WEEKLY ECONOMIC UPDATED
Updated: 20 April-26 April,2019

TRADE & COMMERCE | Increased Chinese Rice Exports Mou To Be Signed At 2nd BRF

Prime Minister Hun Sen is set to sign a memorandum of understanding (MoU) on increased rice quotas with China at the 2nd Belt and Road Forum for International Cooperation in Beijing, according to a statement on Wednesday from the Ministry of Commerce. Minister of Commerce Pan Sorasak, through state-owned rice exporter Green Trade Company, discussed rice quotas with Chinese firm China National Cereals, Oils and Foodstuffs Corporation on April 12, the statement said. The purpose of the talks was to promote Cambodian rice exports to the international market in line with government policies and strengthen bilateral trade cooperation between Cambodia and China. (April 26, 2019 | Phnom Penh Post)

TRADE & COMMERCE | China To Sign Mou On Expanding Cambodian Rice Import Quota

China will agree to buy 400,000 tonnes of Cambodian rice in a memorandum of understanding that will be signed tomorrow in Beijing, according to the Cambodian Ministry of Commerce. The agreement will be signed by local company Green Trade, who will be representing the Cambodian Ministry of Commerce, and COFCO, China’s largest food processor, during a forum on the Belt and Road Initiative (BRI). “Led by Prime Minister Hun Sen, the two sides will sign a MoU at the second forum of the Belt and Road Initiative to be held in Beijing on April 27,” the statement reads. (April 26, 2019 | Khmer Times)

TRADE & COMMERCE | Economic Growth Set To Slow This Year: WB Report

Cambodia’s economy remains in a “robust” condition but economic growth is projected to slow slightly this year compared to last, mainly due to weaker than expected external demand, according to a World Bank report released on Wednesday. The bank forecast the Cambodian economy to grow seven per cent in 2019, slightly lower than the 7.5 per cent seen in 2018, as exports moderate in line with deceleration of global demand. However, the bank’s expert said the seven per cent growth rate is still considered high and the economy remains strong. (April 25, 2019 | Phnom Penh Post)

TOURISM | Cruising down the river at sunset in sleepy, laidback Kampot town

A three-hour drive from Phnom Penh down National Road 3 is Kampot, a sleepy province well-known for its beautiful countryside, salt fields, water sports, seafood, colonial buildings and Bokor mountain. The province has retained a relatively large expat community of mostly older foreigners, many of whom run art galleries, cafes, restaurants and guest houses in Kampot town. This means that unlike places like Siem Reap town, Kampot town is better known for its calm, local style living that winds down when the sun sets, putting off many younger tourists from visiting who become most active after dark. For this reason, in 2014 some Kampot locals came up with an idea that would breathe a bit of life into the sleepy town in the evenings while still staying true to the province’s laidback charm.   (April 25 , 2019 | Phnom Penh Post)

FINANCE AND BANKING | Central Bank Issues Financial Stability Review

The National Bank of Cambodia (NBC) yesterday launched its Financial Stability Review (FSR), a report that aims to provide reliable financial data to the public to help mitigate risks. Speaking at the launch, Neav Chanthana, NBC vice governor, said the FSR is a valuable document that helps the public and investors better understand the financial sector. “It informs policy decisions in the public and private realms. It is particularly helpful for investors, financial institutions and relevant stakeholders, guiding decisions on investment, business expansion and helping mitigate any potential risks,” she said. (April 25, 2019 | Khmer Times)

FINANCE AND BANKING | National Bank Of Cambodia Holds Financial Literacy Event

The National Bank of Cambodia (NBC) held an event yesterday to teach the public about the importance of financial literacy skills and encourage more people to take advantage of financial services. Speaking at the National Financial Literacy Day, Neav Chanthana, NBC deputy governor, said improving financial literacy in the country can boost national economic growth, aid the development of the financial sector and increase people’s incomes. “Our goal is to improve financial literacy. To do this, we need the participation and support of the government, the private sector, and our development partners,” she said. (April 24 , 2019 | Khmer Times)

AGRICULTURE | Minister Praises Project To Improve Farmers’ Lives

Minister Veng Sakhon on Thursday congratulated Heifer International for their work in Cambodia, particularly the ‘Accelerating Inclusive Market for Smallholders (AIMS)’ project, which has benefited about 35,000 vulnerable households since 2016. Veng Sakhon, the Minister of Agriculture, met last week with Keo Keang, Heifer International Cambodia director, to learn about the progress of the programme, whose aim is to help small-scale farmers in 12 provinces increase their incomes. The AIMS project began in 2016 and will run until 2021 with a budget of $4.7 million. Speaking to Khmer Times on Tuesday, Ms Keang said the programme provides education and know-how on raising livestock and growing chemical-free vegetables. (April 24, 2019 | Khmer Times)

 

REAL ESTATE AND CONSTRUCTION| Real Estate Growth To Ease: Central Bank

The National Bank of Cambodia (NBC) projects growth in the local real estate sector, particularly condominium, retail and office space, to slow down in upcoming months as supply increases. In its first Financial Stability Review (FSR), released on Wednesday, NBC presented a mixed outlook for the sector, with the potential for supply to outstrip demand if external and domestic demand weaken. The report also pointed out delays in several construction projects within the condominium, retail, and office segments during 2018’s last quarter. This pending supply is expected to hit the market during the first half of 2019, along with the scheduled delivery of other projects. (April 26, 2019| Khmer Times)

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

A feasibility study on the construction of a new airport in the Kingdom will be launched later this year, according to a Ministry of Tourism spokesman on Monday. The plan was approved last week in a meeting held by the Ministry of Economy and Finance and the Ministry of Tourism. Chuk Chumno, Department of Tourism Product Development director under the Ministry of Tourism, said the study on the airport’s construction in Mondulkiri province will take six months. The project aims to promote the tourism sector in the northeastern province, which has potential as an ecotourism hotspot and is one of Cambodia’s larger tourism destinations lacking an airport. (April 23, 2019| Phnom Penh Post)

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