Economy and commerce

The head of Transparency International Cambodia used the release of a World Bank economic report yesterday to press the lender’s economists on rural indebtedness and their claim that the country’s strong GDP growth was helping the country’s poor. ...

The multi-trillion-dollar scheme proposed by Chinese premier Xi Jinping in 2013 aims to promote economic integration across Eurasia by investing in a “Silk Road Economic Belt” and “Maritime Silk Road”, comprising transnational economic corridors and new trade arrangements. ...

The U.K. NGO that last week exposed a major new timber trafficking operation between Cambodia and Vietnam has released more evidence in hopes of supporting Phnom Penh’s investigation into its claims, including invoices from Cambodia-based companies breaking the country’s timber export ban. ...

The government is predicting Cambodia’s gross domestic product will grow at seven percent this year and next. ...

Cambodia hopes to leverage its membership in the Sustainable Development Investment Partnership (SDIP) to access much-needed funding for large-scale infrastructure development, state officials have said. ...

Cambodia could see massive investments as a result of China’s latest pledge to funnel an enormous sum into developing infrastructure as part of its New Silk Road initiative, an analyst said yesterday. ...

A second ship accused by the NGO Mother Nature of illegally exporting dredged ocean sand last week is expected to arrive at a port in China today with a cargo of silica sand, which is exempt from the ban, the ship’s owner said yesterday. ...

Fourteen community representatives speaking for thousands of families yesterday petitioned the South Korean Embassy, Environment Ministry and Forestry Administration to halt the expansion of a controversial “reforestation” project by a Korean company situated between the protected Prey Lang forest and Mekong River. Their petition – ...

Sihanoukville Autonomous Port (SAP), the state enterprise that operates Cambodia’s principal seaport, announced a share price of 5,040 riel ($1.26) yesterday for its upcoming initial public offering following a bookbuilding exercise that garnered a strong response from institutional investors. ...

Cambodia has enjoyed strong economic growth but needs to improve its governance and rule of law in order to promote greater development, the Economic and Social Commission for Asia and the Pacific (Escap) said in a report released yesterday.​ ...

As Cambodia prepares to host the World Economic Forum in East Asia, an official from the group that organizes the event has said the country is ready, having seen steady growth and reductions in poverty in recent years. ...

About 300 victims of an alleged Ponzi scheme filed complaints with the Phnom Penh Municipal Court, the Justice Ministry and the National Assembly on Monday asking for the government’s help in recouping their losses. ...

While financial inclusion is a top priority for emerging economies, new research suggests more stringent enforcement of anti-money regulations in recent years has resulted in major Western banks disconnecting from these regions, leaving local businesses without access to the international financial system. ...

The Mines and Energy Ministry on Friday defended sand exports reported last week by an environmental NGO, saying Cambodia’s sand ban did not include the type seen in a video being loaded onto vessels off the coast of Sihanoukville. ...

Several international and local coffee industry representatives gathered yesterday for the start of a three-day event promoting partnerships and franchising opportunities to satisfy Cambodia’s growing coffee cravings. ...

A businessman is appealing his conviction for smuggling more than three tonnes of ivory into Cambodia, the largest haul ever seized. ...

More foreign franchise companies will appear in Cambodian as the rising urban population and surging middle class want to enjoy international brands, an expert in the industry says. ...

Two new life insurance companies will launch operations in Cambodia by the end of this week, aiming to grab hold of a market that has seen rapid expansion in recent years while also creating stronger competition in the emerging industry. ...

With the World Economic Forum (WEF) on Asean less than a week away, government officials yesterday said that the theme of the three-day event would focus on “Youth, Technology and Growth”, while providing an opportunity to raise Cambodia’s international profile and attract more investors and ...

A conservation NGO official yesterday said he planned to ask microfinance lenders to better scrutinise their loans after a spate of cases over the last month showed that such loans had been used by illegal loggers to purchase chainsaws and tractors for transporting timber. ...

The US-based nonprofit Global Financial Integrity (GFI) measured illicit financial flows – the illegal movement of money or capital from one country to another – and found that as much as $45 billion in trade activity in Cambodia over the period was not accounted for. ...

Numerous members of the Cambodia Rice Federation (CRF), the body tasked with lobbying on the sectors behalf, have stopped paying membership dues and export fees, claiming that they cannot afford to as the industry continues to struggle with high production costs and regional export competition. ...

The Agriculture Ministry has confirmed action to combat a drastic drop in pork prices over the past year due to illegal imports of live pigs from neighboring countries. ...

Aeon plans to open the stores across the capital and surrounding provinces following the success of its flagship 68,000 square-meter mall, which opened in 2014. ...