Economy and commerce

Democratic Kampuchea’s commerce committee was under the leadership of co-accused Khieu Samphan and Ieng Sary, testimony by former national bank deputy director Sar Kimlomouth revealed yesterday at the Khmer Rouge tribunal. Although the Khmer Rouge regime had eliminated currency and attempted to turn the nation into ...

The Credit Guarantee and Investment Facility (CGIF), an agency set up by Asean+3 and the Asian Development Bank to help develop local-currency bond and cross-border bond markets in the region, has started to operate, says chief executive Kiyoshi Nishimura. He said the CGIF will fill in ...

Southeast Asia is showing stronger signs of resilience to global turbulence than the rest of Asia as buoyant domestic spending offsets struggling exports, while low debt levels give governments more room than their cash-strapped counterparts in the West to deliver stimulus. On Thursday, the Philippines became ...

Ninety–nine per cent of Cambodians have a television set in their home, according to data compiled by Indochina Research. “We know everybody watches television,” said General Manager Laurent Notin. “Television is the most trusted media channel for Cambodians.” The saturation of television is only one of the ...

A US$37.9 million base plate factory will launch in June in the northwestern province of Banteay Meanchey, Japanese electronics manufacturer SC WADO Component Co said yesterday in a statement. The entry of SC WADO, a subsidiary of Nidec Electronics, was another step in Cambodia’s march away ...

Garment and footwear exports from Cambodia increased 15.29 percent to $1.29 billion in the first three months of the year compared to the same period in 2011, according to figures released yesterday by the Ministry of Commerce. While exports to the European Union rose 46.76 percent to $376.14 million in ...

Canadia Bank will launch a rice mill in Cambodia’s Takeo province in October, a move that insiders said could help curb the flow of unmilled rice to neighbouring Vietnam. Bank officials yesterday said they will buy US$3 million in milling equipment, and the total cost of ...

Angkor Gold Corp, a Toronto Stock Exchange-listed company, has announced the identification of five new prospects in Ratanakiri province, according to a company statement. the mining firm said it planned to consolidate its gold prospects in the northeastern corner of the country. ...

Japanese electronics firm Nidec Corporation has invested about $37.5 million to establish a factory in Poipet City that will produce parts for computer hard drives ...

(The Company), an Agro-Management company focused on stevia agronomics, announced that it has incorporated Health Power Trading Company Ltd., a wholly owned BVI subsidiary company and Mighty Mekong Agro Industries Co. Ltd., a Cambodian based wholly owned subsidiary. This strategic move by Stevia Nutra will allow the Company to capitalize on significant labour and technical advantages as ...

Guinea will buy 40,000 tons milled rice product from Cambodia in the near future, Eang Sophalet, assistant to Prime Minister Hun Sen said on Friday after the meeting between Samdech Prime Minister Hun Sen and visiting president of Guinea His Excellency Professor Alpha Conde at peace palace in Phnom Penh. ...

Cambodia and Malaysia trade and investment are increasing subsequently as the two members of ASEAN are trying to boost the integration for ASEAN community in 2015. The report from the embassy of Malaysia here said: as for trade performance in 2012, for the first quarter of 2012, Malaysia recorded an increase of 5.32 percent. Total trade ...

The new function building at Diamond Island known as Koh Pich City Hall will host the ASEAN Foreign Minister’s dinner on July 12. Completed in March and opened last month, construction of the lavishly furnished venue was timed to coincide with Cambodia’s chairmanship of ASEAN this ...

The planned theme of yesterday’s ASEAN defence ministers roundtable was military cooperation between countries, particularly in times of natural disaster, but it was a theme invariably pushed to the background by other regional developments. Among them was what appeared to be a cooling-off period in the ...

Cambodian government officials and private sector leaders have met with Chinese officials to negotiate a US$200 million loan for the development of Cambodia’s rice sector, an official said on Tuesday. The new loan would focus on the development of the agricultural sector, primarily the construction ...

Cambodian people used banks less than any other country in the Asia-Pacific region last year in percentage terms of using financial services, recent data from the World Bank showed. The report, released this month, also pointed to high growth in the percentage of borrowers, which insiders ...

Cambodia’s ASEAN Economic Minister yesterday urged small and medium-size enterprises to focus on countries in Southeast Asia, rather than Europe and the United States, for export destinations. Cham Prasidh, also the minister of commerce, said yesterday that regional markets have traditionally held a second place to ...

The SRP yesterday said it had found that more than 90 employees of state-owned power company Electricite du Cambodge (EdC) were registered to vote in two separate places for Sunday’s commune elections and warned that the ruling CPP may use such government employees to vote ...

Starting next month, 80 Cambodian and Thai buses and trucks will be allowed to transport goods and passengers directly between Bangkok and Phnom Penh for the first time, an official said yesterday. Suon Vanhong, deputy director of transport at the Ministry of Public Works and Transport, ...

The Svay Rieng Provincial Court has placed former Bavet City Governor Chhouk Bundith under court “supervision” after questioning him last week in connection to the Feb. 20 shooting of three female factory workers, according to investigating Judge Pech Chhoeut. Mr. Chhoeut said the ex-governor was questioned ...

The Advanced Bank of Asia (ABA) last week loaned PRASAC Microfinance Institution US$2 million to support the rapid growth of the microfinance loan industry. The domestic loan was chosen to “diversify our funding sources” because of a large reliance on overseas capital which moves many of the jobs created ...

The developer of Phnom Penh’s US$1.6 billion Chroy Chungva City project has said ground would not be broken this year, raising questions about the future of the satellite city. Overseas Cambodia Investment Corporation (OCIC) will delay the Chroy Chungva City project after what a local Chinese ...

PHNOM PENH: the World Bank here said May 23 that the economic growth of Cambodia will project 6.6 percent even though it slightly downed from last year growth, which was 6.9 percent. “Cambodian economy has continued its high growth path as real GDP expanded by 6.9 per cent in 2011 and is expected to ...

As the region’s top brass gathered in Phnom Penh for the Sixth Asean Defense Ministers Meeting, it was Beijing that once again stole the show with Chinese Defense Minister Liang Guanglie signing off on nearly $19 million in military aid to Cambodia. In the country on ...