Showing posts with label Research. Show all posts
Showing posts with label Research. Show all posts
August 23, 2011
August 17, 2011
Find useful business information on "Open Development Cambodia"
Open Development Cambodia is an online hub compiling freely accessible
data in a ‘one-stop shop’ to help consolidate access to up-to-date
information about Cambodia, using an ‘open data’ approach. By making
materials available to all users, the site intends to facilitate
stronger communication between public, private and international
sectors.
August 15, 2011
Research and Markets: Cambodia Power Report Q2 2011
[RESEARCH & MARKETS]
VIEW TABLE OF CONTENTS....
The Cambodia Power Report, researched at source, features Business Monitor International (BMI)’s market assessment and independent 5 and 10-year forecasts covering electricity generation by fuel – gas, coal, oil, nuclear, hydro and renewables – plus consumption, trade, generation costs and transmission.
The Cambodia Power Report also analyses the impact of regulatory changes, recent developments and the background macroeconomic outlook and features competitive landscapes comparing multinational and national operators by sales, market share, investments, projects, partners and expansion strategies.
Key Benefits
- Use BMI’s independent 5 and 10-year industry forecast on Cambodia to test other views - a key input for successful budgeting and strategic planning in the power market.
- Target business opportunities and risks in Cambodia's power sector through our reviews of latest power industry trends, regulatory changes, and major deals, projects and investments in Cambodia.
- Assess the activities, strategy and market position of your competitors, partners and clients via our Competitive Landscape Tables.
VIEW TABLE OF CONTENTS....
The Cambodia Power Report, researched at source, features Business Monitor International (BMI)’s market assessment and independent 5 and 10-year forecasts covering electricity generation by fuel – gas, coal, oil, nuclear, hydro and renewables – plus consumption, trade, generation costs and transmission.
The Cambodia Power Report also analyses the impact of regulatory changes, recent developments and the background macroeconomic outlook and features competitive landscapes comparing multinational and national operators by sales, market share, investments, projects, partners and expansion strategies.
Key Benefits
- Use BMI’s independent 5 and 10-year industry forecast on Cambodia to test other views - a key input for successful budgeting and strategic planning in the power market.
- Target business opportunities and risks in Cambodia's power sector through our reviews of latest power industry trends, regulatory changes, and major deals, projects and investments in Cambodia.
- Assess the activities, strategy and market position of your competitors, partners and clients via our Competitive Landscape Tables.
August 14, 2011
Cambodia & Laos Telecommunications Report Q3 2011
[FAST MARKET RESEARCH]
TABLE OF CONTENTS
There was a lack of new information with regards to the subscriber growth in Cambodia and Laos in this quarter's update. However, we have made changes to our forecast scenario for the Cambodian mobile industry after the country's telecoms regulator, the Ministry of Posts and Telecommunications, reported that there were 12.4mn mobile subscribers at the end of 2010. Although BMI is sceptical of the data provided, as we believe that operators have a tendency to inflate subscriber figures to boost market share, we have revised our expectations upwards. We now envisage 22.167mn mobile subscribers in Cambodia by the end of 2015, up from 15.680mn in 2011. However, we believe that the exact mobile penetration in the country is significantly lower due to inactive subscriptions and multiple SIM card ownership.
Although we believe that the traditional voice service is still the preferred form of communication for Cambodian consumers, this has not prevented mobile operators from launching next generation mobile data services. Digital Star Media has announced plans to offer LTE-based mobile phone service in 2012 and is looking to provide WiMAX mobile broadband service by end-2011. Similarly, the recently merged Smart Mobile has rolled out its 3.75G network in 21 provinces, and aims to complete nationwide rollout by July. While BMI acknowledges that data services have a role to play in the long term, data are likely to remain muted in the near term due to factors such as a lack of localised content. Operators are likely to price services very competitively to drive interest, but this erodes the profitability of data services.
