Economy and commerce

The government has brought into force a new law that makes all illegal payments to officials punishable by up to 15 years in jail for those who accept such payments and up to 10 years for those who make payments. Im Oudom, a member of ...

Government officials yesterday dismissed the World Bank’s recently revealed decision to freeze funding for new projects in Cambodia to protest a Phnom Penh real estate project that has forced thousand of families out of their homes. A housing rights group closely following the evictions said ...

Vietnamese rice exporters will face tough competition from foreign countries looking to exploit advantages that Cambodia presents as a beneficiary of the the EBA (Everything But Arms) initiative, says an Econet report. Under the EBA, Cambodia, as a least-developed-country, enjoys zero tariffs and no quotas ...

PROMINENT businessman Kith Meng was re-elected unopposed yesterday as president of the Cambodian Chamber of Commerce. Kith Meng, the only contender who declared his candidacy for the three-year mandate, received support from all 11 candidates eligible to stand. Kith Meng, who is also chairman and chief ...

The Ministry of Planning yesterday released the preliminary results of the 2011 economic census, which found that Cambodia has a total of 503,008 businesses nationwide, of which nearly 20 percent are based in Phnom Penh. The census, which began on March 1 and was financed ...

Outstanding loans among micro-credit institutions increased by 6.7 percent to $505.46 million in the second quarter of this year compared to the first quarter, figures from the Cambodia Microfinance Association show. According to the data, deposits held by Cambodia’s 27 microlenders grew by 33.2 percent ...

The Cambodia Chamber of Commerce re-elected Royal Group chairman Kith Meng for his second three-year term as president yesterday. The presidents of 11 provincial chambers of commerce voted for Mr Meng, who is also president of the Phnom Penh Chamber of Commerce. ...

The World Bank has frozen funding to Cambodia, making good on its threat in March to reconsider aid levels to Cambodia in response to the ongoing eviction of thousands of Phnom Penh families from Boeng Kak lake, a Bank official confirmed yesterdaySome 3,000 families have ...

The World Bank said on Tuesday it had stopped providing loans to Cambodia and would not resume lending until the government did something to help hundreds of families facing eviction from land around a lake in the country’s capital, Phnom Penh. “The World Bank’s last ...

SOURSDEY Fashion occupies a small shopfront near the Russian Market. It looks similar to many of the small boutiques sprouting up across Phnom Penh, packed with  the latest in fashion aimed at young, trendy consumers. But the shop’s business plan differs from that of many ...

CAMBODIA’S trade with South Korea grew 38 percent in the first half of 2011 on the same period last year, according to Korea Trade-Investment Promotion Agency (KORTA) statistics. The growth is partly due to increasing numbers of South Korean importers seeking business in Cambodia, KOTRA’s ...

Cambodia on July 28th hosted the 3rd Greater Mekong Sub- Region Environment Ministers to look forward to sustainable economic development in the region and to talk about current projects to reduce harm for regions and also to minimize several environmental challenges affecting natural resources, forest and ...

Cambodia, on Saturday, hosted the 7th Asia Economic Forum ( AEF) under theme of “The Asian Century in the Making: Achievements, Challenges and Future Trends” while highlighting the majority of the region’s demonstrated remarkable resilience against the global economic and financial crises, while major superpowers ...

Improved transportation links will assist further economic growth in the region, as Cambodia’s economy continues to improve, officials said yesterday.  Ministers from Cambodia as well as China, Laos, Vietnam, Thailand and Myanmar met yesterday at the 17th Greater Mekong Subregion Ministerial Conference held in Phnom ...

A proposed increase in the reserve requirement would decrease lending and slow Cambodia’s economic growth, according to some bankers and experts.  The National Bank of Cambodia is set to hold a meeting later this month discussing a possible raise of the reserve requirement from 12 ...

More than 70 employees continued to protest in front of a luxury resort in Siem Reap town yesterday, demanding that 18 workers be reinstated after they were allegedly dismissed for attempting to unionise.  Chhey Phi, head of the Angkor Village Resort Workers Union, claimed yesterday ...

More than 500 workers at a garment factory in suburban Phnom Penh went on strike yesterday over what they described as their employer’s history of disregarding labour laws, including firing pregnant employees.  Taiwanese-owned Nan Kuang Garment (Cambodia) allegedly forces staff to work overtime, employs under-age ...

Following “tough discussions” with Phnom Penh’s deputy governor  yesterday, Angkor Beer promoters agreed to suspend their protest for one week starting today.  Ou Tep Phally, vice-president of the Cambodian Foods and Service Workers’ Federation, said five beer promoters and one union representative negotiated with officials. ...

About 60 people representing 1,850 families from seven villages in Battambang province’s Sampov Loun district yesterday petitioned Interior Minister Sar Kheng and Prime Minister Hun Sen for intervention in a land dispute.  Villagers claim that district authorities leased 4,095 hectares of their land in Chrey ...

About 2,000 workers fled a garment factory on the outskirts of Phnom Penh and an estimated 30 workers fainted yesterday after sparks started flying from a generator and a fire alarm went off at 10:00am. Chea Mony, president of the Free Trade Union, said the episode ...

The number of visitors to Siem Reap’s Angkor Archaelogical Park in the first six months of the year increased about 25 percent over the same period last year, according to figures released yesterday by the Apsara Authority, which runs the site. According to the figures, ...

The number of businesses that registered at the Ministry of Commerce during the first seven months of this year increased 34 percent compared to the same period last year, according to ministry figures released yesterday. According to the data, in the first seven months of ...

Ministers from the six Mekong region nations concluded a two-day meeting yesterday in which they solidified plans for an economic strategy that would span a decade and require billions in investment. Speaking at Phnom Penh’s Peace Palace at the annual ministerial meeting, Minister of Commerce ...

About 60 villagers from Battambang province’s Sampov Loun district gathered in Phnom Penh’s Wat Botum Park yesterday to prtotested against a 4,065-hectare land concession granted to a company for agriculture development. Korng Sokheng, a representative for 1,850 families, said villagers submitted a petition to Prime ...