A bilateral meeting between Cambodian and South Korean leaders last weekend is expected to bolster imports and exports between the two countries as the two-way Cambodia-Korea Free Trade Agreement (CKFTA) enters into force on December 1, analysts have said. Prime Minister Hun Sen on November 11 met with South Korean President Yoon Suk Yeol in Phnom Penh on the sidelines of the 40th and 41st ASEAN Summits and Related Summits. At the meeting, both sides hailed the economic cooperation and increasing trade between the two countries, and expressed optimism that the CKFTA would substantially drive up commercial shipments between them.…
Author: Hin Pisei
Three top finance industry bodies on November 12 denied any affiliation with Payeer and other crypto-related platforms, underlining their lack of official recognition in Cambodia. The Association of Banks in Cambodia (ABC), the Cambodia Microfinance Association (CMA), and the Cambodian Association of Finance and Technology (CAFT) made the remarks in a joint statement. The statement said the associations “are aware [that] some crypto-related platforms, such as Payeer, have been using the name of our [member institutions] without authorisation, and have [claimed entry into] collaboration with some banks and financial institutions [on] payments, deposits and withdrawals, investing and trading in Bitcoin,…
A newly-signed document marking a major step towards the export of Cambodian peppercorn to China has sparked optimism among agricultural players for meaningful improvements in the production and international sales of the dried fruit, as well as related investment. The “Protocol of Phytosanitary Requirements for Export of Peppercorns from Cambodia to China” was penned at the Peace Palace on November 9 by Minister of Agriculture, Forestry and Fisheries Dith Tina and General Administration of Customs of China (GACC) head Yu Jianhua at a ceremony presided over by Prime Minister Hun Sen. Speaking to The Post on November 10, Kampot Pepper…
The top commerce official on November 9 asked the government-linked Japan External Trade Organization (JETRO) to keep encouraging the Japanese business community to buy Cambodian products and invest in the Kingdom, as well as to support preliminary studies on a prospective bilateral free trade agreement (FTA) between the two Asian countries, according to the commerce ministry. Minister of Commerce Pan Sorasak made the proposal during a working meeting with JETRO chairman and CEO Nobuhiko Sasaki, looking to promote the business environment and improve Cambodia-Japan trade relations, the ministry noted in a statement. Citing strong long-standing relations between the two countries,…
Cambodia is eyeing two major tourism-related events set for the coastal Preah Sihanouk province next month to gain recognition amongst regional and global leaders as a safe travel destination with limited Covid-19-associated risks, a year on after the government moved to allow the full resumption of socio-economic activity. To this end, a November 7 preparatory meeting was held at Preah Sihanouk Provincial Hall for the December 9-11 9th Sea Festival – the first since 2019, before Covid-19 – and the World-Bays Club’s 2022 World Congress to be held from December 9-14 themed “Bays of Peace, Bays of Hope”, the Ministry…
Cambodia has issued a fresh invitation to Vietnamese business players to explore investment opportunities in the Kingdom, including for co-investment with Cambodian entities, to maximise the benefits of bilateral and multilateral cooperation frameworks, as trade between the two countries increased over 22 per cent on-year to pass $4.6 billion in the January-September period. Prime Minister Hun Sen made the proposal at this year’s Cambodia-Vietnam Investment and Trade Promotion Forum held in Phnom Penh on November 8, according to a statement posted on Hun Sen’s official Facebook page. The premier commented that the two neighbouring countries have maintained good diplomatic relations,…
Cambodian “iron and steel” imports in the first nine months of 2022 clocked in at $271.778 million, expanding 20.1 per cent year-on-year from $226.377 million, Customs reported, as observers attributed the increase to brisk demand from a myriad of active locally-financed construction projects, coupled with limited domestic supply. This category of items, corresponding to Chapter 72 of the harmonised tariff schedule, accounted for 1.144 per cent of the $23.764 billion value of the Kingdom’s total imports over the nine months, versus the 2.442 per cent, 1.635 per cent and 1.098 per cent ratios in the same periods of 2019, 2020…
The Covid-19 crisis has convinced a wide range of countries around the world of the importance of tourism in promoting economic growth, as well as its vital role in reinforcing relations and solidarity between nations, according to Prime Minister Hun Sen on November 3. The premier highlighted this during his opening remarks at the 5th ACMECS (Ayeyawady-Chao Phraya-Mekong Economic Cooperation Strategy) and 6th CLMV (Cambodia, Laos, Myanmar and Vietnam) Tourism Ministers Meetings. The ACMECS subregion includes the CLMV countries as well as Thailand. “This meeting really shows our strong regional solidarity. It is a special opportunity for ACMECS and CLMV…
The Lao national airline’s resumption of commercial flights between Cambodia and Laos on November 1 has been met with optimism among tourism insiders, as an attractive option for extensive trips across Indochina that could deliver a tangible increase in tourism flows between the Kingdom and its landlocked northern neighbour. Each Tuesday, Thursday and Saturday, Lao Airlines will operate flight QV 513 departing Luang Prabang at 8:30am and arriving at Siem Reap at 11:50am with a 40-minute stopover in Pakse, and then flight QV 514 leaving Siem Reap at 12:25pm and touching down at Luang Prabang at 3:50pm with a 45-minute…
A large influx of holidaymakers is expected in Siem Reap over this year’s Water Festival, as the local tourism department reports a tally of more than 1.6 million tourists to the historically-rich northwestern province in the first nine months of this year. Known locally as Bon Om Touk, the Water Festival falls from November 7-9 this year. The second day of the festival aligns with the date of the full moon on the Khmer lunar calendar month of Katdoek (or Kartika in Sanskrit), which is said to be when the long-cycle rice crop is ready for harvest. From January to…