[XINHUA]
PHNOM PENH, Sept. 3 -- Cambodia and Iran had agreed to enhance bilateral relations and cooperation in economics, trade, investment and culture, a Cambodian senior official said Monday.
The verbal agreement was made between Cambodian Prime Minister Hun Sen and Iranian President Mahmoud Ahmadinejad on Aug. 30 when Hun Sen attended the 16th Summit of the Non-Aligned Movement on Aug. 30-31 in Iran.
"Both sides agreed to strengthen bilateral ties, especially in economics, trade, investment and culture," Aun Porn Moniroth, secretary of State at Cambodian Ministry of Economy and Finance, told reporters.
He said the two leaders advised both sides' officials to discuss and set out practical measures to boost the cooperation.
"The two leaders also agreed to boost cooperation in oil and gas. In this sense, Iran will help Cambodia in human resources development," said Moniroth.
Besides, Iran promised to support Cambodia's candidacy as the non-permanent member of the United Nations Security Council (UNSC) in the 2013-2014 term.
Showing posts with label Economy. Show all posts
Showing posts with label Economy. Show all posts
September 6, 2012
September 3, 2012
ASEAN push for integration
[PHNOM PENH POST]
ASEAN economic ministers on Friday agreed to spur stronger cooperation
and make more of an effort to enhance the region’s integration in
preparation for the ASEAN Economic Community (AEC) in 2015.
Speaking during the press conference on the closing of the 44th ASEAN Economic Ministers’ Meeting and related meetings in Siem Reap during the last week in August, Cham Prasidh, Cambodia’s ASEAN economic minister, highlighted the fruitful and successful outcome of the meetings, however he said challenges still remain to be addressed and more work is to be done before the group is fully ready for integration.
“We believe that with sound political input and increased political will expressed by the leaders, those hesitations would be erased and there will be fewer challenges for us to achieve the goal of integration,” said Cham Prasidh.
Speaking during the press conference on the closing of the 44th ASEAN Economic Ministers’ Meeting and related meetings in Siem Reap during the last week in August, Cham Prasidh, Cambodia’s ASEAN economic minister, highlighted the fruitful and successful outcome of the meetings, however he said challenges still remain to be addressed and more work is to be done before the group is fully ready for integration.
“We believe that with sound political input and increased political will expressed by the leaders, those hesitations would be erased and there will be fewer challenges for us to achieve the goal of integration,” said Cham Prasidh.
March 13, 2012
Cambodia expects 7 pct GDP growth in 2012: Finance Minister
[XINHUA]
PHNOM PENH, March 12 -- Cambodia's Finance Minister Keat Chhon said Monday that the country's Gross Domestic Product ( GDP) growth is expected at 7 % this year.
The forecast is higher than that of the International Monetary Fund, the World Bank and the Asian Development Bank -- all forecast at 6.5 % this year.
Cambodia's forecast was based on the increases in garments exports, tourist arrivals, and agriculture as well as a gradually recovered real estate sector, the minister told reporters after a meeting at the Ministry of Commerce.
The country is highly sensitive to economic activity in the United States and Europe, which account for about two thirds of its total exports and the bulk of high-end tourist arrivals, according to the IMF's report released at the end of last month.
However, Keat Chhon said Cambodia's economy was still robust in 2012 and 2013 despite some impacts from the debt crisis in Europe and slow economic recovery in the United States, and the country still expected increases in garment exports to the two regions this year.
PHNOM PENH, March 12 -- Cambodia's Finance Minister Keat Chhon said Monday that the country's Gross Domestic Product ( GDP) growth is expected at 7 % this year.
The forecast is higher than that of the International Monetary Fund, the World Bank and the Asian Development Bank -- all forecast at 6.5 % this year.
Cambodia's forecast was based on the increases in garments exports, tourist arrivals, and agriculture as well as a gradually recovered real estate sector, the minister told reporters after a meeting at the Ministry of Commerce.
The country is highly sensitive to economic activity in the United States and Europe, which account for about two thirds of its total exports and the bulk of high-end tourist arrivals, according to the IMF's report released at the end of last month.
However, Keat Chhon said Cambodia's economy was still robust in 2012 and 2013 despite some impacts from the debt crisis in Europe and slow economic recovery in the United States, and the country still expected increases in garment exports to the two regions this year.