TABLE OF CONTENTS
There was a lack of new information with regards to the subscriber growth in Cambodia and Laos in this quarter's update. However, we have made changes to our forecast scenario for the Cambodian mobile industry after the country's telecoms regulator, the Ministry of Posts and Telecommunications, reported that there were 12.4mn mobile subscribers at the end of 2010. Although BMI is sceptical of the data provided, as we believe that operators have a tendency to inflate subscriber figures to boost market share, we have revised our expectations upwards. We now envisage 22.167mn mobile subscribers in Cambodia by the end of 2015, up from 15.680mn in 2011. However, we believe that the exact mobile penetration in the country is significantly lower due to inactive subscriptions and multiple SIM card ownership.
Although we believe that the traditional voice service is still the preferred form of communication for Cambodian consumers, this has not prevented mobile operators from launching next generation mobile data services. Digital Star Media has announced plans to offer LTE-based mobile phone service in 2012 and is looking to provide WiMAX mobile broadband service by end-2011. Similarly, the recently merged Smart Mobile has rolled out its 3.75G network in 21 provinces, and aims to complete nationwide rollout by July. While BMI acknowledges that data services have a role to play in the long term, data are likely to remain muted in the near term due to factors such as a lack of localised content. Operators are likely to price services very competitively to drive interest, but this erodes the profitability of data services.
Research and Markets: Cambodia Pharmaceutical and Healthcare Report Q2 2011
[BUSINESS WIRE]
DUBLIN--Research and Markets has announced the addition of the "Cambodia Pharmaceutical and Healthcare Report Q2 2011" report to their offering.
The Cambodia Pharmaceuticals & Healthcare Report features Business Monitor International (BMI)'s 5 and 10-year forecasts for drugs and healthcare expenditure and imports and exports, focusing on the growth outlook for the prescription, OTC, patented drugs and generics market segments.
Cambodia Pharmaceuticals & Healthcare Report provides industry professionals, market investors and corporate and financial services analysts with independent forecasts and competitive intelligence on the Cambodian pharmaceutical and healthcare industry.
Key Benefits:
DUBLIN--Research and Markets has announced the addition of the "Cambodia Pharmaceutical and Healthcare Report Q2 2011" report to their offering.
The Cambodia Pharmaceuticals & Healthcare Report features Business Monitor International (BMI)'s 5 and 10-year forecasts for drugs and healthcare expenditure and imports and exports, focusing on the growth outlook for the prescription, OTC, patented drugs and generics market segments.
Cambodia Pharmaceuticals & Healthcare Report provides industry professionals, market investors and corporate and financial services analysts with independent forecasts and competitive intelligence on the Cambodian pharmaceutical and healthcare industry.
Key Benefits:
- Benchmark independent 5 and 10-year pharmaceutical and healthcare industry forecasts on Cambodia to test other views - a key input for successful budgeting and strategic business planning in the Cambodian pharmaceutical and healthcare market.
- Target business opportunities and risks in the Cambodian pharmaceutical and healthcare sector through our reviews of latest industry trends, regulatory changes and major deals, projects and investments in Cambodia.
- Assess the activities, strategy and market position of your competitors, partners and clients via Company Profiles (inc. SWOTs, KPIs, latest activity) and Competitive Landscape Tables.
August 10, 2011
Cambodia Releases Preliminary Results of 2011 Economic Census
[AKP]
The preliminary survey results of 2011 Economic Census of Cambodia was officially released on August 8 at Cambodiana Hotel, Phnom Penh under the chairmanship of H.E. Chhay Than, Senior Minister and Minister of Planning.
In Cambodia there are 503,008 business establishments. Most of them located in Phnom Penh Capital, Kampong Cham, Kandal, Battambang, and Siem Reap provinces, H.E. Chhay Than said.
He said in Phnom Penh there are 95,467 or 19% business establishments; Kampong Cham, 55,903 or 11.1%; Kandal, 40,359 or 8%; Battambang, 33,982 or 7.8%; and Siem Reap, 32,034 or 6.5%.
