China has emerged as the world’s biggest importer of Cambodian milled rice, now accounting for more than half the market share – versus just three per cent a decade ago – and is expected to further strengthen its dominance going forward, while insiders point out that traders who ship to Chinese shores pay relatively large sums for the grains. In 2012, China bought 6,181 tonnes or about three per cent of the Kingdom’s total milled rice exports for that year, according to a statement posted on Ministry of Agriculture, Forestry and Fisheries secretary of state Hean Vanhan’s official Facebook page.…
Author: Hin Pisei
The Council for the Development of Cambodia (CDC) has approved five new projects in solar panel manufacturing, healthcare, tourism, mining, and textiles, with total investment of more than $82 million that are expected to create nearly 2,000 jobs. This was revealed in a notice issued on August 31 by the CDC, the government’s highest decision-making body for large-scale investments. The four such CDC notices released last month indicate that the council approved a total of 17 investment projects with a total investment of $141.72 million – plus or minus $0.805 million to account for rounding – that are anticipated to…
Plans by freight giant US-headquartered FedEx for direct flights to Cambodia is likely to have a positive impact on the Cambodian economy, experts are saying. A FedEx representative, who met with officials from the Ministry of Commerce and Ministry of Public Works and Transport on August 30, said direct flights to Cambodia are expected from October. Senior officials of both the ministries expressed their support and encouraged FedEx to start operations which would also help expand US-Cambodia relations. Chea Chandara, president of the Logistics and Supply Chain Business Association in Cambodia (Loscba), told The Post on August 31 that FedEx…
A US congressional delegation has expressed interest in expanding bilateral trade and investing in Cambodia’s fuel and port sectors, which are experiencing strong growth, according to a public works ministry statement. This came during a bilateral meeting between Minister of Public Works and Transport Sun Chanthol and the delegation, led by Carol Miller, at the ministry on August 29, the statement noted. Miller is a member of the Republican Party and represents the US state of West Virginia’s 3rd district. Chanthol briefed the delegates on infrastructure development in Cambodia and welcomed further involvement of the American Chamber of Commerce in…
Cambodia retained a surplus of nearly seven million tonnes of paddy rice in 2021 after deducting domestic consumption, which has enabled the export of milled rice, the Ministry of Agriculture, Forestry and Fisheries stated. Ministry secretary of state Hean Vanhorn said that despite Covid-19, paddy rice production maintained a growth momentum last year, standing at about 12.2 million tonnes, up from 10.9 million tonnes in 2020. “After deducting 13 per cent for animal feed, seed and loss at harvest plus 2.35 million tonnes of domestic food demand, Cambodia has a remainder of 6.9 million tonnes of paddy rice – which…
Increasing domestic and foreign tourist figures are revitalising the tourism sector where 520 hotels and guesthouses out of a total 739 in Cambodia have reopened as of July 31, after being severely affected by Covid-19 for more than two years. Of the remaining number, 190 businesses are temporarily suspended while 29 others have closed down permanently, a Ministry of Tourism report stated on August 27. The report also showed that there are currently 2,529 restaurants, where more than 2,000 are open, and 363 businesses are still closed. Top Sopheak, ministry secretary of state and spokesman, said Siem Reap was the…
The US remains the world’s biggest buyer of Cambodian goods, accounting for a 41.36 per cent market share in January-July 2022, buoyed by the Kingdom’s relatively low levels of production disruption and eligibility for preferential trade arrangements. However, local opinions are split on what ramifications a potential recession in the US could have for trade with the country. During the period, Cambodian exports to the US reached $5.696 billion, up 47.28 per cent year-on-year, and imports $196.700 million, up 3.17 per cent according to the General Department of Customs and Excise (GDCE). Bilateral trade amounted to $5.893 billion, up 45.21…
In order to strengthen public trust in the banking system in Cambodia, the National Bank of Cambodia (NBC) called on the public to exercise increased caution, as there are currently many advertisements relating to illegal lending appearing in the Kingdom. In an August 25 press release entitled “advertisement and illegal lending”, the NBC said that the banking and financial institutions which were licensed to conduct business by the NBC include commercial and specialised banks, deposit-taking microfinance institutions, microfinance institutions, financial leasing companies, and rural credit institutions. They are legal and formal institutions. These institutions provide credit and other relevant services…
Local enterprise MDP Cambodia Co Ltd (MDP) on August 24 confirmed that it would team up with Singapore-based distributor SA Solutions for Asia (SA) to offer the “innovative cloud solutions” of Alibaba Cloud, “the digital technology and intelligence backbone” of Chinese e-commerce giant Alibaba Group Holding Ltd. Aiming to “facilitate secure and efficient digitalisation to the Kingdom”, the move is “in line with Cambodia’s efforts to build a lively digital economy that will benefit the state, business community and its citizens”, MDP said in a statement. “MDP, the official Alibaba Cloud distributor in Cambodia, has already started to engage directly…
Cambodia exported 4,789.68 tonnes of dry tobacco leaves from January to July, rising by 100 per cent over the corresponding period last year, the Ministry of Agriculture, Forestry and Fisheries reported. Vietnam was the top destination market, accounting for 4,687.7 tonnes or a 97.87 per cent share, followed by Taiwan (47.25 tonnes), Hungary (39.60 tonnes), the Philippines (15.11 tonnes) and South Africa (0.02 tonnes). Tobacco is mostly grown in Tbong Khmum, Kampong Cham and Kratie provinces, and in fewer amounts in Kandal. Seedlings are typically planted in September-October and the plants are harvested in March-May the following year. Heng Nath,…