Economy and commerce

Japanese developer Aeon Mall (Cambodia) Co. Ltd. will break ground on a 68,400 square meter high-end shopping mall in Phnom Penh in November, the firm said yesterday. Speaking during an introductory workshop for potential tenants, Kuniaki Minohara, general manager of Aeon’s leasing department, said the mall ...

Vendors in Phnom Penh’s Ngin An market are protesting a government-backed bid by the market’s new owner to push them out by tomorrow. More than 40 representatives of 223 vendors waved a banner at the market yesterday to protest a letter from Russey Keo District Hall ...

More than 50 police officers exchanged heated words with Ocean Garment strikers yesterday afternoon, marching for over an hour to Phnom Penh Municipal Court in support of five worker representatives suspended by the company. Mid-protest, however, the group of more than 2,500 – who have been ...

The Government has agreed to grant tax exemption for farm goods grown in Cambodia by Vietnamese enterprises and individuals and imported for processing Statistics show that in southern Tay Ninh Province alone 120 individuals from the districts of Chau Thanh, Tan Bien, Trang Bang and Tan ...

Cambodia’s businesses need to dramatically improve their accounting standards if they are to attract interest from investors abroad and reach the standards necessary to list on the recently launched stock market, experts and government officials said yesterday. Speaking at the National Conference on Accountancy in Phnom ...

Assets of Cambodian Microfinance Institution Prasac reached US$210 million with the combination of newly borrowed $15 million from Germany’s Deg-Deutsche Investitions Und Entwicklungsellschaft Mbh (DEG), officials said during the signing ceremony. The seven-year agreement at an annual interest rate of 5.5 per cent would help Prasac ...

Global brands Levi’s and Gap had continued slashing orders at the Tai Yang and Camwell factories in Kandal province, costing the company that owns them about US$6 million, its manager claimed yesterday. Tai Yang Enterprises manager Wu Minghuor said the brands had reduced their orders from ...

Police in Svay Rieng province said yesterday a Bavet town police officer had been under court-ordered supervision since last week on suspicion of being involved in the February shooting at a garment factory protest in the Special Economic Zone there. Provincial police chief Prach Rim said ...

Cambodia expects to export around 300,000 tonnes of milled rice to China per year, Minister of Commerce Cham Prasidh said during the 44th ASEAN Economic Ministers Meeting in Siem Reap. Speaking to reporters after a meeting with Chinese Minister of Commerce Chen Deming on Tuesday night, ...

Nearly two months after the 45th Asean Foreign Ministers Meeting concluded with ministers failing to issue a joint communique for the first time in the block’s history, Cambodia remains on the defensive, this week disseminating yet another agressive letter to the editor of a regional newspaper. In a ...

Adding its name to a rapidly growing list of private companies, Tonlesap Airlines is gearing up for an initial public offering on the Cambodia Securities Exchange. And like many of these companies, the listing is still years off as Tonlesap prepares the tax and financial information ...

The Svay Rieng Provincial Court has charged a local police official with causing “unintentional injuries” during a shooting in February that left three garment factory workers injured in Bavet City, court officials said yesterday. Former Bavet City Governor Chhouk Bundith was charged with the same crime ...

Duong Tech, the owner of an import-export company, spent $150,000 on his chrome-rimmed Cadillac Escalade SUV. Then he shelled out an additional $10,000 at the Phnom Penh municipal transportation department for a license plate ending with the numbers “9999.” In Phnom Penh, custom-numbered license plates ...

Malaysia tourism and travel agency officials have signed a memorandum of understanding at the Angkor Golf Resort in Siem Reap to boost golf tourism in Malaysia and Cambodia. Signatories to the MoU were Sao Ratha, marketing manager of Tourism Malaysia; Ng Eu Shen, general manager of ...

Angkor Beer promoters involved in last August’s strike over unpaid overtime have been banished to less popular restaurants and beer gardens in the past year, a report on the profession says. According to Promoting Decency? Report on the Situation of Beer Promotion Workers in Cambodia, released this ...

When deciding what aspects of their economies to prioritise to grow their economies, ASEAN’s less developed countries, Cambodia, Laos, Myanmar and Vietnam (CLMV), should look to the organisation’s oldest members (the ASEAN-6) for guidance, according to a joint statement following the fourth CLMV Economics Ministers’ ...

Cambodians working in South Korea this year are expected to remit up to US$80 million to the Kingdom as up to 40 per cent more Cambodian labour heads to the East Asian nation compared to last year. The Ministry of Labour and Vocational Training expects at ...

A lack of proper regulations, unrealistic market data and a constant stream of disputes between Cambodia’s mobile operators will likely hinder the country’s future telecommunications regulator from effectively governing the sector, according to a leading research firm. Without the enactment of telecommunications law, which is currently ...

Commerce Minister Cham Prasidh yesterday signed an agreement with Indonesia’s Trade Minister Gita Wijrawan to export 100,000 tons of milled rice to Indonesia every year, officials said. Although the details-such as when the exports will begin and where the rice will be sourced-have yet to be ...

Cambodia has signed a memorandum of understanding (MoU) yesterday to export 100,000 tonnes of rice per year to Indonesia. Senior Cambodian officials hope the MoU will be the impetus for attracting more investments from other ASEAN member states. The MoU was signed between Cambodia’s Minister of ...

Indonesia will soon sign a contract to import 100, 000 metric tones of rice from Cambodia over the next 5 years On his part, Hun Sen invited Indonesian Investors to invest in poor harvest businesses such as rice hulling in Cambodia ...

A pay rise for the nation’s garment workers is imminent, but if recent strikes are anything to go by, the US$10 monthly increase from September 1 won’t be enough to stop them from walking off the job. Central to the demands of strikers at four garment ...

Indonesia plans to sign an agreement to import rice from Cambodia if needed to supplement domestically produced supply, Iman Pambagyo, director general of international trade cooperation at the Trade Ministry, said on Tuesday. “The agreement will be similar with the ones Indonesia has with Thailand and ...

Construction at Camko City, an unfinished, US$2 billion satellite city in northwestern Phnom Penh, has resumed after at least one sentence connecting the mega-project’s chief executive with a Korean banking scandal was dropped. , the company behind Camko City, has resumed the construction of retail space ...