The 2011 Economic Census was conducted throughout March 2011 by Ministry of Planning’s National Institute of Statistics in collaboration with the Project on Improving Official Statistics, under technical and financial support of Japanese Government and Japan International Cooperation Agency (JICA) with total budget of US$ 3.26 million.
The preliminary survey results of 2011 Economic Census of Cambodia was officially released on August 8 at Cambodiana Hotel, Phnom Penh under the chairmanship of H.E. Chhay Than, Senior Minister and Minister of Planning.
In Cambodia there are 503,008 business establishments. Most of them located in Phnom Penh Capital, Kampong Cham, Kandal, Battambang, and Siem Reap provinces, H.E. Chhay Than said.
He said in Phnom Penh there are 95,467 or 19% business establishments; Kampong Cham, 55,903 or 11.1%; Kandal, 40,359 or 8%; Battambang, 33,982 or 7.8%; and Siem Reap, 32,034 or 6.5%.
The 2011 Economic Census was conducted throughout March 2011 by Ministry of Planning’s National Institute of Statistics in collaboration with the Project on Improving Official Statistics, under technical and financial support of Japanese Government and Japan International Cooperation Agency (JICA) with total budget of US$ 3.26 million.
August 1, 2011
Business Monitor International: Cambodia Power Report Q3 2011
[Companiesandmarkets.com]
Cambodian power generation in 2010 is put at 1.3TWh, having risen around 5.0% from the 2009 level. We are forecasting an average 8.9% annual increase to 2.0TWh between 2011 and 2015. Thermal generation, comprising coal, gas and oil, is expected to increase by an average 8.9% per annum during the period to 2015, but growth looks set to accelerate later in the decade.
- Market: Energy and Utilities
- Published Date: 01 Jul 2011
- Report Type: Market Report
- Country: Cambodia
- Number of Pages: 38
- View Table of Contents
Cambodia Power Report Q3 2011
Cambodian power generation in 2010 is put at 1.3TWh, having risen around 5.0% from the 2009 level. We are forecasting an average 8.9% annual increase to 2.0TWh between 2011 and 2015. Thermal generation, comprising coal, gas and oil, is expected to increase by an average 8.9% per annum during the period to 2015, but growth looks set to accelerate later in the decade.
July 31, 2011
Research Report: Travel and Tourism in Cambodia
[FAST MARKET RESEARCH]
Description
Tourism in Cambodia showed signs of recovery in 2010. Tourism in Cambodia in 2009 was negatively impacted by the global economic recession and chaos in nearby Thailand, although their effects faded in 2010. The political chaos in Thailand had a direct impact on Cambodia as Bangkok is a regional hub for international tourists to Cambodia. It estimated around 30% of daily flights to Cambodia arrive from Bangkok. The turbulence in Thailand ended in May 2010 and the global economy started to...
Euromonitor International's Travel And Tourism in Cambodia report offers a comprehensive guide to the size and shape of the market at a national level. It provides the latest market size data 2006-2010, allowing you to identify the sectors driving growth. It identifies the leading companies and offers strategic analysis of key factors influencing the market - be they new legislative, technology or pricing issues. Background information on disposable income, annual leave and holiday taking habits is also included. Forecasts to 2015 illustrate how the market is set to change.
Product coverage: Car Rental, Demand Factors, Health and Wellness Tourism, Tourism Flows Domestic, Tourism Flows Inbound, Tourism Flows Outbound, Tourism Receipts and Expenditure, Tourist Attractions, Transportation, Travel Accommodation, Travel Retail.
Data coverage: market sizes (historic and forecasts), company shares, brand shares and distribution data.
Why buy this report?
View "Table of Contents" and get the report here ........ >>>>
Description
Tourism in Cambodia showed signs of recovery in 2010. Tourism in Cambodia in 2009 was negatively impacted by the global economic recession and chaos in nearby Thailand, although their effects faded in 2010. The political chaos in Thailand had a direct impact on Cambodia as Bangkok is a regional hub for international tourists to Cambodia. It estimated around 30% of daily flights to Cambodia arrive from Bangkok. The turbulence in Thailand ended in May 2010 and the global economy started to...