March 8, 2012
Cambodia, ADB launch fund for SMEs development
[XINHUA]
PHNOM PENH, March 7 -- Cambodia's Ministry of Industry, Mines and Energy and the Asian Development Bank on Wednesday unveiled a pilot Technology Development Fund for the country's small and medium enterprises (SMEs).
"The fund aims at enhancing the competitive capacity of small and medium enterprises in the sector of food and soft drink processing industry through improving technology, hygiene and food safety control standard," according to the project's summary report.
The report said that the fund is in the form of grants and will provide to any Cambodian-owned SMEs that meet qualifications. A SME can apply for grant between 5,000 U.S. dollars and 30,000 U.S. dollars.
It added that a qualified SME should have less than 100 employees and current asset of less than 500,000 U.S. dollars.
Meng Saktheara, chief of the ministry's industry department, said that the fund is financed by the ADB for a 2-year pilot project in the amount of 800,000 U.S. dollars.
PHNOM PENH, March 7 -- Cambodia's Ministry of Industry, Mines and Energy and the Asian Development Bank on Wednesday unveiled a pilot Technology Development Fund for the country's small and medium enterprises (SMEs).
"The fund aims at enhancing the competitive capacity of small and medium enterprises in the sector of food and soft drink processing industry through improving technology, hygiene and food safety control standard," according to the project's summary report.
The report said that the fund is in the form of grants and will provide to any Cambodian-owned SMEs that meet qualifications. A SME can apply for grant between 5,000 U.S. dollars and 30,000 U.S. dollars.
It added that a qualified SME should have less than 100 employees and current asset of less than 500,000 U.S. dollars.
Meng Saktheara, chief of the ministry's industry department, said that the fund is financed by the ADB for a 2-year pilot project in the amount of 800,000 U.S. dollars.
March 7, 2012
Dagong puts Cambodia's sovereign credit rating at B
[XINHUA]
BEIJING, March 6 -- The Dagong Global Credit Rating Company on Tuesday assigned Cambodia a local and foreign currency sovereign credit rating of "B" with a stable outlook.
The rating indicates that the country's economic, financial and fiscal condition is still weak despite continuous improvement, forcing the Cambodian government to rely on international assistance and concessional loans and weakening its debt repayment capability, the agency said.
The rating was Dagong's first for the southeast Asian country.
Dagong said the country's short-term economic growth rate will decline from 6 percent in 2011 to 4.5 percent and 5 percent in 2012 and 2013, respectively, due to the impact of the worsening global economic environment.
However, the Cambodian economy will have relatively strong momentum and grow at a high level with the help of international assistance and vigorous growth in other Asian economies, Dagong said.
BEIJING, March 6 -- The Dagong Global Credit Rating Company on Tuesday assigned Cambodia a local and foreign currency sovereign credit rating of "B" with a stable outlook.
The rating indicates that the country's economic, financial and fiscal condition is still weak despite continuous improvement, forcing the Cambodian government to rely on international assistance and concessional loans and weakening its debt repayment capability, the agency said.
The rating was Dagong's first for the southeast Asian country.
Dagong said the country's short-term economic growth rate will decline from 6 percent in 2011 to 4.5 percent and 5 percent in 2012 and 2013, respectively, due to the impact of the worsening global economic environment.
However, the Cambodian economy will have relatively strong momentum and grow at a high level with the help of international assistance and vigorous growth in other Asian economies, Dagong said.
March 1, 2012
IMF forecasts Cambodia's economic growth at 6.5 pct in 2012
[XINHUA]
PHNOM PENH, Feb. 28 -- The International Monetary Fund (IMF) predicted that Cambodia's Gross Domestic Product (GDP) growth would reach 6.5 percent this year, according to the Fund's press release on Tuesday.
The prediction is based on the buoyant garments exports, increasing tourist arrivals, and a gradually-improving real estate sector as well as increasing agricultural sector, said the press release.
However, it said that the fragility of the global recovery exposed Cambodia's narrow export base to significant downside risks.
"Cambodia is highly sensitive to economic activity in the U.S. and Europe, which account for about two thirds of its total exports and the bulk of high-end tourist arrivals," it said, adding "any immediate financial spillovers, however, would likely be limited and mostly indirect."
