Cambodian commodity exports to the US and bilateral trade between the two countries both surged nearly 30 per cent year-on-year in the first nine months of 2022, increases that are expected to continue as shipping costs ease, buoyed by an ongoing investment upswing in the Kingdom fuelling a manufacturing revolution. In the January-September period, Cambodia-US commodity trade totalled $7.297 billion, expanding by 27.96 per cent from the $5.703 billion recorded in the same time last year, according to the General Department of Customs and Excise of Cambodia (GDCE). Of that, Cambodian exports amounted to $7.047 billion, up 29.40 per cent…
Author: Hin Pisei
A total of 3,789 businesses were successfully registered on the Online Business Registration Platform, also known as the “Single Portal”, in the 125 days to October 17, bringing the cumulative figure to 18,465, according to the Online Business Registration Service, the competent government agency. The agency said in a notice that 1,698 applications are currently under review. Additionally, since the platform’s inception, 12,073 companies have made reservations to complete the registration process at a later date, with 355 more currently under review. The average time for completing the registration process remains at eight days. The government launched the platform on…
Growth momentum in foreign inbound investment and orders have driven up the value of imports and exports handled at the Sihanoukville Special Economic Zone (SSEZ) in the first three quarters of this year, reported at $1.904 billion, up 21.27 per cent from the $1.57 billion booked in the same time last year. Preah Sihanouk provincial deputy governor Long Dimanche told The Post on October 17 that SSEZ production, imports and exports are on a steady upward trajectory, underpinned by a generally peaceful environment, strong public safety landscape, effective Covid-19 management, favourable and attractive updates to the legal investment framework, free…
Preah Sihanouk province tallied 125,000 national and international visitors over the weekend of October 15-16, “more than 60,000” of which arrived on the former, according to the provincial administration. Travel to Preah Sihanouk has witnessed a sizeable boom this month, driven by the long-anticipated $1.9 billion 187.05km Phnom Penh-Sihanoukville Expressway’s October 1 soft launch and a general desire to see the progress of infrastructure and construction works in the beach-laden province. The provincial administration reaffirmed in an October 15 statement that the expressway would remain free-of-charge for commuters until October 31, and also attributed the uptick in national and international…
The tourism ministry’s goal of attracting 700,000 annual Vietnamese arrivals by 2023 and one million by 2024 may seem relatively easy to achieve to some, but it could require a new series of well-informed strategies as well as the effective implementation and promotion thereof, industry insiders say. Ministry figures show that annual Vietnamese arrivals to the Kingdom peaked in 2015 at 987,792, falling by 8.00 per cent to 908,803 in 2019, prior to Covid-19. These figures also trended down in terms of market share, from 20.69 per cent in 2015 to 13.75 per cent in 2019. This year, Cambodia has…
The commerce minister on October 13 asked the Turkish ambassador to encourage players from the transcontinental country to invest in Cambodian agricultural, agro-industrial and food processing projects that align with Islamic principles, as the envoy revealed that Ankara plans to open a trade office at her embassy to better coordinate efforts to reinforce bilateral trade and investment relations, according to the commerce ministry. During a meeting held at his ministry, Minister of Commerce Pan Sorasak also requested that Ulku Kocaefe, the newly-minted ambassador, advocate for direct flights between the two countries to cash in on the Kingdom’s abundant supply of…
The General Department of Customs and Excise of Cambodia (GDCE) reported that it collected 8.2587 trillion riel, or $2.0268 billion, in the first nine months of 2022, up one-fifth year-on-year. This is equivalent to 78.8 per cent of the full-year target set by the 2022 Law on Financial Management of around $2.58 billion. Broken down by revenue types, value-added tax (VAT) on petroleum products amounted to 0.2812 trillion riel, other VAT sources 3.1047 trillion riel, special tax 3.1453 trillion riel, customs duty 1.5596 trillion, and export tax and other fees 0.1679 trillion riel. Categorised by products, vehicles and machinery accounted…
The Council for the Development of Cambodia (CDC) on October 12 announced that it has approved four new proposals for manufacturing projects to produce items such as light bulbs, decorative lighting fixtures, Christmas products, electronics and components thereof, which have total registered investment capital of around $24 million and are expected to create 3,817 new jobs. The CDC indicated in a notice that it has greenlit final registration certificates for all four projects, including Gorgeous Lights Co Ltd’s $8.1 million factory for light bulbs, decorative lighting fixtures and components thereof, in Svay Rieng province’s Svay Chrum district; and Lingbenyang Optoelectronics…
The government is pressing ahead with at least four of the 20 priority initiatives outlined in the draft Automotive and Electronics Sector Roadmap, in a bid to promote economic diversification with a focus on consistency with regional and global economic dynamics. This is according to a statement issued by the Council for the Development of Cambodia (CDC) – the government’s highest decision-making body for large-scale investments – in conjunction with a virtual meeting of the Ministry of Economy and Finance’s Economic and Financial Policy Committee (EFPC) on October 10. The statement identified the initiatives as: establishing the Automotive and Electronics…
The General Department of Taxation (GDT) announced that it collected $2.69338 billion in tax revenues in the first nine months, equivalent to 95.53 per cent of the full-year target for 2022. This leaves just three months to reach the prescribed 11.419 trillion riel ($2.820 billion). This represents an increase of $580.51 million, or 27.5 per cent, over the corresponding figure for the first nine months of 2021, or $2.1129 billion, which was equal to 94.2 per cent of the $2.24307 billion full-year goal set in the annual Law on Financial Management for that year, according to apparently-readjusted GDT statistics. The…