Cambodia imported $244.754 million worth of “iron and steel” in the first eight months of 2022, up 19.97 per cent from the $204.018 million recorded over the same time in 2021, according to Customs. Construction pundits have attributed this rise to increases in prices for the materials on source markets, as well as the fairly unimpeded construction progress made on locally-owned housing developments. This category of items, corresponding to Chapter 72 of the harmonised tariff schedule, accounted for 1.12 per cent of the value of the Kingdom’s total imports over the period, at $21.764 billion, data from the General Department…
Author: Hin Pisei
The Cambodian agro-food industry, even as a significant driver of economic growth, continues to be troubled by a collection of pressing issues, according to Minister of Agriculture, Forestry and Fisheries Veng Sakhon on October 3. The minister was speaking on the first of the three-day hybrid-format Vienna Food Safety Forum (VFSF) 2022, held at the UN Industrial Development Organisation (UNIDO) headquarters in the Austrian capital, according to a statement posted on his official Facebook page. Although the agro-food industry represents a vital bridge between farmers or producers and end users, development in the area is undermined by: limited access to…
Cambodia’s January-August exports to and trade surplus with Canada both rose by around one-quarter on-year, a pattern that is expected to continue, driven by preferential commercial arrangements and initiatives spearheaded by the representative offices of the apex Cambodian trade body, as the Kingdom pushes for a lucrative free trade pact with the world’s ninth largest economy. In the first eight months of 2022, bilateral trade between Cambodia and Canada came to $804.406 million, up 22.61 per cent year-on-year, with the Kingdom’s exports worth $780.188 million, up 24.03 per cent, and imports totalling $24.217 million, down 10.4 per cent, according to…
The Council for the Development of Cambodia (CDC) on September 30 announced that it had agreed to issue a final registration certificate to Try Pheap Koh Tunsay Resorts Co Ltd for a new island development project – this time on the 14ha Koh Tbal Island in Kep province. The CDC, the government’s highest decision-making body for large-scale investments, remarked in a notice that the Koh Tbal Development Project has registered capital of $17 million and could add 105 new jobs. Koh Tbal, which translates as Mortar Island, is located just 1.3km southeast of Koh Tonsay Island, both of which are…
The Ministry of Tourism has unveiled an eight-pronged strategy aimed at raising the full-year numbers of international visitors to Cambodia and domestic trips nationwide to at least 7.5 million and 16 million by 2028, respectively, following the devastating blows to the tourism sector dealt by the Covid-19 crisis over the 2020-2021 period. In a September 30 report on its work progress over the past five years, the ministry noted that international travellers to Cambodia grew from “more than 290,000” in 1998 to 6.6 million in 2019. Similarly, domestic trips across the Kingdom grew from one million to 11.3 million over…
Cambodia and Indonesia have pledged to enhance tourism cooperation, and agreed on a five-pronged strategy to revive travel to either country as Covid-19 headwinds abate, according to the tourism ministry. The commitment was made during a bilateral meeting between Minister of Tourism Thong Khon and his Indonesian counterpart Sandiaga Uno on September 27 – coinciding with the 42nd World Tourism Day – on the sidelines of the Group of 20 (G20) Tourism Ministerial Meeting held in Bali, Indonesia from September 26-27, the ministry noted in a statement. The first element of the strategy is to set up a joint working…
The General Department of Taxation (GDT) has collected $2.68040 billion in tax revenues year-to-date, equivalent to 95.07 per cent of the full-year target for 2022, its director-general Kong Vibol said on September 28. This leaves just over three months to reach the prescribed 11.419 trillion riel ($2.820 billion). This represents a 26.97 per cent jump over the corresponding figure for the first nine months of 2021, or $2.11109 billion, which was equal to 94.12 per cent of the $2.24307 billion full-year goal set in the annual Law on Financial Management for that year, according to GDT statistics. Speaking at a…
PropNex (Cambodia) Co Ltd, a fanchise of the largest listed Singapore real estate company, on September 23 held a “grand opening” in Phnom Penh where it affirmed its vision of expanding its network of agents by roughly 150 per cent to 1,000 by the end of next year. Speaking at the event, PropNex Cambodia managing director Ann Thida said her company offers a variety of services, covering housing and commercial rentals; land investments; and real estate appraisal, consulting, research and management. The firm will also occasionally release real estate market updates to keep customers up-to-date, she said. The company aims…
The South Korean National Assembly on September 27 ratified the Cambodia-Korea Free Trade Agreement (CKFTA), fuelling hopes for an export boom to Asia’s fourth largest economy. The CKFTA is to become effective 60 days after both sides have completed their internal procedures and deposited their respective instrument of ratification (IoR), a document by which a country formally agrees to be bound by a treaty. After the Cambodia-China Free Trade Agreement (CCFTA), the CKFTA is slated to become the Kingdom’s second bilateral free trade agreement (FTA). The CCFTA entered into force on January 1, the same day that the Regional Comprehensive…
Holidaymakers made nearly 1.26 million domestic trips nationwide during the three-day Pchum Ben Festival this year, representing an almost 90 per cent rise compared to the corresponding time last year, with Battambang, Siem Reap and Kep provinces receiving the most visitors, according to the Ministry of Tourism. The festival marks the end of the 16-day Pchum Ben Holiday, which fell from September 11-26 this year, and is its only period to be celebrated as a public holiday. The annual 16-day holiday is dedicated in memory of ancestors and is an occasion for families to get together, especially Cambodian Buddhists –…