WEEKLY ECONOMIC UPDATED

Updated: 11 May-17 May,2019

TRADE & COMMERCE | Cambodia, Nepal To Boost Trade

Cambodia and Nepal yesterday committed to boosting trade and investment during a business forum held in Phnom Penh attended by the Nepali Prime Minister. The Nepali premier, Khadga Prasad Sharma Oli, arrived in Phnom Penh on Monday for a three-day official visit to boost ties between the nations. Speaking at yesterday’s event, Cambodian Minister of Commerce Pan Sorasak said he expects bilateral trade to rise following the business forum. “This forum between Cambodia and Nepal give businesspeople from each country an opportunity to meet and partner up,” Mr Sorasak said.  (May 15, 2019 | Khmer Times

TRADE & COMMERCE | Philippine Firm To Export Cambodian Dried Mango

A Philippine firm will soon start exporting Cambodian dried mango to the Philippines and other markets, the Philippine ambassador recently revealed. The firm, whose name was not revealed by the ambassador, would become the first company to export Cambodian processed mango. In a meeting last week with Agriculture Minister Veng Sakhon, Christopher Baltazar Montero, the outgoing Philippine ambassador, said a fruit exporter based in the Philippines is now operating a mango processing factory in Prey Veng province.  “A Philippine company is now processing dried mango products in Prey Veng that will be sent to the Philippines as well as to other international markets,” Mr Baltazar Montero said. (May 15, 2019 | Khmer Times)

TRADE & COMMERCE | Korea Mango Shipment Postponed

The first shipment of Cambodian mangoes to South Korea will be delayed after the exporter failed to meet sanitary and phytosanitary requirements in the Korean market. Agriculture Minister Veng Sakhon said last week that the first shipment of Cambodian mangoes to the Korean market will have to wait because the exporter, Hyundai Corporation, did not pass an inspection conducted by South Korea’s Animal and Plant Quarantine Agency (APQA) in March. The minister was speaking at the launch of a packaging facility in Kampot built by banana exporter Longmate. “Although Hyundai used the latest technology to treat its products, APQA did not allow the shipment,” he said. (May 14, 2019 | Khmer Times)

TOURISM | Tourism Ministry Sets Sights On Muslim World

The Ministry of Tourism is targeting visitors from countries in the Middle East, a region believed to have great potential for Cambodia’s tourism market. The ministry said it is promoting Cambodia in the Middle East to increase the number of tourists and investors from the region. For instance, in April, ministry representatives participated in the Arabian Travel Market 2019 in Dubai, where interest in Cambodia ran high, according to Top Sopheak, ministry spokesman.  Mr Sopheak said the ministry is aiming to diversify its tourism market, which is now dominated by China.  “China is now Cambodia’s biggest tourism market. There is also a lot of tourists from Asia and the European Union,” he said, adding that “tourists from Islamic countries are now a priority. (May 17 , 2019 | Khmer Times)

TOURISM | More Chinese Visiting Cambodia

PHNOM PENH, 14 May 2019: Cambodia’s tourism ministry reported tourist arrivals increased by 9.7% during the first quarter of the year to reach 1.86 million. Arrivals at three gateway airports, Phnom Penh, Siem Reap and Sihanoukville reached 1.29 million with overland and sea arrivals making up the balance. Khmer Times reported details of the tourism ministry’s tourist headcount stating it showed Chinese visits during the first quarter reached 683,4367 up by a massive 35.1%. The increase in Chinese visits bucks the negative trend monitored by neighbouring Thailand and Vietnam during the first three months of the year. Most Asian countries have also seen a slowdown in visits from China, although it still remains the largest single supplier for Southeast Asia. (May 14 , 2019 | TTR Weekly)

 

FINANCE AND BANKING | World Bank To Provide $1 Billion In Assistance, Ministry Says

The World Bank will approve the disbursement of $1 billion to Cambodia to develop priority sectors in the next five years, according to the Ministry of Economy and Finance. The announcement was made by a World Bank delegation during a recent meeting with Acting Minister of Economy and Finance Vongsey Visoth. The World Bank’s board of directors later this month will approve a $1 billion grant as part of a partnership framework with Cambodia, covering the years 2019 to 2023, state-news agency Agence Kampuchea Presse reported. The World Bank praised Cambodia’s social and economic development, and said it is ready to continue supporting it. (May 17, 2019 | Khmer Times)

FINANCE AND BANKING | Credit Applications Up In First Quarter – CBC

The number of consumer credit applications saw a substantial increase in the first quarter of the year, the Credit Bureau of Cambodia (CBC) said in its latest report published last week. CBC’s Consumer Credit Index Q1 showed that the number of consumer credit applications rose by about 11.5 percent compared to the previous quarter, driven mostly by personal loans and mortgage applications. CBC noted that credit performance has recovered after a slump in the last quarter of 2018. About 81 percent of all loans were personal loans. Mortgage loans represented 12 percent while credit card loans accounted for 7 percent. CBC claimed that this ratio was not much different from the previous quarter and that similar levels of growth were seen across the Kingdom. In addition, it said that total consumer credit outstanding balance reached $6.70 billion, equal to almost 30 percent of total outstanding balance of individual loans in the market. (May 17 , 2019 | Khmer Times)

AGRICULTURE | Durian Yields To Decrease

Durian production in Kampot and Kampong Cham provinces will decrease this year due to unfavourable weather conditions, according to the provincial agriculture departments. Hean Ngon, deputy director of Kampot’s agriculture department, said production will not be as high as last year. “The weather is too hot this year, which is not good for growing durian,” he said. “Durian needs colder weather to grow properly.” However, he said demand for the fruit remains strong. “After the harvest, many merchants placed the orders and we quickly sold out,” he said. Mr Ngon said the fruit now sells for between 22,000 riel ($5.5) to 25,000 riel ($6.25) per kilogram. This is higher than last year, when it sold from 18,000 riel ($4.5) to 20,000 riel ($5), he noted. (May 15, 2019 | Khmer Times)

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