Euromonitor International's Travel And Tourism in Cambodia report offers a comprehensive guide to the size and shape of the market at a national level. It provides the latest market size data 2006-2010, allowing you to identify the sectors driving growth. It identifies the leading companies and offers strategic analysis of key factors influencing the market - be they new legislative, technology or pricing issues. Background information on disposable income, annual leave and holiday taking habits is also included. Forecasts to 2015 illustrate how the market is set to change.
Product coverage: Car Rental, Demand Factors, Health and Wellness Tourism, Tourism Flows Domestic, Tourism Flows Inbound, Tourism Flows Outbound, Tourism Receipts and Expenditure, Tourist Attractions, Transportation, Travel Accommodation, Travel Retail.
Data coverage: market sizes (historic and forecasts), company shares, brand shares and distribution data.
Why buy this report?
- Get a detailed picture of the Travel And Tourism market;
- Pinpoint growth sectors and identify factors driving change;
- Understand the competitive environment, the market's major players and leading brands;
- Use five-year forecasts to assess how the market is predicted to develop.
View "Table of Contents" and get the report here ........ >>>>
July 26, 2011
Cambodia, Laos and Myanmar Business Forecast Report Q3 2011
[Companiesandmarkets.com]
View Table of Contents
Cambodia, Laos and Myanmar Business Forecast Report Q3 2011
South East Asia's frontier economies have held up relatively well in spite of a weak economic recovery in the US , fiscal austerity in the eurozone and negative spillover effects from the Japan earthquake.
The Association of Southeast Asian Nations (ASEAN )'s drive to establish an ASEAN Community by 2015 is expected to support economic growth for Cambodia, Myanmar and Laos through increased trade and foreign direct investments (FDI ) over the coming years. China is also becoming a key source of FDI for Myanmar, Cambodia and Laos in recent years and we expect this to continue. Accordingly, we have upgraded our economic growth outlook on Cambodia and Myanmar to reflect resilient momentum behind these economies.
We are seeing encouraging evidence that Cambodia's economic recovery remains on track and real GDP growth could soon return to long-term trend growth of around 6.0-7.0%. The government's new rice production and export policy is expected to support growth in the agricultural sector, while a positive outlook for the country's key trading partners suggests that demand for exports should remain resilient. Latest trade figures and economic data published by the Ministry of Commerce and the Ministry of Economy and Finance also point towards a steady recovery in economic activity this year. Accordingly, we have revised Cambodia's real GDP growth upwards from 3.4% to 4.5% for 2011.
View Table of Contents
Cambodia, Laos and Myanmar Business Forecast Report Q3 2011
South East Asia's frontier economies have held up relatively well in spite of a weak economic recovery in the US , fiscal austerity in the eurozone and negative spillover effects from the Japan earthquake.
The Association of Southeast Asian Nations (ASEAN )'s drive to establish an ASEAN Community by 2015 is expected to support economic growth for Cambodia, Myanmar and Laos through increased trade and foreign direct investments (FDI ) over the coming years. China is also becoming a key source of FDI for Myanmar, Cambodia and Laos in recent years and we expect this to continue. Accordingly, we have upgraded our economic growth outlook on Cambodia and Myanmar to reflect resilient momentum behind these economies.
We are seeing encouraging evidence that Cambodia's economic recovery remains on track and real GDP growth could soon return to long-term trend growth of around 6.0-7.0%. The government's new rice production and export policy is expected to support growth in the agricultural sector, while a positive outlook for the country's key trading partners suggests that demand for exports should remain resilient. Latest trade figures and economic data published by the Ministry of Commerce and the Ministry of Economy and Finance also point towards a steady recovery in economic activity this year. Accordingly, we have revised Cambodia's real GDP growth upwards from 3.4% to 4.5% for 2011.
