BAILLY and her colleagues and thanked the company for its investment in Cambodia in the past. The Prime Minister emphasized that the Royal Government of Cambodia has launched a special program "Visit Siem Reap 2024" which will help revitalize the tourism sector and evolve to the pre-covid-19 situation and create jobs for the people and participate. Contribute to national economic growth. During the meeting, Samdech encouraged ACCOR Group to expand its investment in the hotel and other sectors while the tourism sector continues to recover.
Cambodia, China Enter Into Cooperation On Cultural Tourism Development
Phnom Penh, January 15, 2024 --Cambodia’s Ministry of Tourism and China’s Yunnan Provincial Investment Holding Group (YIG) have reached a Memorandum of Understanding (MoU) on joint development of cultural tourism.The MoU was inked between Cambodian Minister of Tourism H.E. Sok Soken and Mr. Liu Minglin, CEO of YIG in Siem Reap province on Dec. 14.Addressing the function, H.E. Sok Soken spoke highly of YIG for its contribution to building the Siem Reap-Angkor International Airport, which is a large supporting infrastructure to promote the tourism sector and people-to-people connectivity, especially between Cambodian and Chinese people.He emphasised that the MoU will be an opportunity for the ministry and YIG to cooperate on the development of cultural tourism in Siem Reap province and boost the flow of international tourists, particularly the Chinese tourists to the province.It will also give more opportunities through the Siem Reap-Angkor International Airport, which potentially contributes to Cambodia’s cultural tourism industry development, increase new Siem Reap tourism products, attract more Chinese investors and flights, promote Cambodia’s tourism to Chinese market, develop tourism skills and beyond, he added.For his part, Mr. Liu Minglin stated that his firm is ready to cooperate with the ministry to develop a specific plan for Cambodia’s tourism sector development to attract more Chinese visitors to the Kingdom.
Cambodia, Hungary Discuss Opportunities for Economic Cooperation Promotion
Phnom Penh, January 12, 2024 --Cambodia and Hungary have recently discussed progress on business and investment and the opportunities for promoting their bilateral economic and trade cooperation.The discussion was held between H.E. Ms. TEKRETH Kamrang, Secretary of State of the Ministry of Commerce, and Mr. Gábor Jenei, Chief Executive Officer of the Hungarian Export Promotion Agency (HEPA) in Budapest, Hungary on Jan. 10.According to the Cambodian Ministry of Commerce, during the meeting, the two sides exchanged several views and comments to promote trade and investment between both nations, especially in priority areas such as agriculture, manufacturing, digitalisation, and the support for small and medium enterprises (SMEs) to boost their exports, etc.The Cambodian side has also expressed her readiness to cooperate with HEPA to enhance bilateral trade cooperation between the two countries as outlined in the Second Session of the Cambodia-Hungary Joint Committee on Economic Cooperation