The Fund's forecast was the same as the recent predictions by the government of Cambodia, the World Bank and the Asian Development Bank.
The Fund said that the country's inflation rate was 5.75 percent in 2011, driven by higher food and fuel prices, and is expected to ease only gradually in 2012, in part reflecting a moderation in global commodity prices.
Cambodia's Prime Minister Hun Sen said on Monday that the country's GDP in 2011 was 7 percent, or 13 billion U.S. dollars.
PHNOM PENH, Feb. 28 -- The International Monetary Fund (IMF) predicted that Cambodia's Gross Domestic Product (GDP) growth would reach 6.5 percent this year, according to the Fund's press release on Tuesday.
The prediction is based on the buoyant garments exports, increasing tourist arrivals, and a gradually-improving real estate sector as well as increasing agricultural sector, said the press release.
However, it said that the fragility of the global recovery exposed Cambodia's narrow export base to significant downside risks.
"Cambodia is highly sensitive to economic activity in the U.S. and Europe, which account for about two thirds of its total exports and the bulk of high-end tourist arrivals," it said, adding "any immediate financial spillovers, however, would likely be limited and mostly indirect."
The Fund's forecast was the same as the recent predictions by the government of Cambodia, the World Bank and the Asian Development Bank.
The Fund said that the country's inflation rate was 5.75 percent in 2011, driven by higher food and fuel prices, and is expected to ease only gradually in 2012, in part reflecting a moderation in global commodity prices.
Cambodia's Prime Minister Hun Sen said on Monday that the country's GDP in 2011 was 7 percent, or 13 billion U.S. dollars.
February 28, 2012
Cambodia looks to banking and agriculture to spur growth
[CHANNEL NEWS ASIA]
Cambodia: Garment-making has been a mainstay of Cambodia's fledgling economy, chalking up between 6 and 7 percent annually for the past four years.
But, the country is turning its focus back to the land in the hope that rice growing and other farming produce, will lift growth closer to 8 percent, making it among the world's fastest growing economies.
A contrast to and the yearly average GDP growth rate of 7.7 percent over the last ten years, according to the IMF.
Cambodia's central bank expects economic growth in 2012 to accelerate to its fastest pace in four years.
"One of the priority sector of the government is to develop the agriculture" said Nguon Sokha, Director General, National Bank of Cambodia.
"At the moment, growth is driven by the garment sector, tourism sector and construction. Cambodia is an agriculture land so we need to develop based on our natural resource."
Cambodia: Garment-making has been a mainstay of Cambodia's fledgling economy, chalking up between 6 and 7 percent annually for the past four years.
But, the country is turning its focus back to the land in the hope that rice growing and other farming produce, will lift growth closer to 8 percent, making it among the world's fastest growing economies.
A contrast to and the yearly average GDP growth rate of 7.7 percent over the last ten years, according to the IMF.
Cambodia's central bank expects economic growth in 2012 to accelerate to its fastest pace in four years.
"One of the priority sector of the government is to develop the agriculture" said Nguon Sokha, Director General, National Bank of Cambodia.
"At the moment, growth is driven by the garment sector, tourism sector and construction. Cambodia is an agriculture land so we need to develop based on our natural resource."
Firms receive 1.67 million hectares of economic concessional land from Cambodian gov't
[XINHUA]
PHNOM PENH, Feb. 28 -- Cambodia has granted economic concessional land of 1.67 million hectares to 169 local and foreign firms so far; however, 51 of them with 479,000 hectares have been revoked licenses because they failed to comply with contracts and master-plans, said a senior government official on Tuesday.
Currently, there are 118 valid firms with 1.19 million hectares of economic concessional land in 17 provinces, Ith Nody, a secretary of state at the Ministry of Agriculture, Forestry and Fisheries, said Tuesday in the annual meeting of the Ministry of Land Management.
He said that among the valid firms, 41 companies are owned by local investors and 77 are foreign firms.
Among the foreign firms, 27 from China, 28 from Vietnam, 5 from South Korea, 5 from Thailand, 2 from the United States, 3 from Malaysia, 3 from India and one each from Singapore, Israel, Australia and Sweden.
Cambodia has begun to grant economic concessional land to private investors since 1993, aiming at boosting agricultural and agro-industrial plantation and processing for exports, which is expected to create jobs and generate incomes for the people living in the rural area.
