WEEKLY ECONOMIC UPDATED

Updated: 25 May-31 May,2019

TRADE & COMMERCE | Hun Sen Calls For More Japanese Investment

Prime Minister Hun Sen yesterday called for more investment from Japan as he delivered a speech at the 25th International Conference on the Future of Asia in Tokyo. Addressing hundreds of Japanese and international business representatives and potential investors, Mr Hun Sen praised the quality of Japanese investment and its positive impact on the Cambodian economy and society. “To further the country’s industrial development, Cambodia needs more Japanese investments on food processing, eco-tourism, manufacturing, and human resources,” Mr Hun Sen said. “Japanese businesses and investment in Cambodia are renowned for their quality. They add values to local goods, generate jobs and help improve the living standards of Cambodian workers, which is in line with the vision and mission of the Royal Government of Cambodia.”  (May 30, 2019 | Khmer Times)

TRADE & COMMERCE | China Unveils Plans To Build Rice Storage Facilities

The Henan Yuguang International Economic & Technical Cooperation on Thursday announced plans to build rice storage facilities to boost Cambodia’s rice exports. In a meeting with Minister of Commerce Pan Sorasak, Bi Guangmin, chairman of the board of Henan at Yuguang International Economic & Technical Cooperation, unveiled plans to build a warehouse and a silo with a capacity to store up to 1 million tonnes of rice. He said the project is part of an agreement signed in 2017 with the Cambodian government in which Yuguang International Economic & Technical Cooperation was tasked with building the facilities. “The company wants to build a warehouse and a silo. These facilities will help increase exports of Cambodian rice to the international market by as much as 500,000 tonnes,” he said. (May 27, 2019 | Khmer Times)

TRADE & COMMERCE | China to continue opening market to Cambodian products

The Vice Minister of the Communist Party of China’s International Department, who is now in the Kingdom in an official visit, has pledged to further open the Chinese market to Cambodian products and work to attract more investors. Wang Yajun made the pledges on Friday during a meeting with Prime Minister Hun Sen at the Peace Palace in Phnom Penh. Mr Wang is in the Kingdom in an official visit to follow up on agreements signed by the Cambodian and Chinese governments during last month’s Belt and Road Initiative (BRI) Forum in Beijing. At the BRI Forum, the countries signed a number of memorandums of understanding, including on key projects for cooperation on production capacity and investment, mutual support on tax affairs, and cooperation on the rectangular strategy and the BRI. (May 27, 2019 | Khmer Times)

TOURISM | The Once Deserted Beach Turning Into A Popular Tourist Attraction

With its long white sand beach and wooden bridge leading to a straw hut above the water, Ta Barang (translated as French grandpa) is a private beach that has experienced almost overnight success after thousands of Facebook users shared photos of it. Stepping down from a dark green Jeep, 68-year-old Puth Chantaravuth sports a white beard, dirty T-shirt and pants. He is walking around collecting litter in the beach’s parking lot. “I used to live in France from the age of 22, so when I came back here people called me bong barang [French brother], pu barang [French uncle], oum barang [French older uncle] and now ta barang,” the owner of the resort says. Ta Barang is located in Keo Phos commune’s Rithy II village in 1ha of land that Chantaravuth bought more than two decades ago. (May 30, 2019 | Phnom Penh Post)

FINANCE AND BANKING | Wing Teams Up With Korea’s Woori Bank

Wing Limited Special Bank, one of Cambodia’s leading mobile banking service providers, and South Korean Woori Bank have signed a memorandum of understanding to allow real-time money transfers between Cambodia and South Korea. The service is expected to launch towards the middle of the year, according to a statement from Wing on Tuesday. “Once the service available, Cambodians who live in South Korea will be able to transfer money to Cambodia on a real-time basis through the Woori global banking application, visiting a bank branch, or using automated machines with only an account number and mobile phone number,” Wing said.(May 29, 2019/ Khmer Times)

FINANCE AND BANKING | ADB Approves $7.6 Million Loan For Solar

In a bid to promote the development of renewable energies in the Kingdom, the Asian Development Bank (ADB) on Friday approved a $7.64-million loan to support the construction of a 100-megawatt solar power park in Kampong Chhnang. Pradeep Tharakan, ADB principal climate change specialist, said the bank’s assistance will not only help diversify Cambodia’s energy mix through solar power development but will also help the country meet its greenhouse gas emissions reduction target, as laid out in the Paris Agreement. “Having reliable, sustainable, and affordable energy sources is crucial for the economic development of a rapidly expanding country such as Cambodia,” said Mr Tharakan. (May 27, 2019 | Khmer Times)

AGRICULTURE | Ministry Encourages Planting Of Japonica Rice

The Ministry of Agriculture is encouraging companies and farmers to begin planting Japonica rice after a series of tests show it can be grown successfully in the Kingdom. Minister of Agriculture Veng Sakhon last week said that tests on Japonica rice have ended, yielding encouraging results. Those tests were being conducted in Kampong Thom province, and show that yields of Japonica are nearly twice as big as those of other varieties grown in the Kingdom. A hectare of land planted with Japonica can produce 6.5 tonnes of rice, Mr Sakhon said in a post on the ministry’s Facebook page. On average, a hectare in Cambodia yields 3.5 tonnes of rice. During a visit to rice fields in Kampong Thom over the weekend, Mr Sakhon asked agriculture officials to promote the rice variety to farmers, arguing that this will help boost rice exports. (May 28, 2019 | Khmer Times)

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