WEEKLY ECONOMIC UPDATED
Updated: 30 March-05 April,2019
TRADE & COMMERCE | Kampong Speu Palm Sugar Earns PGI Status In Europe
Kampong Speu province’s palm sugar this week was awarded geographical indication status in the European Union. The European Commission on Tuesday announced that Kampong Speu Palm Sugar has been registered as a protected designation of origin and a protected geographical indication (PGI). It becomes only the second Cambodian product to earn the distinction in the European bloc after Kampot pepper in 2016. Known in Khmer as ‘Skor Thnot Kampong Speu’, Kampong Speu Palm Sugar is made from the sap of the palm sugar tree and is characterised by a rich aroma and a light brown colour that resembles pumpkin. (April 05, 2019 | Khmer Times)
TRADE & COMMERCE | Ministry Says Cambodia Will Have To Export Its Oil
Lacking the infrastructure needed to process the commodity, Cambodia will have to sell its crude oil when it starts producing later this year, the Ministry of Mines and Energy said yesterday. KrisEnergy is expected to extract the first drop of crude oil late this year or early 2020, but that oil will not be refined in Cambodia, Meng Saktheara, secretary of state at the Ministry of Mines and Energy, told reporters during a press conference yesterday. “We won’t be able to process the oil in the beginning because we don’t have the facilities we need,” Mr Saktheara said. “KrisEnergy will have to ship the oil abroad.” (April 04, 2019 | Khmer Times)
TOURISM | Agro-Tourism Takes Visitors Back To A Bygone Era In Cambodian History
An agro-tourism site in Siem Reap city is aiming to take tourists back in history by allowing them to visit one of the dwindling traditional Cambodian domestic farms and experience how much of the Kingdom once lived. Chreav community, sitting about 10km west of the Angkor Wat temple complex, harks back to the days of oxcarts, dirt roads and manual farming. Krouch Ly – who promotes Chreav community as an agro-tourism destination – has arranged tours around the community, which began inviting visitors in March 2013. “The oxcart tour is a unique experience. The oxcart is useful for serving many purposes, from family transportation to farming activities. Taking a trip on a cart drawn by two oxen is an affordable and safe adventure, allowing you to conveniently explore the countryside and the country’s ancient civilisation,” he says. (April 04 , 2019 | Phnom Penh Post)
FINANCE AND BANKING | Wing and HKL team up
Wing and Hattha Kaksekar Limited (HKL) have teamed up to expand access to bill payment and digital money transfer services to their customers.
Through this new partnership, customers will be able to securely transfer funds from their Wing accounts directly into their HKL accounts, according to a press release from Wing. HKL loan customers can visit any of Wing’s 6,000 agents across Cambodia to deposit funds into HKL bank accounts, it said. HKL customers will enjoy access to a broad array of digital financial products and services through the Wing Money app, including money transfers, bill payments, phone top up, online and QR code-based payments, as well as shopping via the Wing Online Mastercard. (April 05, 2019 | Khmer Times)
FINANCE AND BANKING | Tax, Customs Revenue Hits $1.68B This Year
Cambodia collected some $1.68 billion in revenue from customs and taxation during the first three months of this year, said Prime Minister Hun Sen. Speaking recently at the 18th Government-Private Sector Forum, he said revenue from the Kingdom’s customs fees accounted for about $668 million between January 1 and March 29 while taxation revenue in the same period was about $400 million. The prime minister said the increasing revenue serves as a main driver of rapid development and generates projects that are funded by international donors. Many such projects require government contribution. (April 05 , 2019 | Phnom Penh Post)
AGRICULTURE | Thai Rules May Hurt Cassava
Thailand has put a restriction on agricultural product imports from neighbouring countries. The move may impact Cambodian cassava exports, which rely mostly on the Thai market, according to an announcement from the Ministry of Agriculture, Forestry and Fisheries. After receiving the notice from Thai authorities, the ministry informed Cambodian exporters to follow the new terms to continue exporting to the Thai market. Though the 2018-2019 season cassava harvests are expected to be completed by the end of this month, the ministry’s General Department of Agriculture informed local exporters of cassava products to be well prepared before exporting to Thailand. (April 03, 2019 | Phnom Penh Post)
REAL ESTATE AND CONSTRUCTION| Japanese Friendship Bridge Reopens Early
After about two years of renovation work, the Cambodian-Japanese Friendship Bridge has finally reopened to connect Phnom Penh to other provinces and ease traffic conditions.
Prime Minister Hun Sen and Japanese Ambassador Hidehisa Horinouchi presided over the inauguration ceremony yesterday.
On Facebook, Mr Hun Sen said the bridge is very important because it connects Phnom Penh to other provinces. He also thanked Japan for granting aid money to support the renovation of the bridge.(April 04 , 2019 | Phnom Penh Post)
REAL ESTATE AND CONSTRUCTION| Expo In Capital Aims To Attract Foreign Investors To Real Estate
More than 100 local and international real estate developers will attend the Home & Lifestyle Expo 2019 in Phnom Penh late this month. The event will help attract foreign investors to further contribute to the Kingdom’s growing real estate sector, say insiders. The Home & Lifestyle Expo 2019, which will be held on Koh Pich between April 26-27, will feature local and international development projects offering houses, boreys (gated communities), condominium projects and land lots. Realestate.com CEO Thomas O’Sullivan, an organiser of the event, on Wednesday said many foreign investors are not yet aware of or understand the Kingdom’s property development situation. The event will help boost the Cambodian property market, both locally and internationally, he added. (April 04, 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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