A company can get maximum 10,000 hectares of economic concessional land for maximum 99 years.
Agricultural crops in that economic concessional land are rubber, oil palm, sugar cane, acacia, eucalyptus trees and cassava, he said.
PHNOM PENH, Feb. 28 -- Cambodia has granted economic concessional land of 1.67 million hectares to 169 local and foreign firms so far; however, 51 of them with 479,000 hectares have been revoked licenses because they failed to comply with contracts and master-plans, said a senior government official on Tuesday.
Currently, there are 118 valid firms with 1.19 million hectares of economic concessional land in 17 provinces, Ith Nody, a secretary of state at the Ministry of Agriculture, Forestry and Fisheries, said Tuesday in the annual meeting of the Ministry of Land Management.
He said that among the valid firms, 41 companies are owned by local investors and 77 are foreign firms.
Among the foreign firms, 27 from China, 28 from Vietnam, 5 from South Korea, 5 from Thailand, 2 from the United States, 3 from Malaysia, 3 from India and one each from Singapore, Israel, Australia and Sweden.
Cambodia has begun to grant economic concessional land to private investors since 1993, aiming at boosting agricultural and agro-industrial plantation and processing for exports, which is expected to create jobs and generate incomes for the people living in the rural area.
A company can get maximum 10,000 hectares of economic concessional land for maximum 99 years.
Agricultural crops in that economic concessional land are rubber, oil palm, sugar cane, acacia, eucalyptus trees and cassava, he said.
Kingdom inflation rises on oil prices
[PHNOM PENH POST]
Inflation in Cambodia rose 5.8 per cent year-on-year in January,
according to figures from the National Institute of Statistics.
Rising fuel costs had spurred the inflation, which was felt largely in the price of food, officials said.
Data showed food and non-alcoholic beverage prices in January increased by 7.7 per cent compared to a year earlier.
The price of some items, such as beef and port wine, increased by as much as 17.5 and 20.3 per cent respectively, and the cost of vegetables rose nearly 10 per cent.
Chheng Kimlong, an economics and business lecturer at the University of Cambodia, said the Chinese and Vietnamese New Year celebrations in January had led to increased demand.
Rising fuel costs had spurred the inflation, which was felt largely in the price of food, officials said.
Data showed food and non-alcoholic beverage prices in January increased by 7.7 per cent compared to a year earlier.
The price of some items, such as beef and port wine, increased by as much as 17.5 and 20.3 per cent respectively, and the cost of vegetables rose nearly 10 per cent.
Chheng Kimlong, an economics and business lecturer at the University of Cambodia, said the Chinese and Vietnamese New Year celebrations in January had led to increased demand.
February 23, 2012
Kingdom must diversify its economy, ADB says
[PHNOM PENH POST]
Asian Development Bank vice president Stephen Groff, who started with
the bank in October, sat down with Post reporter May Kunmakara yesterday
to discuss the Cambodian economy, its investment environment, as well
as the bank’s future in the country.
Cambodia has enjoyed rapid growth over the past decade. How is ADB targeting its grants and loans to ensure more equitable development?
I think when you have an economy that depends on the agricultural sector, there is a need to ensure that we strengthen the linkages between rural and urban areas. Our work also focuses on promoting education so that we can provide better employment opportunities for people living in both rural and urban areas. This is important for the economic growth that we see happening in Cambodia – to be more and more equitable.
Cambodia has enjoyed rapid growth over the past decade. How is ADB targeting its grants and loans to ensure more equitable development?
I think when you have an economy that depends on the agricultural sector, there is a need to ensure that we strengthen the linkages between rural and urban areas. Our work also focuses on promoting education so that we can provide better employment opportunities for people living in both rural and urban areas. This is important for the economic growth that we see happening in Cambodia – to be more and more equitable.
February 17, 2012
Good ties boost investment, trade, tourism between Cambodia, China
[Xinhua]
PHNOM PENH, Feb. 17 -- The bilateral relations between Cambodia and China in terms of investment, trade and tourism have become stronger in the past year thanks to the two countries' good relations, said officials Friday.
Cambodia attracted China's investments of 1.19 billion U.S. dollars in 2011, up 71 percent from 694 million U.S. dollars in a year earlier, according to the Council for the Development of Cambodia (CDC).
