Economy and commerce

Cambodia’s exports to the United States, the second largest importer of local goods after the European Union, declined slightly during the first quarter of the year compared with the same quarter last year. ...

Five international financial institutions will join forces with the National Bank of Cambodia (NBC) to hold the 1st Mekong Financial Inclusion Forum in Phnom Penh in July to explore and discuss the differences, similarities and opportunities for achieving financial inclusion in this unique region. ...

The prolonged drought is raising fears that domestic fish supplies will be so depleted that the Kingdom may need to start importing fish to compensate for a shortfall at markets, officials said. ...

Loans and deposits in the Kingdom’s crowded microfinance sector rose about 10 percent during the first quarter of the year from the same period last year, according to a report from the Cambodia Microfinance Association, which put the rise down to an expanding economy. ...

Two weeks since the central bank launched its FAST system, which provides instant riel-denominated fund transfers between banking institutions, operations are running smoothly, with usage of the new electronic payment system expected to pick up as it integrates more customers.   ...

Mango growers now have access to the South Korean market following an agreement signed on Friday between officials from Korea and the Ministry of Agriculture, Forestry and Fisheries. ...

The price of cashew nuts has jumped about 15 percent this year prompting processers and exporters to call for the government to help funnel more investment into growing the crop. ...

The 9th session of the Cambodia-EU Joint Committee for bilateral cooperation to ensure the smooth operation and effective implement of trade and economic relations as well as the political development between the Kingdom and the EU is underway, and set to run until tomorrow. ...

Thai manufacturers are being urged to transfer some of their production facilities to Cambodia and other neighboring countries, according to a report in the Thai media yesterday.   ...

Cambodia is a major player in ASEAN for realizing China’s Belt and Road Initiative, which Chinese President Xi Jinping proposed last year to connect China to neighboring countries and the world, Chinese officials said.   ...

ACLEDA Bank announced its first-quarter results for 2016 on Friday, reporting $30.19 million in profit for the quarter, up almost 21 per cent compared to the same period last year.   ...

Mobile payment provider True Money Cambodia signed a memorandum of understanding with local microfinance institution Niron Mikroheranhvatho Plc on Friday to facilitate bill payments for the microlender’s 60,000 customers. ...

“The Microfinance Sector in Cambodia: Opportunities and Risks” is an attempt to get a wider view and deeper insight from various researchers on fostering a robust, stable and sustainable microfinance sector, the National Bank of Cambodia (NBC) said in a statement yesterday.   ...

Gold Tower 42 owner Yon Woo Cambodia is calling on creditors, buyers and lessees of the project to lodge any claims by May 12 to clear outstanding issues and pave the way for moving the development forward. ...

Phnom Penh has been selected to host the 2017 World Economic Forum (WEF) on East Asia, the WEF confirmed on Wednesday.   ...

The government approved more than $1 billion worth of domestic and foreign direct investment in the first quarter of the year, down sharply from the $2.8 billion approved in the same quarter last year, figures released by the Council for Development of Cambodia (CDC) yesterday ...

Members of the government and private sector met yesterday in Phnom Penh to discuss ideas and solutions aimed at facilitating the growth of eco-friendly technologies and practices in Cambodia. ...

Tourism industry executives and government officials from Thailand and Cambodia gathered in Phnom Penh yesterday for a roadshow on the meetings, incentives, conferences and exhibitions (MICE) segment of the tourism industry to find ways to work together to drive new business.   ...

Cambodia’s young, tech-enthusiastic population is a gateway to accessing the global market digitally, according to the ICT Federation of Cambodia, with its president – Steven Path – estimating that the information and communication technology sector is already nearing about $1 billion in sales. ...

Thailand’s plans to sell off 11.4 million tons of its rice stockpile over the next two months is concerning Cambodia, which fears the sale will drive global prices down as the Kingdom struggles to meet its own export target. ...

A bilateral investment agreement between Cambodia and Hungary will be sent to the National Assembly floor this week after it gained approval from the Council of Ministers on Friday, according to spokesman Phay Siphan.   ...

With Southeast Asian nations struggling to produce enough energy to drive their economies, some of China’s leading solar companies are looking for investment opportunities in the region.   ...

Despite a precipitous drop in the start-up costs of solar energy, Cambodia’s biggest industrial parks are sticking to high-cost grid and fuel-generated electricity, claiming that when it comes to attracting foreign manufacturers, a stable power supply trumps a cheaper electricity bill. ...

Cambodia’s current account balance deficit was the equivalent of $542 million in the fourth quarter of 2015, the equivalent of 11.5 per cent of GDP, the National Bank of Cambodia said in a report released yesterday.   ...