WEEKLY ECONOMIC UPDATED

Updated: 06 April-12 April,2019


TRADE & COMMERCE | Chinese Company To Invest In Plant

Chinese firm GuangBo Group plans to build an educational accessories factory in the Kingdom, an investment that has already gained the support of the Cambodian Minister of Commerce. At a meeting on Tuesday with GuangBo Group chairman Wang Liping, Pan Sorasak, the Minister of Commerce, expressed support for GuangBo’s investment plans and said the Kingdom’s investor-friendly policy is the reason Chinese firms continue to show interest in Cambodia. “Cambodia has 19 special economic zones providing investors a 9-year exemption on operating income tax, 100-percent ownership management, and export opportunities to markets in the Asean region, the United States and the European community under preferential trade status,” he said. (April 11, 2019 | Khmer Times)

TRADE & COMMERCE | Hydroelectric And Solar Announced As Alternative To Cancelled Turkish Floating Power Plant

The government has cancelled a contract it signed last week to bring a powership from Turkey to cope with the current energy deficit. Speaking at a cabinet meeting on Friday, Prime Minister Hun Sen announced the agreement signed with Turkey to rent a 200-megawatt floating power plant has been cancelled due to “technical issues”.  According to Phay Siphan, the government’s spokesman, the main reason the contract was terminated is that the powership would take too long to reach the Kingdom’s shore.  (April 08, 2019 | Khmer Times)

TOURISM | Basking In The Sun At The First Man-Made Beach In Siem Reap

You no longer need to travel to Sihanoukville, Koh Kong, Kep and Kampot to enjoy one of the Kingdom’s famous beaches. Cheas Penh, CIC Tour founder in Siem Reap, has come up with the novel idea of creating a man-made beach in the Kingdom’s second city. “Siem Reap has no coastline like in Sihanoukville or Kep, but as the climate is getting warmer and warmer in Cambodia I want local and international visitors who come to the city to experience a beach here,” says Penh, who is general manager at Cambo Beach Club, which opened to the public in December last year.  (April 11 , 2019 | Phnom Penh Post)

FINANCE AND BANKING | NBC Set To Lead Blockchain Use

The National Bank of Cambodia (NBC) will be one of the first central banks to use blockchain technology in its national payment systems for use by consumers and commercial banks, a new report by the World Economic Forum (WEF) stated. The WEF report, How are Central Banks Exploring Blockchain Today? released last month, reveals that the Cambodian central bank hopes to implement blockchain technology in the second half of this year as an experiment in supporting financial inclusion and greater banking efficiency. “The new blockchain-based payment system, in which consumers gain access via participating commercial banks, is designed to operate both with private mobile payment applications and commercial bank accounts, facilitating inter-operable retail payments between citizens and businesses, and encouraging citizens to open bank accounts, which support savings and financial stability,” it said. (April 10, 2019 | Phnom Penh Post)

FINANCE AND BANKING | Central Banks’ Chiefs Showcase New QR Code Payment System

The National Bank of Cambodia (NBC) and the Bank of Thailand (BOT) on Thursday presented to the public the “Interoperable QR Payment” system, which seeks to facilitate cross-border payments in local currencies. Chea Chanto, NBC governor, and his Thai counterpart Veerathai Santiprabhob led a presentation of the new payment system during a meeting of the governors of Asean’s central banks, which was held last week in Chiang Rai, Thailand. The meeting was held under the theme ‘Connecting Payment System in Asean: Cambodia and Thailand’. (April 09 , 2019 | Khmer Times)

AGRICULTURE | Signatures Of Asia Leads Partnership To Promote Sustainable Agriculture

A new partnership among key players in the agriculture industry seeks to boost farmers’ incomes, add value to local products and make the sector more sustainable. Local rice exporter Signatures of Asia signed a partnership yesterday with a number of farmers associations, insurers, banks, and international buyers to promote sustainable agriculture in the Kingdom and improve the supply chain. According to Signatures of Asia, the Partnership on Sustainable Agriculture and Value Chain aims to involve more key players in the value chain as a way to minimise challenges for farmers, which include a lack of access to finance, technology, advanced farming techniques, and markets. (April 12, 2019 | Khmer Times)

AGRICULTURE | Thailand Issues New Rules For Cassava Imports

Thailand has issued new regulations for the importation and transportation of cassava products in the country that may affect Cambodian exporters and producers. According to a statement from the Cambodian Ministry of Agriculture, Thailand has put in place a new set of conditions for importing and transporting dried, fresh and powder cassava which must be met by all companies.  Cassava exporters are now required to secure an import permit from Thailand’s department of agriculture as well as a phytosanitary certificate. The vehicles used for transportation must be cleaned before loading the cassava and any other product must be removed. (April 09, 2019 | Khmer Times)

REAL ESTATE AND CONSTRUCTION| Experts: Borey Projects Set To Expand Beyond Sen Sok

Phnom Penh’s Sen Sok district has become the most attractive location for gated community projects – better known as borey – compared to the capital’s other districts, a report by real estate firm, CBRE Cambodia said. Its research showed that 178 borey projects have been completed in the capital. Of those, 45 projects are located in Sen Sok district, followed by Russey Keo district with 31 projects. The report shows that there are 24 projects in Mean Chey district, 23 in Chbar Ampov district, 18 in Dangkor district and 17 in Por Sen Chey district. The remaining districts contain less than 10 borey projects each. This is CBRE Cambodia’s first study on the capital’s borey project numbers, so the company does not have data to compare it to, says the report. (April 11, 2019| Phnom Penh Post)

REAL ESTATE AND CONSTRUCTION|$4 Billion Naga3 Project Announced In Former White Building Site

Money made from the society must be reinvested back to the society,” Founder Chen Lip Keong. In an announcement to the Stock Exchange of Hong Kong on 3rd April 2019 , NagaCorp Ltd ( HKSE 3918) released that it has appointed Morgan Stanley and Credit Suisse as its financial advisors. In addition, Colliers International Hong Kong has also been appointed as its appraisers who has estimated an investment sum of up to US$4 billion to build a massive integrated resort complex in Phnom Penh called Naga3 consisting of two 66 levels and three 55 levels high rises with an expected 4,720 hotel rooms over 5 hotels as an example of an re-investment commitment in the economy of Cambodia.(April 08 , 2019 | Khmer Times)

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