July 13, 2011
Cambodia Power Report Q3 2011
[Companiesandmarkets.com]
Market: Energy and Utilities
Published Date: 01 Jul 2011
Report Type: Market Report
Country: Cambodia
Number of Pages: 38
View Table of Contents
Cambodia Power Report Q3 2011
The new Cambodia Power Report forecasts that the country's power consumption will rise from 1.4TWh in 2010 to 3.4TWh by the end of the forecast period, representing average annual growth of 9.4% in 2011-2020. After power industry usage and system losses, we see a supply shortfall rising from the estimated 0.1TWh level seen in 2010 to 0.22TWh by 2020, assuming 9.4% average annual growth in power generation during the period.
Cambodian power generation in 2010 is put at 1.3TWh, having risen around 5.0% from the 2009 level. We are forecasting an average 8.9% annual increase to 2.0TWh between 2011 and 2015. Thermal generation, comprising coal, gas and oil, is expected to increase by an average 8.9% per annum during the period to 2015, but growth looks set to accelerate later in the decade.
The use of domestic natural gas supply in power generation is dependent on successful development of gas resources currently under investigation, with Chevron's Block A prospects capable of supplying gas from 2013. Oil will remain a significant part of the Cambodian power generation mix, although its market share should eventually fall thanks to fuel substitution. It currently accounts for around 95.7% of total generation, rising to a possible 96.3% by 2015, in spite of greater hydro, coal and gas expansion.
Cambodia is looking into nuclear power as a future energy source to meet rising domestic demand, although construction of a plant is still years away, a government official said in August 2010.
Cambodian scientists have begun to study nuclear technology in a bid to keep pace with South East Asian neighbours planning to build plants in the next few years, said Ith Praing, Secretary of State at the Ministry of Industry, Mines and Energy.
Cambodia is 16th and last, behind even Taiwan, in our updated Power Business Environment Ratings, thanks largely to the growth potential of power consumption, offset by low scores in several other categories. It has the long-term potential to overtake Taiwan and Singapore further above it.
ORDER THE REPORT HERE.......>>>
Market: Energy and Utilities
Published Date: 01 Jul 2011
Report Type: Market Report
Country: Cambodia
Number of Pages: 38
View Table of Contents
Cambodia Power Report Q3 2011
The new Cambodia Power Report forecasts that the country's power consumption will rise from 1.4TWh in 2010 to 3.4TWh by the end of the forecast period, representing average annual growth of 9.4% in 2011-2020. After power industry usage and system losses, we see a supply shortfall rising from the estimated 0.1TWh level seen in 2010 to 0.22TWh by 2020, assuming 9.4% average annual growth in power generation during the period.
Cambodian power generation in 2010 is put at 1.3TWh, having risen around 5.0% from the 2009 level. We are forecasting an average 8.9% annual increase to 2.0TWh between 2011 and 2015. Thermal generation, comprising coal, gas and oil, is expected to increase by an average 8.9% per annum during the period to 2015, but growth looks set to accelerate later in the decade.
The use of domestic natural gas supply in power generation is dependent on successful development of gas resources currently under investigation, with Chevron's Block A prospects capable of supplying gas from 2013. Oil will remain a significant part of the Cambodian power generation mix, although its market share should eventually fall thanks to fuel substitution. It currently accounts for around 95.7% of total generation, rising to a possible 96.3% by 2015, in spite of greater hydro, coal and gas expansion.
Cambodia is looking into nuclear power as a future energy source to meet rising domestic demand, although construction of a plant is still years away, a government official said in August 2010.
Cambodian scientists have begun to study nuclear technology in a bid to keep pace with South East Asian neighbours planning to build plants in the next few years, said Ith Praing, Secretary of State at the Ministry of Industry, Mines and Energy.
Cambodia is 16th and last, behind even Taiwan, in our updated Power Business Environment Ratings, thanks largely to the growth potential of power consumption, offset by low scores in several other categories. It has the long-term potential to overtake Taiwan and Singapore further above it.
ORDER THE REPORT HERE.......>>>
July 10, 2011
Cambodia Infrastructure Report Q3 2011
[FAST MARKET RESEARCH]
Recently published research from Business Monitor International, "Cambodia Infrastructure Report Q3 2011", is now available at Fast Market Research.
