WEEKLY ECONOMIC UPDATED

Updated: 18 May-24 May,2019

TRADE & COMMERCE | Ministry To Evaluate Local Exporters

China has asked the Cambodian Ministry of Agriculture to inspect local companies included in a list of potential rice exporters to the Chinese market. The Cambodian ministry agreed to conduct new inspections on the 40 firms shortlisted to act as suppliers of rice to China, said Ngin Chhay, director-general of agriculture. “China asked the general directorate of agriculture to conduct quality evaluations on the rice millers in the list of potential suppliers to the Chinese market,” Mr Chhay said. “China is only accepting rice millers that can export big amounts.”Officials from the ministry and the Cambodia Rice Federation will perform the inspections soon, he said. (May 23, 2019 | Khmer Times)

TRADE & COMMERCE | Trade At CSX Reaches New High

The Cambodia Securities Exchange (CSX) yesterday saw the largest trade volume in its short history with nearly 10 million shares exchanged. The total value of traded shares surpassed $30 million, the highest ever at the Cambodian stock exchange, CSX said. “Today’s trade was mainly composed of stocks of Sihanoukville Autonomous Port (PAS), with total trade value reaching 120.02 billion riel. “Of this, only 0.02 billion riel was traded through the Auction Trading Method (ATM). The rest was traded using the Negotiated Trading Method (NTM),” CSX said. The NTM trade, facilitated by stockbroker SBI Royal Securities, was the biggest on record, it said. (May 22, 2019 | Khmer Times)

TRADE & COMMERCE | Plans To Export Longan To Thailand Well Under Way

Cambodia hopes to start exporting longan to Thailand in the near future, with the two countries planning to sign an agreement on phytosanitary requirements. Longan is poised to become the second agricultural product officially exported to Thailand following mango. Ly Sereivuth, chief of the plant quarantine office at the General Directorate of Agriculture, said Friday that work on phytosanitary technical documents is being conducted. “We are now preparing the technical documents to meet phytosanitary requirements in the Thai market, and we expect to complete this work soon,” Mr Sereivuth said during a workshop on phytosanitary procedures for export, import, and the transit of agriculture goods (May 21, 2019 | Khmer Times)

TOURISM | Travel Expo To Boast 200 Exhibitors

This year’s Cambodia Travel Mart, to be held in the capital in October, will attract 6,000 participants from 60 countries, the Minister of Tourism said yesterday during a press conference. The third edition of the expo will be held in Sokha Phnom Penh Hotel and will boast 200 booths, mainly from Asian and European companies, Minister Thong Khon said. He said the event brings together local and international buyers, suppliers, trade professionals, and media partners to network and exchange information on the latest tourism developments in the country. The minister added that it aims to promote Cambodia’s tourism potential to the world by improving commercial relations with international companies. (May 24 , 2019 | Khmer Times)

TOURISM | Ride Cambodia’s Only Funicular To Visit The Waterfalls Of Ta Chat

Situated in a suburb of Khemarak Phoumin city is a 20m waterfall, which runs down into a huge pond filled with fish as swimmers hurtle into the water from a rope swing tied to a tree. But what attracts many people to Ta Chat waterfall is the unique mode of transportation offered at the site – a modestly built funicular train to bring you to the top of the waterfall. Though funiculars are very common in many countries around the world, Ta Chat waterfall’s is the only one in Cambodia. The journey takes three minutes or so. “This was the initiative of our big boss to construct the mountain elevator in order to ease the walk to the top, especially for older people,” says Darng Deam, manager of the resort.  (May 23 , 2019 | Phnom Penh Post)

FINANCE AND BANKING | CSX Trading Breaks All-Time Record With $29.6M Volume

Stock trading at the Cambodia Securities Exchange (CSX) on Tuesday broke an all-time record since its opening in 2012, as volume reached 9.45 million shares, or 120.12 billion riel ($29.6 million). The previous record was achieved on December 26 when 2,150,535 shares were exchanged with a total value of more than $4.43 million. Sihanoukville Autonomous Port’s (PAS) stock accounted for 99 per cent of traded shares on that day. A CSX press release said PAS’ stock contributed the most to Tuesday’s trading at 120.02 billion riel. Of the amount, only 0.02 billion riel was traded through the Auction Trading Method (ATM) and the remaining 120 billion riel through the Negotiated Trading Method (NTM). (May 22, 2019 |Phnom Penh Post)

 

FINANCE AND BANKING | NBC To Continue To Use Tools To Strengthen Confidence In The Riel

The National Bank of Cambodia (NBC) announced on Friday that it will continue to strengthen confidence in the local currency by stabilising the currency exchange rate and enforcing its existing financial tools to boost the riel’s usage. NBC’s Monetary Policy Committee conducted a meeting last Friday and according to its press release issued the same day, it will continue stabilising the currency exchange rate based on actual economic change. It will also stabilise the interest rate of liquidity-providing collateralised operations (LPCO) and make 800 billion Cambodian riel ($200 million) a month available for banks and financial institutions to obtain funds through the LPCO. (May 20, 2019 | Phnom Penh Post)

 

AGRICULTURE | New Project To Boost Supply Of Safe Veggies

The Rural Development Bank (RDB) has announced a new $2-million programme that aims to boost agricultural production by training local farmers on advance techniques and equipment. Funded with a concessional loan from the Asean Development Bank, the project will be implemented across the country and seeks to reduce Cambodia’s reliance on agricultural imports, RDB general director Kao Thach said. He said the programme has no launch date yet but that it will run for two to three years. “In the initial phase, we are focusing on growing safe vegetables. We aim to improve the lives of small farmers and increase the supply of safe vegetables in the country.” Mr Thach said the project will train farmers in a variety of farming techniques, irrigation, and the use of advanced equipment. (May 24, 2019 | Khmer Times)

AGRICULTURE | Partners Pledge $600 Million To Boost Agriculture And Fisheries

The Ministry of Agriculture will be the beneficiary of $600 million in development assistance to develop the agriculture and fisheries sectors, Minister Veng Sakhon revealed last week. Mr Sakhon, speaking during a visit to a banana farm in Kampot province, said the assistance money has been pledged by developing partners, including the World Bank, Asia Development Bank, International Fund for Agricultural Development, and the European Union. The World Bank, IFAD and the EU will each provide around $100 million, while ADB’s contribution will near $200 million, the minister said. Mr Sakhon said the money will be used to develop the agriculture and fisheries sectors, but did not provide further details. (May 22, 2019 | Khmer Times)

 

REAL ESTATE AND CONSTRUCTION| Real Estate And Schools Go Hand In Hand

It’s the first questions parents ask when they buy a new house: What are the schools like here? As Phnom Penh expands and diversifies people are looking for more quiet residential communities where they can settle with their families. They want the convenience and opportunities the city provides but with the quiet and comfort of a suburb. School quality is a major factor for families who are choosing a place to live. Indeed, we are seeing that learning institutions are increasing in Sen Sok and Toul Kork districts, two flourishing residential areas. First off, public schools are responsible for educating the majority of the children in Cambodia. However, these schools often suffer from extremely low funding as well as lack of resources and infrastructure. (May 22, 2019| Khmer Times)

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