China's 22 investment projects last year focused on property development, mineral business and processing plants, motorcycle assembly factories, gold mining, rice mill and garment factories.
The bilateral trades amounted to 2.5 billion U.S. dollars last year, up 73.5 percent, the highest growth rate among the bilateral trade between China and other ASEAN countries, according to the statistics provided by the Chinese Embassy.
Chheng Kimlong, an economics lecturer at the University of Cambodia, said the strong bilateral relations between the two countries are the most important factor resulting in sharp rises in the bilateral trade and investment.
PHNOM PENH, Feb. 17 -- The bilateral relations between Cambodia and China in terms of investment, trade and tourism have become stronger in the past year thanks to the two countries' good relations, said officials Friday.
Cambodia attracted China's investments of 1.19 billion U.S. dollars in 2011, up 71 percent from 694 million U.S. dollars in a year earlier, according to the Council for the Development of Cambodia (CDC).
China's 22 investment projects last year focused on property development, mineral business and processing plants, motorcycle assembly factories, gold mining, rice mill and garment factories.
The bilateral trades amounted to 2.5 billion U.S. dollars last year, up 73.5 percent, the highest growth rate among the bilateral trade between China and other ASEAN countries, according to the statistics provided by the Chinese Embassy.
Chheng Kimlong, an economics lecturer at the University of Cambodia, said the strong bilateral relations between the two countries are the most important factor resulting in sharp rises in the bilateral trade and investment.
Kingdom nears ASEAN needs
[PHNOM PENH POST]
Cambodia has met 70 per cent of the basic requirements needed to join the ASEAN Economic Community (AEC), Prime Minister Hun Sen said yesterday, referring to a recently updated report issued by the economic block.
The Kingdom ranked third in preparedness among the 10 ASEAN member states, behind Singapore and Malaysia, Hun Sen said.
Concerns over Cambodia’s railway – which is in disrepair or simply non-existent in many places – were also raised, and some experts said the country would not meet the requirements by 2015.
“We have improved in the IT sector and in cross-border business,” the premier said during the 2012 Cambodia Outlook conference in Phnom Penh yesterday.
Secretary of State for the Ministry of Economy and Finance Aun Porn Moniroth said Cambodia should focus more on its interconnectivity developments and would need to secure assistance both within and outside of ASEAN.
Cambodia has met 70 per cent of the basic requirements needed to join the ASEAN Economic Community (AEC), Prime Minister Hun Sen said yesterday, referring to a recently updated report issued by the economic block.
The Kingdom ranked third in preparedness among the 10 ASEAN member states, behind Singapore and Malaysia, Hun Sen said.
Concerns over Cambodia’s railway – which is in disrepair or simply non-existent in many places – were also raised, and some experts said the country would not meet the requirements by 2015.
“We have improved in the IT sector and in cross-border business,” the premier said during the 2012 Cambodia Outlook conference in Phnom Penh yesterday.
Secretary of State for the Ministry of Economy and Finance Aun Porn Moniroth said Cambodia should focus more on its interconnectivity developments and would need to secure assistance both within and outside of ASEAN.
February 15, 2012
Vietnamese goods succeed in Cambodian market
[Tuoitrenews.vn]
Vietnamese goods have won favour in the Cambodian market for their quality and reasonable prices, said Phan Van Chinh, Director of the Import-Export Department under the Ministry of Industry and Trade.
He further said that 2012 is expected to open up many opportunities for Vietnamese enterprises to boost exports as the Cambodian economy is recovering quickly and the investment environment is more favourable.
In 2011, Vietnam was among Cambodia ’s leading trade partners, with 2.4 billion USD exports to Cambodia , up 53 percent. Two-way trade turnover between the two countries reached 2.8 billion USD.
Vietnam also led other ASEAN nations investing in Cambodia in 2011, with 631 million USD out of the total of 880 million USD from the bloc, according to statistics of the Cambodian Development Council (CDC).
Vietnam has 50 projects in the neibouring country, focusing on rubber plantations and processing, telecoms, tourism, garment and mining.
Many Vietnamese banks have opened branches in Cambodia , effectively supporting Vietnamese investors in this country. They are Agribank, BIDV, Sacombank , MB bank and SHB bank.
Vietnamese goods have won favour in the Cambodian market for their quality and reasonable prices, said Phan Van Chinh, Director of the Import-Export Department under the Ministry of Industry and Trade.