Abstract
BMI View: The approval of large-scale infrastructure projects in Cambodia over recent months is driving our forecasts for the country's construction industry. Real growth for the sector has been revised upwards to 9.8% in 2011 (previously 8.9%), pushing the nominal industry value to KHR2.86trn (US$693mn). Although we maintain our bullish outlook for Cambodia's construction sector over the medium term (real growth of 11.3% per annum between 2012 and 2015), the ongoing conflict with Thailand on the country's border, declining tourist arrivals and rising inflationary pressures present pertinent downside risks to our forecast.
Key developments contributing to forecasts included:
ORDER "Cambodia Infrastructure Report Q3 2011" HERE........>>>
Recently published research from Business Monitor International, "Cambodia Infrastructure Report Q3 2011", is now available at Fast Market Research.
Abstract
BMI View: The approval of large-scale infrastructure projects in Cambodia over recent months is driving our forecasts for the country's construction industry. Real growth for the sector has been revised upwards to 9.8% in 2011 (previously 8.9%), pushing the nominal industry value to KHR2.86trn (US$693mn). Although we maintain our bullish outlook for Cambodia's construction sector over the medium term (real growth of 11.3% per annum between 2012 and 2015), the ongoing conflict with Thailand on the country's border, declining tourist arrivals and rising inflationary pressures present pertinent downside risks to our forecast.
Key developments contributing to forecasts included:
- On March 9 2011, construction work started on a new container terminal at Phnom Penh Autonomous Port in Cambodia. The 10 hectare (ha) terminal, which is being built by Chinabased Shanghai Construction (Group) General Company, is scheduled to start commercial operations in September 2013. Once operational, the terminal will have an annual capacity of 120,000 twenty-foot equivalent units (TEUs) with a wharf platform housing two 5,000 tonne container berths.
- In March 2011, Cambodia started building a 176km road (No 57B) in the north west of the country, aimed at easing the transportation of agricultural products to markets, reported Xinhua. The project, involving an investment of US$89.9mn from the Chinese government, is scheduled to be completed in four years. The road allow for easier travel among the provinces of Battambang, Banteay Meanchey and Pailin.
- The rail line stretching between Kampot and Sihanoukville in Cambodia, is expected to be completed by the end of 2011, reports phnompenhpost, citing Yit Bunna, undersecretary of state for the Ministry of Public Works and Transportation. Once operational, the line will facilitate freight shipments from Phnom Penh to the Sihanoukville Autonomous Port.
Table of Contents
- SWOT Analysis
- Cambodia Infrastructure SWOT
- Market Overview
- Cambodia
- Building Materials
- Global Materials
- Asia Overview
- Industry Forecast Scenario
- Table: Cambodia Construction And Infrastructure Industry Data
- Table: Cambodia Construction And Infrastructure Industry Data
- Construction and Infrastructure Forecast Scenario
- Title: Breakdown of Key Projects in Cambodia, By Sector
- Transport Infrastructure
- Transport Infrastructure Overview
- Title: Competitiveness Of Cambodia's Infrastructure
- Major Projects Table - Transport
- Table: Major Infrastructure Projects - Transport
- Energy And Utilities Infrastructure
- Energy and Utilities Infrastructure Overview
- Major Projects Table - Energy And Utilities
- Table: Major Infrastructure Projects - Energy & Utilities
- Residential/Non-Residential Construction and Social Infrastructure
- Residential/Non-Residential Construction and Social Infrastructure Overview
- Major Projects Table - Residential/Non-Residential Construction and Social Infrastructure
- Table: Major Infrastructure Projects - Residential/Non-Residential Construction and Social Infrastructure
- Business Environment
- Cambodia Business Environment
- Rewards
- Risks
- Regional Overview
- Asia Pacific Infrastructure Business Environment Ratings
- Table: Regional Infrastructure Business Environment Ratings
- Company Monitor
- Royal Group
- Global Overview
- Methodology
- Industry Forecasts
- Construction Industry
- Data Methodology
- New Infrastructure Data Sub-sectors
- Construction
- Capital Investment
- Construction Sector Employment
- Infrastructure Business Environment Rating
- Table: Infrastructure Business Environment Indicators
July 6, 2011
Cambodia ranks 111th in innovation level
The World Intellectual Property Organization (WIPO) has released the Global Innovation Index 2011 (GII), in which Cambodia ranks 111th. Below is the section of the report covering Cambodia.
