Economy and commerce

Plans for a 5,000-hectare banana farming project in Koh Kong province, proposed last year by an Australian and a Japanese company, look set to go ahead, with state news agency Agence Kampuchea Presse (AKP) yesterday reporting that the project would cost $50 million. Last Friday, the ...

More than 300 demonstrators yesterday marked the third anniversary of the forced eviction of Phnom Penh’s Dey Krahorm community, one of the city’s most violent land evictions. Five international rights groups also sent a letter to Prime Minister Hun Sen urging the government to stop land ...

Some of Cambodia’s biggest exporters have experienced a sizeable decline in milled-rice shipments this month, with one insider putting the number as high as 40 per cent year-on-year. The waning figure stands in stark contrast to last year’s milled-rice export numbers, which increased about 22 per ...

A deadly land dispute in Pursat province ended over the weekend with a victory for the villagers, but they said yesterday this might have more to do with the upcoming commune elections than a change of heart within the company owned by the wife of ...

Japanese technology companies Toshiba Corp and Kyosan Electric have met with Phnom Penh Municipality to discuss investing in a light rail system and new traffic light network. According to an announcement on the municipality’s website yesterday, Kazutoshi Fukuda, managing director of Kyosan Electric, and Yasuyoshi Mugiya, ...

Cambodia’s 2011 rubber exports and export prices grew by 5.5 per cent and 131 per cent respectively, according to data from the Ministry of Commerce obtained by the Post. The data shows rubber exports last year totalled 46,727 tonnes, compared to 30,040 tonnes in 2010. Export ...

The Ministry of Industry, Mines and Energy is set to provide a total of US$800,000 to small and medium enterprises as part of an initiative to strengthen the sector’s technical and competitive strategy. As many as 30 companies would receive the financing, Meng Satheara, the ministry’s ...

Strong growth in garment, textile, and agricultural exports drove a 42.7 per cent increase in Cambodia’s total exports for 2011, official Ministry of Commerce data shows. The Kingdom exported $4.98 billion in goods last year, compared with $3.49 billion the year before. Market diversification and a relaxing ...

The government said yesterday that a gold mine in Kompong Cham province that has damaged about 1 square km of land with chemical waste would cost at least $4 million to clean up. Speaking at a workshop in Phnom Penh on revenue transparency, Sim Sisokhaly, director ...

Workers will begin clearing forestland in Stung Treng province as early as next week in preparation for the controversial 400-megawatt Lower Sesan 2 dam, district officials and villagers said yesterday. The hydropower project, funded by Vietnam Electricity (EVN), will flood tens of thousands of hectares of ...

Two more Vietnamese banks have announced they will apply for licences to operate in Cambodia, according to media reports. If accepted, Maritime Bank and Saigon-Hanoi Commercial Bank (SHB) would bring the number of Vietnamese banks in Cambodia to six, National Bank of Cambodia officials said yesterday. Experts ...

The World Bank yesterday predicted gross domestic product to grow 6.5 percent this year, though it said that economic conditions could sour if the economies of Cambodia’s largest export markets in the US and Europe deteriorate. In an economic report outlining prospects for all of the ...

Buoyed by strong demand from the economies of Europe and North America, the total amount of garment, shoe and textile exports that left Cambodia last year was on target to surpass the $4 billion mark, dwarfing 2010’s total of $2.88 billion, the Garment Manufacturers Association ...

The owner of development firm Phan Imex Company said yesterday that 64 families from the capital’s Borei Keila community who were demanding compensation for houses demolished on January 3 did not have the documents to prove they had owned a house on the site. Phan Imex ...

The Cambodia Securities Exchange may launch as soon as March or April, according to an official at the Korea Exchange, the Kingdom’s partner in launching its stock market. Final preparations for the CSX’s  initial public offerings should be complete at that time, Pat Gil-soo, senior vice-president ...

Whether it is dancing pop stars or plays on national pride, dramatically increasing budgets for beer advertising took Cambodia’s TV sets and public spaces by storm in 2011. Beer advertising surged 164 per cent year-on-year in 2011, according to data from Indochina Research Ltd, making it ...

Asia Golden Rice (AGR), Thailand’s second-largest rice exporter, will invest $47 million to build milling plants in Cambodia capable of processing up to 1 million tons of rice per year, according to a company representative and reports from the Thai news media yesterday. “This will be ...

The government has granted China’s Xinwei Telecom a license to become the country’s tenth mobile phone operator and the second firm to roll out so-called 4G technology, the fastest and most advanced network currently available on the market. Those in the telecommunications industry said that the ...

About 200 villagers, who have been embroiled in a long-running land dispute with the well-connected agro-business Pheapimex over a 316,000-hectare economic land concession in Pursat province, staged a protest yesterday against the company’s continued efforts to clear their farmland. The protests came just three days after ...

A survey by Cambodian microfinancers showed debtors were better off in several respects than those who didn’t borrow from the institutions, MFI officials claimed. Responding to recent concerns over the role of microfinance institutions in creating poverty and loss of property in the Kingdom, the Cambodia ...

Finance Minister Keat Chhon joined officials of the Cambodia Securities Exchange (CSX) yesterday to conduct another day of mock trading of stocks ahead of the still-unknown launch of actual operations at the bourse, which opened in July but has yet to see a single stock ...

In its capacity as Asean chair, Cambodia has said it wants to help lessen tensions on the Korean peninsula by trying to revive the six-party talks on North Korean denuclearization and by inviting North Korea to join the Asean Ministerial Meeting in Phnom Penh in ...

Just over a year since the World Bank froze its funds to the government, the bank yesterday reiterated that a decision on whether or not it would start providing loans again remains nowhere in sight. In August, the World Bank announced that it would not provide ...

The Kingdom’s 27 casinos are set to generate about US$20 million in tax revenue for the government in 2011, a 25 per cent year-on-year increase, according to the Ministry of Economy and Finance. At least one government official, however, said the lack of a regulatory regime ...