He further said that 2012 is expected to open up many opportunities for Vietnamese enterprises to boost exports as the Cambodian economy is recovering quickly and the investment environment is more favourable.
In 2011, Vietnam was among Cambodia ’s leading trade partners, with 2.4 billion USD exports to Cambodia , up 53 percent. Two-way trade turnover between the two countries reached 2.8 billion USD.
Vietnam also led other ASEAN nations investing in Cambodia in 2011, with 631 million USD out of the total of 880 million USD from the bloc, according to statistics of the Cambodian Development Council (CDC).
Vietnam has 50 projects in the neibouring country, focusing on rubber plantations and processing, telecoms, tourism, garment and mining.
Many Vietnamese banks have opened branches in Cambodia , effectively supporting Vietnamese investors in this country. They are Agribank, BIDV, Sacombank , MB bank and SHB bank.
February 14, 2012
Cambodia's economy forecast to grow by 6.5 pct in 2012
[XINHUA]
PHNOM PENH, Feb. 13 -- Cambodia's GDP (Gross Domestic Product) is expected to grow by 6.5 percent this year thanks to increases in the sectors of agriculture, industry and services, according to the government forecast Monday.
The growth rate is the same as the predictions by the World Bank and the Asian Development Bank, but lower than the forecast of 7.25 percent by the International Monetary Fund.
Cambodia's economy mainly relies on agriculture, garment industry, tourism and real estate.
The 2012 forecast by the Finance Ministry showed that the agricultural sector would grow by 4.1 percent, industrial sector is to grow by 9.5 percent, and services sector by 6.4 percent.
At the meantime, the report said that this year's inflation rate would be 5 percent, lower than that of 5.5 percent last year.
PHNOM PENH, Feb. 13 -- Cambodia's GDP (Gross Domestic Product) is expected to grow by 6.5 percent this year thanks to increases in the sectors of agriculture, industry and services, according to the government forecast Monday.
The growth rate is the same as the predictions by the World Bank and the Asian Development Bank, but lower than the forecast of 7.25 percent by the International Monetary Fund.
Cambodia's economy mainly relies on agriculture, garment industry, tourism and real estate.
The 2012 forecast by the Finance Ministry showed that the agricultural sector would grow by 4.1 percent, industrial sector is to grow by 9.5 percent, and services sector by 6.4 percent.
At the meantime, the report said that this year's inflation rate would be 5 percent, lower than that of 5.5 percent last year.
February 9, 2012
Cambodia attracts 7.01 bln USD investments in 2011, up 160 pct
[XINHUA]
PHNOM PENH, Feb. 8 -- Cambodia had issued licenses to 164 domestic and foreign investment projects worth 7.01 billion U. S. dollars last year, a 160 percent rise from 2.69 billion U.S. dollars with 102 projects in a year earlier, showed the government reports on Wednesday.
The reports, recorded by the Council for the Development of Cambodia (CDC), said that in 2011, England was the largest investor here with the two projects in the total promised investment of 2.24 billion U.S. dollars. The projects are a nitrogen chemical and fertilizer plant and a garment factory.
The domestic investors came at the second with 31 projects in a total investment of 1.93 billion U.S. dollars, and China at third with 22 projects worth 1.19 billion U.S. dollars.
It added that Vietnam and China's Hong Kong stood at number 4 and 5 with 631 million U.S. dollars and 330 million U.S. dollars respectively.
PHNOM PENH, Feb. 8 -- Cambodia had issued licenses to 164 domestic and foreign investment projects worth 7.01 billion U. S. dollars last year, a 160 percent rise from 2.69 billion U.S. dollars with 102 projects in a year earlier, showed the government reports on Wednesday.
The reports, recorded by the Council for the Development of Cambodia (CDC), said that in 2011, England was the largest investor here with the two projects in the total promised investment of 2.24 billion U.S. dollars. The projects are a nitrogen chemical and fertilizer plant and a garment factory.
The domestic investors came at the second with 31 projects in a total investment of 1.93 billion U.S. dollars, and China at third with 22 projects worth 1.19 billion U.S. dollars.
It added that Vietnam and China's Hong Kong stood at number 4 and 5 with 631 million U.S. dollars and 330 million U.S. dollars respectively.
