Cambodia Weekly Financial News

Cambodia Weekly Financial News
May 13 ~ 17 , 2024

13 May 2024

Cambodia’s  exports rise 15% in four months 

Cambodia exported goods worth $ 8 billion in the first four months this year, up 15.2 percent from $7.60 billion in the same period last year, data from the General Department of Customs and Excise (GDCE) showed on Friday. The Kingdom’s imports also rose by 9.3 percent to reach $8.66 billion from January to April. The US was the biggest market for Cambodia’s exports, with a total of $2.61 billion, followed by Vietnam and China with $1.71 billion and $486 million, respectively. The data showed that the bilateral trade between Cambodia and its trading partners amounted to $16.67 billion during the January-April period, a 12.1 percent increase compared to last year. 
Source : Khmer times 

13 May 2024

Prime Minister urges support for human capital development 

Prime Minister Hun Manet has requested that the International Labour Organization ( ILO) continue to build human capital in Cambodia to meet the demands of the job market. “ Prime Minister encouraged the ILO to continue to support the labor sector in Cambodia, especially in Building human capital to meet the needs of the market by building high capacity and flexible skills that will contribute to achieving Cambodia’s goals of becoming a high-income country by 2050,” said  the press. It explained that the Seventh Mandate government has launched a political program that aims to introduce widespread vocational training and promote harmonious vocational relations in large factories and enterprises. It added that it has also committed to improving the lives of the people by setting out six priority policies to improve the health and education system introduce reforms and expand social protection . 

Source : The Phnom Penh Post

14 May 2024

Cambodia, and Canada agree to boost trade and investment cooperation 

Cambodia and Canada have pledged to foster cooperation in trade and investment for mutual benefit. Both sides shared a view on the historical cooperation between the two nations, agreeing to continue to strengthen and expand relations and trade cooperation between the two countries. While noting Canada’s role in contributing to the socio-economic development of Cambodia, the Prime Minister briefed his guest about the reform and policies adopted by the country to attract and encourage investors, such as the implementation of a new Investment Law. The Prime Minister also referred to other progressive policies of the Royal Government to support the investment climate in the country and maintain Cambodia’s competitiveness both regionally and globally. 

Source : Khmer times

14 May 2024

Experts discuss Cambodia’s economic resilience and challenges 

Cambodia faces economic challenges from global factors and its real estate sector. At a recent seminar, experts discussed the nation's vulnerabilities, including reliance on foreign investment and tourism. Domestically, the real estate sector's rapid growth is threatened by unregulated shadow banking. Additionally, the financial sector's dependence on short-term external debt poses risks. Despite these challenges, Cambodia's GDP shows resilience, supported by domestic consumption and foreign investment. However, fiscal health is a concern due to increased spending and slowed revenue collection. Experts emphasize the need for sustainable growth through improving fundamentals like infrastructure and skill development. Cambodia's focus on digital policy aims to drive economic growth in the future.

Source : Phnom Penh Post

14 May 2024

Cambodia, Korea laud FTA for rising bilateral trade 

In the meeting, both sides noted the remarkable results of the CKFTA implementation and expressed the desire to work further on trade cooperation between the two countries. With South Korea agreeing to remove tariffs on 95.6 percent of products imported from Cambodia and Cambodia agree to axe duties on 93.8 percent of imported goods, trade between the two countries is expected to hit new levels. Figures from the General Department of Customs and Excise of Cambodia showed that the bilateral trade between Cambodia and Korea rose by 7.4 percent to $256 million in the first four months of this year. 

Source: Khmer times 

15 May 2024 

Phnom Penh Autonomous Port (PPAP) to Pay Dividend on June 6, Four Month Revenues Up at $11M  

PPAP recorded about 32 percent year-on-year growth in revenues at $3.2 million this April from $2.4 million, according to its filing with Cambodia Securities Exchange on Monday. Port operation revenue, which makes up more than two-thirds of the total revenue, grew 26 percent to $2.5 million from $2.0 million, while fees from the port authority rose 20 percent to $403,199. For the cumulative four-month period ended April 30, 2024, PPAP earned a total revenue of $11.3 million, up 13.2 percent from nearly $10 million last year, with port operations rising about 16 percent year-on-year to $9.05 million.

