Economy and commerce

The Association of Banks in Cambodia (ABC) and Cambodia Microfinance Association (CMA) on April 7 ordered members to adopt six measures of financial relief in light of the economic fallout and depressed incomes caused by the February 20 community transmission of Covid-19. ...

Yields for this year’s dry-season crops, especially rice, increased significantly in the first quarter of 2021, though exports decreased compared to the same period last year, according to the Ministry of Agriculture, Forestry and Fisheries. ...

Keo Mom, the chief executive officer (CEO) of Lyly Food Industry, has been elected as the new president of the Cambodian Women Entrepreneurs Association (CWEA) for its fourth mandate.  Her term will last from 2021-2024. ...

Three prominent financial houses – Hattha Bank Plc, PRASAC Microfinance Institution (MFI) Plc and PPCBank Plc  – released their annual financial reports and, in so doing, delivered a comprehensive look at how the sector in general fared over the course of pandemic-struck 2020. ...

The Ministry of Commerce is working to establish more trade centres in China with the aim of promoting Cambodian products and boosting Khmer exports to China. ...

The Ministry of Commerce posted $12.7 million in revenue for 2020, down by 50.83 per cent over $26.60 million in 2019, driven down by reductions in business registration fees and an increasing number of merchants self-certifying their products’ origins. ...

Prime Minister Hun Sen on April 1 appealed to Cambodians’ sense of patriotism to use more local products and called on producers to provide an extra dose of care in their operations to win over consumers. ...

Cambodia exported $755.34 million worth of electrical equipment and electronic components to international markets in 2020, up 31.49 per cent compared to $574.44 million in 2019, according to the Ministry of Commerce. ...

South African-born US entrepreneur Elon Musk’s Tesla Inc has not yet requested a business licence with the Ministry of Commerce as of April 6, ministry spokesman Pen Sovicheat told The Post. ...

A coalition of 103 civil society organisations (CSOs) reiterated a call for the government to issue a set of guidelines for all financial institutions in Cambodia to suspend loan payments, set interest rates to zero per cent and waive accrued interest for at least three ...

A long-awaited Geographical Indication (GI) certificate handover ceremony for “Mondulkiri wild honey” scheduled for April 6 was postponed in light of the February 20 community transmission. ...

An $80 million domestic airport project in Mondulkiri province is shaping up to be a main driver for ecotourism development in the Kingdom’s northeast corridor. ...

Cambodia exported 153,688 tonnes of milled rice in the first quarter (Q1) of this year, representing a 77,260-tonne or 33.45-per-cent drop from the 230,948 tonnes posted in January-March 2020, according to Minister of Agriculture, Forestry and Fisheries Veng Sakhon. ...

The Kingdom’s remains bogged down in efforts to officially export edible bird’s nest to China, according to a senior official at the Ministry of Agriculture, Forestry and Fisheries on April 1. ...

Last year saw 7,860 new businesses register with the Ministry of Commerce, down 40.72 percent from 13,259 in 2019. At the same time, the ministry dissolved 500 businesses last year, marking a 187 percent increase from 174 in 2019. ...

The Ministry of Commerce’s Go4eCam e-commerce marketplace is expected to go online in July, according to Long Kemvichet, the deputy director general at the ministry’s General Department of International Trade. ...

Cambodian banks must integrate automated payment processing, according to Sabay Digital Corp’s co-founder Mike Gaertner. Its absence is a gaping hole in the Kingdom’s financial services. As a result, the Kingdom is notably left out of crucial consumer behaviour shaping the 21st century, including subscription ...

Cambodia ranked number 176 in the world in an index measuring the best places in the world to launch a tech startup, according to the first Draper Innovation Index (DII). ...

Investment capital firm Haystack Asia has acquired KhmerDev, an information technology company which was the first French-speaking IT service provider in Cambodia when it launched in 2001. ...

All 10 ASEAN member states have faced a sudden increase in unemployment in 2020 compared to the year previously as a consequence of the global pandemic, but Cambodia has the lowest unemployment rate in the bloc. ,,, ...

An official from the Ministry of Commerce said the Regional Comprehensive Economic Partnership Agreement (RCEP) will definitely open up opportunities for Cambodia. He was speaking in response to a report released by the United Nations Conference on Trade and Development (UNCTAD) citing potential serious negative ...

Speaking at the virtually held ASEAN Finance and Central Bank Deputies’ Meeting (AFCDM), Neav Chanthana, deputy governor of the National Bank of Cambodia (NBC), said that members are committed to pushing economic growth in the region despite the Coronavirus pandemic. ...

The Philippines’ PLDT Global Corp (PGC) unveiled a new partnership with Cambodia’s SINET, a registered trademark of SI Group Co Ltd, to broaden its regional footprint and supply technology solutions that help the local telecoms service provider’s customers stream more seamlessly. ...

Onion Mobility Co Ltd has unveiled a bunch of prototypes of its upcoming Onion T1 electric auto-rickshaw, to be produced domestically and put on sale within the year. The prototypes were flown in last week from South Korea and showcased publicly on March 28. ...