Economy and commerce

A Chinese company from Yunnan province will invest $100 million to build a rice mill and processing plant in Cambodia with a local firm and export 200,000 tons of milled rice to China beginning this year, officials said yesterday. The Yunnan Pan-Asia Agricultural Cooperation and Development ...

Opposition MP Mu Sochua yesterday called for a boycott of global sports brand Nike, following two fainting incidents at a factory that supplies it last week. She also warned that global brands and the Cambodian government were taking a huge gamble by failing to address the ...

An airline in China’s Yunnan province will begin offering flights from its capital, Kunming, to Phnom Penh and Siem Reap City, Council of Ministers spokesman Ek Tha said yesterday. ...

Revenues earned by the Sihanouk Autonomous Port for the first quarter of this year jumped 22 per cent year-on-year to US$8.3 million, according to figures released yesterday by SAP. Exports of the Kingdom’s rice, garments and timber, coupled with imports of textiles, electronics and construction materials, ...

Unless Cambodian exporters find new routes to China, a proposed doubling of bilateral trade to US$5 billion by 2017 would mean little more than increased Chinese goods and investment flooding into the Kingdom. Chinese investments and imports dominated bilateral trade with Cambodia, which was worth about ...

The Ministry of Commerce is setting up a National Confederation for Rice Exporters to achieve Prime Minister Hun Sen’s target of exporting 1 million tons of milled rice by 2015. ...

Maybank will bet on what it said was Cambodia’s low bank-penetration rate for future growth as it transitions from a branch of its Malaysian parent into a locally incorporated subsidiary. With 34 licenced banks operating in a market with US$4.07 billion in loans in 2011, analysts ...

More than 1,600 tons of cassava have been stuck at the Thai-Cambodian border in Banteay Meanchey for several days because Thai officials have banned imports of the crop in an effort to support domestic prices at home, officials and exporters said yesterday. The cassava, 800 tons ...

Cambodian officials are pushing the country’s small- and medium-sized enterprises to prepare for a potential increase in demand expected with the establishment of the ASEAN Economic Community by 2015. ...

The Ministry of Economy and Finance yesterday signed a US$60.3 million loan package with Asian Development Bank to aid in reconstruction efforts after the Kingdom last year suffered its worst floods in a decade. ...

Maybank launched yesterday its locally incorporated company in Cambodia, Maybank (Cambodia) Plc, and will also build a 10-storey corporate office with the aim of becoming one of the top five banks there by 2015. Currently ranked seventh in terms of assets among 33 banks operating ...

Two hundred tons of unmilled rice slated for export to Vietnam was destroyed in a warehouse fire in Kandal province’s Ang Snuol district early yesterday morning ...

Cambodia’s Prominence Investment Enterprise and Thailand’s Panpee Group have signed an agreement to supply China’s Yunnan Rubber Co Ltd with 500,000 tonnes, or US$2 billion worth, of rubber per year, Sam Kay, general manager of the local partner, said yesterday. ...

Malayan Banking Bhd (Maybank), one of Malaysia’s largest banks, plans to transition its Cambodian branch into a subsidiary in a bid for larger market share in the Kingdom’s crowded Cambodian banking sector. The bank, which opened as a branch in 1993, received a local incorporation licence ...

Preservation of capital is fast losing ground to increased risk-taking as global equity markets close the quarter with a stellar performance. Investors are concerned that they will miss the accelerating upside move. Out of the 78 major financial markets around the world, the score is 66 positive ...

Prime Minister Hun Sen pushed regional unity at the opening ceremony of the ASEAN Summit yesterday, but criticism directed at Cambodia over the South China Sea ensured the dispute remained front and centre. As heavily armed guards lined the streets outside the Peace Palace in Phnom ...

American Stock Exchange-listed Entertainment Gaming Asia Inc has announced it will build and operate a slot hall as an addition to an existing casino in Poipet city on Cambodia’s border with Thailand, according to a company statement. ...

Borei Keila evictees sleeping under stairs at the site where their houses were bulldozed in January would die unless more aid organisations provided them with food, an NGO representative said yesterday. Amnesty International paid for the Housing Rights Task Force (HRTF) to deliver more than 1,200 ...

Asean leaders urged the lifting of economic sanctions against Burma, while the Burmese president made his first public statement on the nation’s recent by-elections, calling them “very successful” at the Asean Summit in Phnom Penh yesterday. “Asean has consistently spoken of lifting sanctions, but now, more ...

Cambodian developers are betting that casinos can make the tiny Southeast Asian country a bigger draw for high-spending tourists. The nation of 15 million people has more than 25 casinos, but most are small affairs in rough-and-tumble border towns that cater to hard-core Thai, Chinese and ...

Cambodia had made its first direct shipment of rice to China, an official revealed yesterday, but the test run, which was hoped to open the vast Chinese rice market to local exporters, was largely unsuccessful. Golden Rice Co Ltd shipped 48 tonnes of milled rice to ...

Prime Minister Hun Sen said Tuesday that establishing a regional instrument to protect migrant workers in Southeast Asia should be a priority for ASEAN this year. “The free flow of skilled workers is a key condition for the ASEAN Economic Community,” he said in an opening ...

Representing more than 1,200 delegates from the 10 Asean countries, the Asean Peoples’ Forum issued a highly critical statement yesterday to visiting Asean leaders concerning issues such as land evictions, effects of large-scale hydropower projects and the opaque nature of drafting the Asean Human Rights ...

Cambodia’s garment sector yesterday looked more like a teacher to regional economies such as Myanmar than a student of China and other export juggernauts. With more than 500 garment and shoe factories – adding a new one every 10 days, according to the Garment Manufacturers Association ...