Cambodia receives 24.68 bln USD foreign investment in 17 years
[XINHUA]
PHNOM PENH, Feb. 8 -- Cambodia attracted foreign investment of about 24.68 billion U.S. dollars in the last 17 years, according to the Council of Development of Cambodia (CDC) on Wednesday.
The report showed that from 1994 to 2011, China was the largest investor with 8.91 billion U.S. dollars, followed by South Korea ( 4.04 billion U.S. dollars) and Malaysia (2.61 billion U.S. dollars) .
The United Kingdom and the United States stood fourth and fifth with 2.39 billion U.S. dollars and 1.28 billion U.S. dollars respectively.
In addition, Vietnam and Thailand ranked sixth and eighth with 1.2 billion U.S. dollars and 746 million U.S. dollars respectively.
Japan, one of Cambodia's key donors, stood at number 14 in terms of investment with the capital injection of 154 million U.S. dollars into Cambodia in the last 17 years.
The sectors foreign investment were attracted are garment, manufacturing, agriculture, tourism, energy, mining, real estate, transport and telecommunication.
PHNOM PENH, Feb. 8 -- Cambodia attracted foreign investment of about 24.68 billion U.S. dollars in the last 17 years, according to the Council of Development of Cambodia (CDC) on Wednesday.
The report showed that from 1994 to 2011, China was the largest investor with 8.91 billion U.S. dollars, followed by South Korea ( 4.04 billion U.S. dollars) and Malaysia (2.61 billion U.S. dollars) .
The United Kingdom and the United States stood fourth and fifth with 2.39 billion U.S. dollars and 1.28 billion U.S. dollars respectively.
In addition, Vietnam and Thailand ranked sixth and eighth with 1.2 billion U.S. dollars and 746 million U.S. dollars respectively.
Japan, one of Cambodia's key donors, stood at number 14 in terms of investment with the capital injection of 154 million U.S. dollars into Cambodia in the last 17 years.
The sectors foreign investment were attracted are garment, manufacturing, agriculture, tourism, energy, mining, real estate, transport and telecommunication.
February 6, 2012
New China deals inked
[PHNOM PENH POST]
State-owned Export-Import Bank of China will lend US$302 million to Cambodia for three road and irrigation projects, officials said yesterday.
The loan will increase Cambodia’s debt to China by about 20 per cent to about $1.8 billion, according to figures disclosed yesterday by Minister of Economy and Finance Keat Chhon.
Exact figures for the Kingdom’s debt to China have been debated, with Prime Minister Hun Sen putting the figure at $2 billion in November.
However, the National Assembly’s finance commission chairman, Cheam Yeap, projected as much $6 billion just prior to the premier’s estimate.
The projects covered by the China Exim Bank loan included the 313-kilometre national roads 214 and 76 and an irrigation system in Kampong Cham, Keat Chhon said.
In August, Exim Bank gave Cambodia a $198.2 million loan at current exchange rates for Chinese-built Z-9 helicopters, the Post reported.
State-owned Export-Import Bank of China will lend US$302 million to Cambodia for three road and irrigation projects, officials said yesterday.
The loan will increase Cambodia’s debt to China by about 20 per cent to about $1.8 billion, according to figures disclosed yesterday by Minister of Economy and Finance Keat Chhon.
Exact figures for the Kingdom’s debt to China have been debated, with Prime Minister Hun Sen putting the figure at $2 billion in November.
However, the National Assembly’s finance commission chairman, Cheam Yeap, projected as much $6 billion just prior to the premier’s estimate.
The projects covered by the China Exim Bank loan included the 313-kilometre national roads 214 and 76 and an irrigation system in Kampong Cham, Keat Chhon said.
In August, Exim Bank gave Cambodia a $198.2 million loan at current exchange rates for Chinese-built Z-9 helicopters, the Post reported.
February 3, 2012
Cambodia's industrial zones attract 1.15 bln USD investments since inception
[XINHUA]
PHNOM PENH, Feb. 1 -- Cambodia's Special Economic Zones (SEZs) have attracted a total investment capital of 1.15 billion U.S. dollars since their operational inception in 2006, according to a government report on Wednesday.
Since 2006 to 2011, the zones have received 96 investment projects with the total capital of 1.15 billion U.S. dollars, according to the record of the Council for the Development of Cambodia (CDC).
