Economy and commerce

Cambodian migrant workers in Thailand, Japan, Malaysia and Korea have sent home an average of US$360 million a year in remittances, according to Seng Sakada, general director of Ministry of Labor and Vocational Training. Overseas Cambodian migrants mainly work in the fields of housework, construction, factories ...

The private company HOdo Group Co Ltd, a textile and garment company in Wuxi, Jiangsu province, is looking to expand its presence in Sihanoukville, a province in southern Cambodia, in an attempt to diversify its business. Zhou Haijiang, president of the company, said it has made ...

A new banking settlements system called CHANCES, dealing exclusively in the Chinese currency renminbi (RMB), aims to make trade between China and the ASEAN countries easier and less expensive. Owned and operated by the Industrial and Commercial Bank of China (ICBC), the CHANCES system stands for ...

Seventy percent of all outbound parcels leaving Cambodia via the state-owned postal service contain local food products that are delivered to Cambodians living abroad, an official at Cambodia Post said yesterday. Ork Bora, general director of Cambodia Post, said that of the total 26,678 packages, not ...

Owners of local businesses along six streets near the Royal Palace that have been closed to prevent excessive noise during the three-month mourning period for late King father Norodom Sihanouk said yesterday that the road blocks are having a negative impact on their trade. Gated roadblocks ...

Bankers have raised no concerns over the National Bank of Cambodia’s increase to the reserve requirement rate in order to maintain the stabilization of cash flow and inflation during a time of global financial difficulty. The increase, from 12 to 12.5 per cent, issued late last month, was ...

Three men arrested over a plan to smuggle millions of dollars worth of counterfeit US banknotes into Cambodia with the help of Thai criminals used the name of Prime Minister Hun Sen’s chief bodyguard to secure the deal, a provincial court heard yesterday. Pin Tipelo, 38, ...

Workers from bankrupt plush-toy factory First & Main are still owed money after the Ministry of Social Affairs auctioned $200,000 worth of factory equipment for just $21,000, a labor rights advocate said Sunday. More than 350 workers were left stranded when the US-owned teddy bear factory closed in ...

A Chinese factory manager sparked a near-riot in Phnom Penh yesterday morning after publicly destroying two photos of the late King Father in front of hundreds of workers. More than a thousand employees of the Top World garment factory launched an immediate strike, and threatened to ...

In a rare intervention, the Thai Labor Ministry has stepped in to stop the exploitation of migrant workers from Cambodia and Myanmar at a seafood factory in the country’s south, correspondence obtained by the Post reveals. The ministry found the Phatthana Seafood factory, in Songkhla province, which employs ...

FedEx has officially opened its new South Pacific Regional Hub in Singapore, the largest consolidated facility in the Asia-Pacific region. The $97 million hub is the first and only express transportation facility in Singapore. The 282,700-square-foot integrated facility houses air, ground and clearance operations under one roof ...

China’s rising wages and shrinking export demand are forcing manufacturers to relocate to neighbouring Southeast Asian nations and many that remain are seriously considering moving, a foreign trade official from the Ministry of Commerce said Buyers have “turned their eyes to manufacturers from Southeast Asian countries”, ...

Cambodia reported a trade deficit of 33% in equivalent to US$1.99-B in the 1st 9 months of this year, the report of the Ministry of Commerce showed Saturday ...

Cambodia’s trade deficit reached $1.99 billion through the first nine months of the year, an increase of 33 percent compared to the same period in 2011, according to data released by the Ministry of Commerce on Saturday. Chinese state news agency Xinhua reported that the total value ...

Welcome to Cambodia’s lone Silkworm Egg Production Center, and to the techniques that are being used to prevent and monitor diseases that are currently killing off more than 50 percent of all silkworm production in the country. Established by the U.N.’s Food and Agriculture Organization (FAO), ...

Less than a month before Asean heads of state are expected to approve the first-ever human rights declaration for the regional group, Cambodian and Indonesian NGOs yesterday urged member states to give their organizations a larger role in the process. In the works for more than ...

About 200 families in Koh Kong province’s Botum Sakor district were threatened with legal action yesterday by the district governor, who told them their 100-hectare plantation had been earmarked for development by a Chinese firm, a village representative alleged. Two days later, Botum Sakor district ...

U.S. President Barack Obama, South Korean President Lee Myung-bak, Chinese Premier Wen Jiabao and Japanese Prime Minister Yoshihiko Noda have already confirmed their participation in the 21st ASEAN Summit and related Summits here on Nov. 15-20, said Cambodia’s Foreign Minister Hor Namhong on Monday. ...

AHAVA Dead Sea Laboratories is expanding its international activity Dead Sea products to be sold in Poland, Italy, Switzerland, Korea, Greece, Denmark and Cambodia. Company CEO expects 10% growth in sales in coming year “In Phnom Penh, the Cambodian capital, we are operating through a franchisee’s store, ...

Cambodia has exported garment and textile products in equivalent to 3.54 billion U.S. dollars in the first eight months of 2012, a 11 percent rise from 3.19 billion U.S. dollars at the same period last year, a report from the Commerce Ministry showed Friday According to ...

Cambodia has coped well in terms of exports despite the slowdown in some European economies, said the head of the IMF’s Asia-Pacific department last week. Anoop Singh, director for the department, said Cambodia has enjoyed many years of economic growth at about 6 per cent or ...

Despite challenges, Cambodia has potential for the establishment and expansion of social businesses, participants of the Microfinance & Social Business Conference in Phnom Penh said yesterday. While social business in Cambodia is still in an early phase compared to micro-finance  “Cambodia is a promising land” for such ...

Trading on the Cambodian Securities Exchange remained low yesterday, which also marked six months of operation for the bourse. An official said this is due to a lack of public awareness and listed companies. Ming Bankosal, General Director of the CSX, said that as listed companies ...

Vendors at the Royal Palace were doing a brisk trade yesterday, as people wanting to own a little piece of history- King Father Norodom Sihanouk memorabilia- purchased photographs of the late monarch, as well as freshly printed T-shirts bearing late King’s image. Almost immediately after news ...