Economy and commerce

The International Trade Centre (ITC) yesterday rejected criticisms over the misuse of expenses and funds for a sector-wide Cambodian silk project, saying its approach was appropriate and well managed. Mao Thora, secretary of state for the Ministry of Commerce, publicly criticised the ITC during a seminar ...

Cambodia’s Deputy Prime Minister yesterday reiterated his commitment to criminalising money laundering and terrorist financing in the Kingdom. Sok An reassured delegates at the Asia-Pacific Group (APG) on Money Laundering of Cambodia’s commitment to implementing comprehensive procedures to stop illegal monetary transactions. ...

Cambodia’s economy will grow by an average of 7 percent in each of the next five years, the World Bank said yesterday in a report on the country’s economic outlook. In its periodic update on economies in the region, the World Bank predicted gross domestic product ...

International arrivals to Cambodia bounced back in October with a growth of 20% after a below average performance in the third quarter. Cambodia’s Statistics and Tourist Information Department, Ministry of Tourism, reported arrivals increased 24.8% to 290,959 during October. The percentage increase for 10 months lifted ...

Up a sweeping jungle valley in a remote corner of Cambodia, Chinese engineers and workers are raising a 100-meter- (330-foot-) high dam over the protests of villagers and activists. Only Chinese companies are willing to tame the Tatay and other rivers of Koh Kong province, ...

Viettel (Cambodia) Co Ltd expects earnings to rise almost 10 percent to about $280 million in 2012, deputy chief Tran Le Phong said. The Vietnamese operator of the Metfone network expects to pay $60 million in taxes this year, up from $52 million last year ...

Cambodia, Laos and the Philippines are the three Southeast Asian countries most heavily exposed to fiscal risks from disasters, the World Bank warned Wednesday. In its annual economic update on East Asia and the Pacific, the bank said the region was the most disaster-stricken in ...

A former Cambodian governor accused of shooting three garment workers during a labour protest was acquitted in a ruling that prompted outrage Wednesday from rights groups who say it highlights the impunity surrounding the country’s political elite. Former official Chhouk Bandith was governor of Bavet town, ...

Cambodian conglomerate Royal Group will be the first authorized importer and dealer of BMW automobiles in the country, and has begun construction on a showroom and service center in Phnom Penh. Premium Auto Import Co. Ltd., a subsidiary of Royal Group, aims to import roughly 200 ...

An ambitions new agricultural development project backed by a former US diplomat is aiming to dramatically revamp the sector and bring profits back into the hands of farmers. Sichan Siv, a Cambodian with dual citizenship who spent five years serving as US ambassador to the UN, ...

A group of 12 Cambodians has developed a new video game for the iPhone that just two weeks after its release has become Cambodia’s most-downloaded game in Apple Inc.’s online store. Since it was released on November 30, “Asva the Monkey” has had more than 3,000 ...

The Lucky Supermarket Group opened its seventh outlet in Cambodia on the ground floor of the Rose City building on Norodom Boulevard yesterday, with company representatives saying it believed it would attract more foreign customers. Richard Seah, CEO of DFI Lucky Private Limited, said the new ...

KUALA LUMPUR (Dec 18) : Petronas Chemical Group Bhd (PetChem) said that its top and bottom line growth was going to be in “healthy mode” next year, with prices of its chemical products seen to be firming up. Speaking at a media briefing on Tuesday, its ...

The Asian Development Bank (ADB) on Tuesday unveiled its new three-year assistance plan of 525 million U.S. dollars to Cambodia in order to help the country reduce poverty, promote growth and mitigate climate change, the bank said. The plan for 2013-2015 marked the bank’s strategic focus ...

Almost $500 million a year was taken out of Cambodia in “illicit financial flows” between 2001 and 2010, a report released yesterday in the U.S. claims. People in the Cambodian finance sector, however, expressed doubts about the accuracy of the figure, which appears in a report ...

ACLEDA Bank, Cambodia’ leading commercial bank, held a ground-breaking ceremony yesterday for its new 20-storey headquarters, which will be located directly behind its present building. The new headquarters will cover 43,000 square metres, with parking for 700 cars. Construction is scheduled for completion in two years. ...

Mikasa Corporation, a famous Japanese sports goods manufacturing company, is to invest more than $5 million in building a ball production factory in Cambodia’s Koh Kong Special Economic Zone (KKSEZ) and plans to start construction early next year according to officials. Hiroshi Suzuki, chief executive ...

LAST week marked the arrival and passing of 12/12/12, the Cambodian government’s original date for the commencement of oil extraction from the Block A oilfields in the Gulf of Thailand, with no activity on the site. Chevron currently holds a 30 per cent interest in the ...

Trade between Cambodia and South Korea has risen by almost 40 percent in 2012, a South Korean trade official said. Ki Bong-moon manager of the trade and investment unit at the intergovernmental body the Asean-Korea Centre, said in an email on Sunday that trade between ...

The Czech Republic is going to set up its embassy residence here next year in order to strengthen and expand bilateral relations and cooperation between the two nations, the newly-designated ambassador of the Czech Republic to Cambodia Vitezslav Grepl said Tuesday. He said the permanent ...

A sacked union official at the Tropicana Casino and Resort in Beanteay Meanchey province’s Poipet town said yesterday hundreds of workers would strike again if he and a colleague were not reinstated after negotiations on Sunday. ...

A government official has harshly criticised a prominent silk promotion project, implemented last year by the International Trade Center (ITC), saying it has not been fruitful. Mao Thora, secretary of state for the Ministry of Commerce, made his comments during a seminar on export diversification at ...

Representatives from over 100 Cambodian and Vietnamese companies gathered in Phnom Penh to seek agricultural investment opportunities between the two countries. Participants listened to reports on trade and co-operation opportunities in agriculture, forestry, aquaculture and seafood, delivered by representatives from both governments. They discussed Viet Nam’s ...

Cambodian Prime Minister Hun Sen said Monday he decided to choose environment protection, not to choose 30 billion U.S. dollar expected revenues from the exploitation of titanium ore in Southwestern Cambodia. “According to a feasibility study, titanium ore deposit in Chhiphat district in Koh Kong province ...