WEEKLY ECONOMIC UPDATED
Updated:16-22 March, 2019
TRADE & COMMERCE | Eyeing More Trade With EAEU
The Ministry of Commerce is asking for the cooperation of the private sector to compile a list of products that could sell well in the Eurasian Economic Union. The list will be used by the Cambodia government during trade negotiations with EAEU, a political, military and economic union formed by five countries – Russia, Belarus, Kazakhstan, Armenia, and Kyrgyzstan. Speaking during a workshop yesterday, Tek Reth Kamrang, Cambodia’s secretary of state at the Ministry of Commerce, said Cambodia was granted preferential trade status in the EAEU market three years ago. 46 products can enter the EAEU market duty-free, she said.. (March 22, 2019 | Khmer Times)
TRADE & COMMERCE | UNDP, 4PX Express Sign Deal To Boost Ecommerce Sector
Shenzhen-based 4PX Express, partially owned by Alibaba Group, and the United Nations Development Program (UNDP) yesterday signed a cost-sharing agreement to build up the ecommerce ecosystem in the Kingdom and improve cross-border logistics.
Under the partnership, 4PX will provide $1.3 million that will be invested in initiatives to build the capacity of local SMEs in ecommerce, including training on Alibaba.com. (March 20, 2019 | Khmer Times)
TOURISM | Cardamon’s New Tent Experiences
PHNOM PENH, 20 March 2019: Cardamom Tented Camp in Cambodia has introduced two new ecotourism packages to add to activities beyond the tented camp resort.
Partnering with the Wildlife Alliance’s wildlife release station in Chiphat, the Cardamom Tented Camp has created a five-day/four-night “Adventurer” package.
It is also offering a three-day/two-night Jungle Camp experience with an overnight in tree tents. (March 20 , 2019 | TTR Weekly)
TOURISM | CATA signs MoU With Indian Firm
The Cambodia Association of Travel Agents (CATA) signed a memorandum of understanding with India’s SRAM & MRAM to increase the flow of tourists between the countries.
The MoU was signed on Wednesday by Chay Sivlin, president of CATA, and Sailesh Lachu Hiranandani, SRAM & MRAM director.
SRAM & MRAM Group is a conglomerate with branches in Cambodia, South Africa, Indonesia, Malaysia, Bahrain, Georgia, and Bangladesh. It is present in a wide range of sectors, from agriculture to artificial intelligence and foreign exchange management. (March 22 , 2019 | Khmer Times)
FINANCE AND BANKING | SECC Likely To Greenlight LOLC’s Bonds This Month
The Securities Exchange Commission of Cambodia (SECC), the bourse regulator, yesterday said LOLC will probably be granted permission to issue corporate bonds this month.
On Feb 25, LOLC (Cambodia) Plc., a leading microfinance-deposit taking institution, announced its intention to raise 80 billion riel ($20 million) by issuing corporate bonds on the Cambodia Securities Exchange (CSX). (March 21, 2019 | Khmer Times)
FINANCE AND BANKING | One-Stop Platform For Business Registration
The Ministry of Economy and Finance has presented a proposal for the creation of a platform that will centralise all services needed to register a company in Cambodia. The initiative is an attempt to facilitate business registration in the Kingdom, with Cambodia currently ranking 138 among 190 countries in the World Bank’s ease of doing business index. (March 20 , 2019 | Khmer Times)
AGRICULTURE | Cashew Committee Formed
The Ministry of Agriculture has established a working group for cashew nuts that aims to bump up production of the commodity to 1 million tonnes a year.
The working group has been tasked with conducting studies on cashew nut production and has the ultimate goal of increasing total production tenfold.
The group will be chaired by Hean Vanhan, director general of the General Directorate of Agriculture. (March 19, 2019 | Khmer Times)
AGRICULTURE | Sela Pepper Eyes New Markets In Asia And Europe
With Cambodian pepper gaining popularity across the globe, Sela Pepper, the largest local exporter, is planning a considerable increase in international shipments in the near future.
The company says it will begin shipping its products to Japan soon.
Speaking during a press conference Friday, Soeng Sopha, Sela Pepper general manager, said last year the company shipped more than 100 tonnes of pepper to countries in Southeast Asia and Europe. (March 18 , 2019 | Khmer Times)
REAL ESTATE AND CONSTRUCTION| Expressway Project To Break Ground Today
Construction of Cambodia’s first ever expressway, linking Phnom Penh to Preah Sihanouk province, starts today, with a groundbreaking ceremony presided over by Prime Minister Hun Sen. The project is expected to take four years to complete. It will alleviate traffic from National Road 4, the busiest thoroughfare in the country, which connects the capital to Sihanoukville’s deep-sea port, the main gateway for exports and imports. The groundbreaking ceremony will be held in Kampong Speu’s Samrong Tong district.(March 22 , 2019 | Khmer Times)
REAL ESTATE AND CONSTRUCTION| Prime Minister Unveils Plan To Construct Kampong Chhnang, Kampong Thom Bridge Prime
Prime Minister Hun Sen on Saturday announced plans for a bridge across the Tonle Sap lake to connect Kampong Chhnang and Kampong Thom provinces, a project that will bring about sizeable economic benefits.
Hun Sen said at the opening of the three-day river festival in Kampong Chhnang province last week that the project will see a 57km road built from Kampong Chhnang’s Kampong Leng district to Kampong Thom’s Stung Sen town, which will include a 3.9km bridge across the Tonle Sap lake. (March 18 , 2019 | Phnom Penh Post)
CAMBODIA Selected Indicators
Real GDP growth, at constant market prices
Gross Fixed Capital Investment
Exports, Goods and Services
Imports, Goods and Services
Real GDP growth, at constant factor prices
Inflation (Consumer Price Index)
Current Account Balance (% of GDP)
Financial and Capital Account (% of GDP)
Net Foreign Direct Investment (% of GDP)
Fiscal Balance (% of GDP)
Debt (% of GDP)
Primary Balance (% of GDP)
Sources: World Bank, Macroeconomics and Fiscal Management Global Practice, and Poverty Global Practice.
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