It added that the zones had created 61,400 jobs.
Sok Chenda Sophea, the CDC's Secretary General, attributed the investment growth into the SEZs to the country's preferential investment law and low labor cost. "Cambodia's law is very open and gives a lot of fringe benefits to investors," he told a seminar Wednesday.
SEZs have been firstly established in Cambodia in December, 2005 in order to attract investors to build factories inside and manufacture goods for exports. To date, the CDC has granted licenses to 21 SEZs, however, less than a dozen of them are operational.
PHNOM PENH, Feb. 1 -- Cambodia's Special Economic Zones (SEZs) have attracted a total investment capital of 1.15 billion U.S. dollars since their operational inception in 2006, according to a government report on Wednesday.
Since 2006 to 2011, the zones have received 96 investment projects with the total capital of 1.15 billion U.S. dollars, according to the record of the Council for the Development of Cambodia (CDC).
It added that the zones had created 61,400 jobs.
Sok Chenda Sophea, the CDC's Secretary General, attributed the investment growth into the SEZs to the country's preferential investment law and low labor cost. "Cambodia's law is very open and gives a lot of fringe benefits to investors," he told a seminar Wednesday.
SEZs have been firstly established in Cambodia in December, 2005 in order to attract investors to build factories inside and manufacture goods for exports. To date, the CDC has granted licenses to 21 SEZs, however, less than a dozen of them are operational.
February 1, 2012
Kingdom expects 15% economic growth in 2014
He said the official figures had come from the Ministry of Planning.
To achieve such growth, the ministry predicted that US$11.51 billion would need to be invested in public works over the next three years.
“The GDP cannot increase itself,” Phay Siphan said.
“We need road building, bridges and other travel channels in order to obtain this big increase.”
Market trends indicated that Cambodia would require an additional $2.76 billion from offshore aid, loans or the oil and gas industry in order to meet the $11 billion mark, he added.
The figure would be a substantial increase over the government’s prediction for 2012 growth, which is now set at 6.5 per cent.
University of Cambodia business and economics lecturer Chheng Kimlong said: “I think that’s a bit ambitious. It’s probably closer to 8 or 9 per cent, or a maximum of 10 per cent, based on current rates of investment and growth.”
January 27, 2012
Kingdom’s 2011 GDP hits 6.9%
[PHNOM PENH POST]
Cambodia's gross domestic product grew 6.9 per cent year-on-year in 2011, and is set to increase to 6.5 per cent this year, according to preliminary projections from the Ministry of Economy and Finance. Agriculture, which was hit hard by floods last year, climbed 3.3 per cent, according to the ministry’s website.
At the same time, industry was up 14.3 per cent, while garment manufacturing alone soared 20.2 per cent. Services gained 5 per cent on a strengthened financial sector, according to the website.
The figure for agricultural growth was not a surprise, ministry Secretary of State Hang Chuon Naron said yesterday. A 10 per cent increase in rubber helped buoy the sector in the face of flood devastation, he said.
The government’s rice-export policy yielded positive results in 2011 that are expected to continue, World Bank senior economist Huot Chea said last week via email.
The government’s preliminary projection was near identical to its end-of-the-year estimate of 7 per cent. Projections for 2011 growth were issued a number of times by the government, often in response to World Bank and International Monetary Fund estimates.
Cambodia's gross domestic product grew 6.9 per cent year-on-year in 2011, and is set to increase to 6.5 per cent this year, according to preliminary projections from the Ministry of Economy and Finance. Agriculture, which was hit hard by floods last year, climbed 3.3 per cent, according to the ministry’s website.
At the same time, industry was up 14.3 per cent, while garment manufacturing alone soared 20.2 per cent. Services gained 5 per cent on a strengthened financial sector, according to the website.
The figure for agricultural growth was not a surprise, ministry Secretary of State Hang Chuon Naron said yesterday. A 10 per cent increase in rubber helped buoy the sector in the face of flood devastation, he said.
The government’s rice-export policy yielded positive results in 2011 that are expected to continue, World Bank senior economist Huot Chea said last week via email.
The government’s preliminary projection was near identical to its end-of-the-year estimate of 7 per cent. Projections for 2011 growth were issued a number of times by the government, often in response to World Bank and International Monetary Fund estimates.
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