Economy and commerce
Kingdom’s trade with Thailand up
Bilateral trade between Cambodia and Thailand increased slightly by 8 per cent during the first eight months of 2011 compared to the same period last year, according to the Thai Embassy’s Foreign Trade Promotion Office (FTPO) statistics obtained by the Post yesterday. The increase in trade ...
http://www.phnompenhpost.com/index.php/2011101752153/Business/kingdoms-trade-with-thailand-up.html
Revenues for first seven months double to $1.6bn
The government has collected 6,557 billion riel, or about $1.6 billion, in revenues in the first seven months of 2011, a figure that is twice that of the $801 million in revenues that were collected during the same period last year, data released by the ...
Plan for EU-ASEAN summit
Minister of Commerce Cham Prasidh on Wednesday, in a meeting with the European Chamber of Commerce in Cambodia, called on delegates to host an EU-ASEAN business summit next year, according to Eurocham members who were present. The summit is expected to focus on enhancing business strategies ...
http://www.phnompenhpost.com/index.php/2011101452125/Business/plan-for-eu-asean-summit.html
A threat to Kingdom’s FDI
Tokyo: Cambodia needs more than an estimated US$13 billion in infrastructure works by 2020 if the country intends to continue attracting foreign investment, a joint survey by some of the world’s top financial institutions indicated on Wednesday. During a conference held by the Japan International Cooperation Agency ...
http://www.phnompenhpost.com/index.php/2011101452126/Business/a-threat-to-kingdoms-fdi.html
Recruiting firm told to close
The Ministry of Labour has been ordered to permanently close the labour recruitment firm T&P following the discovery of more under-age trainees in its Kampong Chhnang centre. The move marks the first time the ministry has shut a labour reruitment firm, and follows intense criticism of ...
Trade with China to hit $2 billion this year
Bilateral trade between China and Cambodia is on track to reach $2 billion by the end of this year, its highest level ever, an official at the Chinese Embassy in Phnom Penh said. Jin Yuan, economic and commercial counselor at the Chinese Embassy, said during a ...
Chinese 'no-strings' loans come at a cost
As government borrowing from China continues to increase, a new study released yesterday showed that Chinese concessional loans carry higher interest than any others. According to the study, released by the NGO Forum on Cambodia at a workshop in Phnom Penh, China’s average interest rate on ...
IBM eyes on Cambodia market again
IBM reaffirmed its commitment to the Cambodian market through a two-day event from 5 to 6 October in Phnom Penh which it demonstrated technology solutions for companies and governments of all sizes. With the potential market in Cambodia, IBM targets to set up its full ...
Cargo growth for Phnom Penh Port reaches 30% in September of 2011
“Cargo transferred to and from the Phnom Penh Autonomous Port (PPAP) is at 121,654.116 tones in September of 2011, increasing 30 percent if comparing to September 2010 with 92,648.796 tones,” according to the report from the PPAP obtained by SEAW on October 3rd. This September report ...
Cambodia urges Singapore to invest Rice Mills and Agro-Industry
“Singapore will boost Singaporean companies to seek opportunities to invest in Cambodia, especially in the agro-industry,” H.E. Hor Namhong, Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation, announced on Wednesday morning after bilateral talks with his Singaporean counterpart Excellency Mr. K. Shanmugam, ...
Vietnamese bank upgrades business form to boost investment in Cambodia
The increasing number of Vietnamese investors gives more potential to the Cambodia market. Saigon Though Tin Commercial Bank (Sacombank), on October 5, opened fully its operation as a foreign bank in Cambodia where before it was just a branch in Phnom Penh after the business ...