Source: Kiripost

15 May 2024

Prime Minister to preside over business forum in Korea 

Prime Minister Hun Manet will preside over the Cambodia-Korea Business Forum, to be jointly organized by the Cambodia Chamber of Commerce (CCC) and Korea Chamber of Commerce and Industry (KCCI) this week in Seoul, Korea. The main purpose of the forum is to promote bilateral business and investment between Cambodia and Korea and to strengthen the partnership between the two countries, the statement noted. CCC will sign a Memorandum of Understanding with KCCI to strengthen business and economic relations as well as foster business opportunities between the two nations, it added.

Source: Khmer times

16 May 2024

New strategy to boost Cambodia’s financial sector, says H.E Dr Chea Serey 

The new financial development strategy for the next five years aims to help the financial sector bag greater achievements as it supports inclusive economic development, contributing to reducing poverty nationwide, said Chea Serey, Governor of the National Bank of Cambodia (NBC). Based on NBC announcement, the FSDS 2021–2030 is an update of its previous document for 2015–2025, as the process of drafting the fourth strategy has been suspended due to the Covid-19 crisis for the last few years. According to NBC, the country’s economy may still face negative factors including the risks of declining external demand if the trading partner’s economies grow at a slower pace than predicted, geographical segregation and climate change.

Source: Khmer times

17 May 2024

Cambodia’s RCEP traded up 14% 

Cambodia’s trade with the Regional Comprehensive Economic Partnership countries (RCEP) rose by 13.98 percent to $11.19 billion, a report from the Ministry of Commerce said. From January to April this year, the Kingdom exported $3.36 billion worth of goods to RCEP, an increase of 16.2 percent from $2.89 billion in the same period last year while imports rose by 13 percent to $7.83 billion, according to the report. The Kingdom’s RCEP trade accounts for 66.2 percent of the country’s total international trade of $16.91 billion. The mega trade pact has given a major boost not only to Cambodia’s exports but also to investment in the country to generate more exports to the huge markets of RCEP.In the first four months of 2024, the Council for the Development of Cambodia approved 128 investment projects with a total investment of $2.5 billion, an increase of 97 percent and 327 percent, respectively. 

Source: Khmer Times

17 May 2024

NBC and KB PRASAC Bank’s Shareholders Sign MoU
cross-border QR Payment Between Cambodia and Korea 

The signed memorandum of understanding (MoU) is to promote cross-border QR code payment remittances, payments in the national currency between Cambodia and South Korea toward building trust, security, efficiency, stability, and more environmental benefits for the people and businessmen of both countries, especially to promote access to financial services of Cambodian migrant workers. This innovative service will allow KB PRASAC Mobile users to seamlessly scan and pay with the QR of KB Kookmin Bank throughout Korea. Only the Khmer Riel account will be applicable for this service via the KB PRASAC Mobile app. All customers can now open a Digital Account by just downloading KB PRASAC Mobile app and self-onboarding for scan and pay in Korea in the future.

Source: Fresh News

17 May 2024

Cambodia records a 17 percent rise in garment, footwear, and travel goods exports in the first four months 

Cambodia exported garment, footwear, and travel products worth $3,763 million in the first four months of 2024, up 17 percent from the $3,211 million reported a year earlier. The report said apparel and textiles accounted for $2,748 million during the January-April period, up 20.4 percent year over year. The report said footwear represented $453.7 million, up 3.8 percent from a year earlier, while travel goods accounted for $562 million, up 14 percent year on year.The GFT industry, which is Cambodia’s largest foreign exchange earner, is a significant employer in the country. It currently encompasses about 1,680 factories and branches, providing jobs to approximately 918,000 workers, with a majority being females, according to the Ministry of Labor and Vocational Training.

Source: Khmer times

17 May 2024

Ministry trains youth in trade regulations

The Ministry of Commerce has been training youngsters so that they are aware of Cambodia’s trade regulations and guidelines, governing the country’s trade and export-oriented markets. The MoC in its statement said that the Ministry would continues to promote investment in exports, especially in the field of garments, textiles, electronics, and machinery. “We would also encourage the local private sector to participate in the development of agriculture and agro-industry to ensure adequate supply that meets domestic demand and export the surplus to international markets,” said Ok Boung, the Secretary of State, Ministry of Commerce. 

Source: Khmer times

Lady Aegies Comment: To be continue...............