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Economy and commerce

Economic policy and administration

Commerce ministry posts 50.8% dip in revenue

The Ministry of Commerce posted $12.7 million in revenue for 2020, down by 50.83 per cent over $26.60 million in 2019, driven down by reductions in business registration fees and an increasing number of merchants self-certifying their products’ origins. ...

Thou Vireak
https://www.phnompenhpost.com/business/commerce-ministry-posts-508-dip-revenue

Inclusion guide to aid 1.7M poor

The much-anticipated Inclusive Business Enabling Environment for Cambodia (IbeeC) strategy will be adopted soon to meet the needs of 1.7 million poor and low-income Cambodians by 2023, a wide-ranging virtual meeting conducted by the Ministry of Industry, Science, Technology and Innovation heard on March 18. ...

Thou Vireak
https://www.phnompenhpost.com/business/inclusion-guide-aid-17m-poor

Trade chambers ask GDT to delay income-tax date

Nine international business chambers have called on the General Department of Taxation (GDT) to extend the deadline for filing tax on income for fiscal year 2020 past March 31 in light of economic pressure caused by the Covid-19 pandemic. ...

May Kunmakara
https://www.phnompenhpost.com/business/trade-chambers-ask-gdt-delay-income-tax-date

Tickets now allow more days of access to Angkor

Angkor Enterprise has extended the period of validity for entry tickets to Angkor Archaeological Park in a move to revive tourism to the sprawling temple complex, it said in a March 10 press release. ...

Thou Vireak
https://www.phnompenhpost.com/business/tickets-now-allow-more-days-access-angkor

ISPs revel in ministry’s legal threat to unlicensed telcos

The private sector welcomed the Ministry of Posts and Telecommunications newest warning to unlicensed or otherwise non-legally-compliant telecoms operators as a necessary building block for sustainable growth in the industry. ...

May Kunmakara
https://www.phnompenhpost.com/business/isps-revel-ministrys-legal-threat-unlicensed-telcos

CMA members restructure $1.4B in loans

Financial institutions that are members of the Cambodia Microfinance Association (CMA) restructured some $1.397 billion in loans for 289,422 borrowers as of February 28 since the National Bank of Cambodia (NBC) on March 27 issued a circular on loan restructuring during Covid-19, according to CMA. ...

May Kunmakara
https://www.phnompenhpost.com/business/cma-members-restructure-14b-loans

Cambodia, Timor-Leste to boost economic cooperation

Because trade between Cambodia and Timor-Leste remains low, the governments of both nations have decided to work towards boosting bilateral economic and business activities, according to a statement from the Ministry of Foreign Affairs and International Cooperation. ...

Sok Chan
https://www.khmertimeskh.com/50819248/cambodia-timor-leste-to-boost-economic-cooperation/

NBC, IFC to boost SME financial access

The National Bank of Cambodia (NBC) and the International Finance Corporation (IFC) will join forces on the “Cambodia Supply Chain Finance Market Development” project and expand financial access for the Kingdom’s small and medium-sized enterprises (SME). ...

May Kunmakara
https://www.phnompenhpost.com/business/nbc-ifc-boost-sme-financial-access

Digital businesses urged to register at telecoms ministry

Minister of Posts and Telecommunications Chea Vandeth on February 24 encouraged budding digital entrepreneurs to register for licenses and receive technical support, training and “encouragement” from the ministry. ...

Thou Vireak
https://www.phnompenhpost.com/business/digital-businesses-urged-register-telecoms-ministry

Hong Kong ready to provide technical assistance for Cambodia’s E-Commerce

The Hong Kong Special Administrative Region of China has expressed its readiness to cooperate and provide technical assistance for Cambodia in the field of e-commerce. ...

L VY/AKP
https://www.khmertimeskh.com/50818312/hong-kong-ready-to-provide-technical-assistance-for-cambodias-e-commerce/

Vehicle import duty cuts proposed

Minister of Economy and Finance Aun Pornmoniroth has proposed an adjustment on vehicle import duty, to be effective from March 1, to revive the market and buttress the logistics sector after customs clearance revenue on vehicles fell by 40 percent in 2020 from a year ...

Thou Vireak
https://www.phnompenhpost.com/business/vehicle-import-duty-cuts-proposed

EDF 2021 strategic framework approved at board meeting

The eighth Entrepreneurship Development Fund (EDF) Board of Directors Meeting yesterday reviewed and approved its medium-term strategic framework and annual work plan and budget for 2021. ...

Sok Chan
https://www.khmertimeskh.com/50813028/edf-2021-strategic-framework-approved-at-board-meeting/

Kingdom is bolstering its logistics in anticipation of string of FTAs

With five free trade agreements (FTAs) on the docket this year, Cambodia is bolstering its logistics network in anticipation of the deals. To that end, last month the Prime Minister approved the immediate upgrade of the Stung Bot, Bavet and Poipet  checkpoints. ...

Husain Haider
https://www.khmertimeskh.com/50811861/kingdom-is-bolstering-its-logistics-in-anticipation-of-string-of-ftas/

Helping SMEs to stand on their own two feet

Following the successful completion of two rounds of assistance packages to support small and medium-sized enterprises (SMEs) and startups during the COVID-19 pandemic, Khmer Enterprise will implement a third this year. ...

Sok Chan
https://www.khmertimeskh.com/50810982/helping-smes-to-stand-on-their-own-two-feet/

Investment Law may be in effect as soon as April

Cambodia’s newly-drafted Investment Law will be in effect as soon as in April 2021, according to Ministry of Economy and Finance secretary of state Phan Phalla on January 27. He made the remark at the Public Forum on Macroeconomic Management and Budget Law 2021, ushering ...

Hin Pisei
https://www.phnompenhpost.com/business/investment-law-may-be-effect-soon-april

Dialogue on new consumer protection law

Corporate leaders and senior officials attended the second Stakeholder Dialogue on Consumer Protection yesterday. The Kingdom drafted its Law on Consumer Protection in 2019 to comply with the Consumer Protection in ASEAN project, which aims to increase competitiveness in the region. ...

Husain Haider
https://www.khmertimeskh.com/50808525/dialogue-on-new-consumer-protection-law/

Ministry ‘bullish’ on prospects of recovery

The Kingdom’s real economic growth is expected to recover by 4 percent in 2021 following a contraction of 3.1 percent in 2020, according to a report from the Ministry of Economy and Finance (MEF). ...

Sok Chan
https://www.khmertimeskh.com/50807772/ministry-bullish-on-prospects-of-recovery/

Gov’t plans non-garment industrial export expansion

The government plans to boost non-garment manufacturing exports this year on the back of strong market demand as the availability of viable Covid-19 vaccines jumpstarts a global economy hungry for recovery. ...

Thou Vireak
https://www.phnompenhpost.com/business/govt-plans-non-garment-industrial-export-expansion

Regional produce given trademarks of local geography

The Ministry of Commerce is pressing on to register some of the Kingdom’s more renown products as collective trademarks and grant them domestic geographical indication (GI) to provide them with added exposure on the international market. ...

Thou Vireak
https://www.phnompenhpost.com/business/regional-produce-given-trademarks-local-geography

NBC launches new payment and transfer system

National Bank of Cambodia (NBC) officially launched its national retail payment system  “Retail Pay” yesterday to support and provide fast payment facilities for trade settlement and fund transfers in the Kingdom. ...

Sok Chan
https://www.khmertimeskh.com/50807469/nbc-launches-new-payment-and-transfer-system/

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