Firms question SECC prakas
The Kingdom’s securities firms have raised concerns about an impending regulation that they said may stunt growth in the country’s fledgling financial markets. The Securities and Exchange Commission of Cambodia is considering a regulation, or prakas, that will require all market participants to maintain a certain ...
http://www.phnompenhpost.com/index.php/2011101352105/Business/firms-question-secc-prakas.html
FDI soars 250% over last year
Foreign direct investment in the Kingdom soared 250 per cent year-on-year through August even despite the West’s economic woes, Deputy Prime Minister Sok An said yesterday. A total of 87 projects worth US$5.6 billion were approved by the Council for the Development of Cambodia during the ...
http://www.phnompenhpost.com/index.php/2011101352107/Business/fdi-soars-250-over-last-year.html
Banking sector shows growth in 3rd quarter
Taking advantage of strong economic growth this year, two of the country’s largest banks have posted strong third-quarter earnings. Acleda Bank yesterday reported a net profit of $32.68 million in the first three quarters of the year, almost double the amount over the same period last ...
CSX trading postponed again until next year
Trading on the Cambodia Securities Exchange will be delayed once again until the beginning of 2012, Minister of Economy and Finance Keat Chhon said yesterday. He blamed an incomplete regulatory regime and the public’s lack of confidence in the stock market as reasons for the delay, ...
CamGSM deal nixed by Telkom
A TelekomunikasiI Indonesia official said yesterday the company had cancelled plans to acquire a majority stake in Cambodian mobile operator CamGSM, just a month after officials at CamGSM parent Royal Group claimed a deal was imminent. Telkom finance director Sudiro Asno made the statement in Jakarta, ...
http://www.phnompenhpost.com/index.php/2011100651980/Business/camgsm-deal-nixed-by-telkom.html
Financial planning: Vietnamese bank targets rural clients
SACOMBANK yesterday announced the launch of its new subsidiary, the 100 per cent foreign-owned Sacombank Cambodia Plc, which is set to target the Kingdom’s rural population. The Vietnamese commercial bank plans to open branches throughout the country’s provinces to provide banking services to a larger cross-section ...
Investment on the rise nationwide
The dollar figure on government-approved investments in construction for the first eight months of the year increased by 92 per cent compared to the same period in 2010, according to official statistics. The Ministry of Land Management, Urban Planning and Construction approved 1,470 construction projects worth ...
http://www.phnompenhpost.com/index.php/2011100651979/Business/investment-on-the-rise-nationwide.html
Petroleum engineers to provide support to Cambodia
At a Sept 11 meeting between Deputy Prime Minister Sok An and Ganesh C. Thakur, President of the U.S.-based Society of Petroleum Engineers (SPE), plans were discussed about the SPE providing training and expertise for the Kingdom’s oil and gas sector, according to a statement ...
Taiwan’s leading bank opens in Cambodia to boost trade
The China’s Taiwan leading bank, Mega International (ICBC), on September 30th, opened its first branch in Phnom Penh, aiming to attract more Taiwanese investors to Cambodia and boosting further business. “The Mega ICBC will bring capital investment injection into the economy of Cambodia, employment opportunities, upgrading ...
Phnom Penh Port shipments increase
Freight shipments through Phnom Penh Autonomous Port saw year-on-year growth of 30 per cent in the first nine months of the year, according to official PPAP figures. The total number of twenty-foot equivalent units that passed through the port hit 60,810 between January and August, up from ...
New law drafted to address price dumping
Officials and trade experts discussed a new draft law at a conference in Phnom Penh yesterday that would allow the government to protect exporters against competitors abroad that engage in price dumping, or selling products at an extremely low price. Speaking on the sidelines of the ...
Medical bills lead many into debt, survey reveals
Small-scale health insurance policies can be an effective way to avoid drowning in debt, according to a survey released yesterday. Fifty-eight percent of 5,275 households surveyed in Kandal, Takeo and Kampot provinces had taken out loans, with health care and medical costs being the chief reason, ...
Ongpin’s Atok buys Hong Kong company
Atok-Big Wedge Co. Inc., a listed company owned by the group of former Trade minister Roberto Ongpin, acquired Tidemark Holdings Ltd., a Hong Kong company that owns 25.9 percent of Forum Energy Plc, an oil and gas firm controlled by Philex Mining Corp. Atok-Big Wedge said ...