Global Innovation Index 2011_Cambodia
The Global Innovation Index is computed as an average of the scores across inputs pillars (describing the enabling environment for innovation) and output pillars (measuring actual achievements in innovation). Five pillars constitute the Innovation Input Sub-Index: 'Institutions,' 'Human capital and research,' 'Infrastructure', 'Market sophistication' and 'Business sophistication'. The Innovation Output Sub-Index is composed of two pillars: 'Scientific outputs' and 'Creative outputs’. The Innovation Efficiency Index, calculated as the ratio of the two Sub-Indices, examines how economies leverage their enabling environments to stimulate innovation results. The GII covers 125 economies in the world.
WIPO Director General, Francis Gurry stressed that ‘Innovation is central to economic growth and to the creation of new and better jobs. It is the key to competitiveness for economies, for industries and for individual firms.’ He added that ‘innovation and its many benefits do not come without the investment of time, effort and human and financial resources,’ noting that this report captures efforts by a large number of economies to provide an enabling environment that promotes innovation.
Download full report of Global Innovation Index 2011
Global Innovation Index 2011_Cambodia
The Global Innovation Index is computed as an average of the scores across inputs pillars (describing the enabling environment for innovation) and output pillars (measuring actual achievements in innovation). Five pillars constitute the Innovation Input Sub-Index: 'Institutions,' 'Human capital and research,' 'Infrastructure', 'Market sophistication' and 'Business sophistication'. The Innovation Output Sub-Index is composed of two pillars: 'Scientific outputs' and 'Creative outputs’. The Innovation Efficiency Index, calculated as the ratio of the two Sub-Indices, examines how economies leverage their enabling environments to stimulate innovation results. The GII covers 125 economies in the world.
WIPO Director General, Francis Gurry stressed that ‘Innovation is central to economic growth and to the creation of new and better jobs. It is the key to competitiveness for economies, for industries and for individual firms.’ He added that ‘innovation and its many benefits do not come without the investment of time, effort and human and financial resources,’ noting that this report captures efforts by a large number of economies to provide an enabling environment that promotes innovation.
Download full report of Global Innovation Index 2011
May 3, 2011
Cambodia's Bumpy Development Road: Implications for US Interests
This bulletin, by Donald Jameson, discusses Cambodia's current economic development that
"has attracted the interest of international investors who see Cambodia
as a potential new 'Asian Tiger.'"
Download: Cambodia's Bumpy Development Road: Implications for US Interests
Download: Cambodia's Bumpy Development Road: Implications for US Interests
New Market Report Now Available: Cambodia Pharmaceuticals & Healthcare Report Q2 2011
[PR-INSIDE]
Fast Market Research recommends "Cambodia Pharmaceuticals & Healthcare Report Q2 2011" from Business Monitor International, now available
BMI View: Cambodia will remain one of the world's marginally important regional pharmaceutical markets, not least due to widespread corruption and recently heightened political tensions. Poor infrastructure and the lack of public funding for healthcare and pharmaceuticals also combine with low per capita incomes and the challenging intellectual property (IP) environment to create a largely unattractive pharmaceutical market for most foreign players. Counterfeiting, despite being addressed by the authorities, will remain a major issue and will stop multinationals entering the market, even though pharmaceutical sales values are expected to continue posting steady growth in the coming years.
Headline Expenditure Projections
* Pharmaceuticals: KHR812.3bn (US$194mn) in 2010 to KHR872.2bn (US$211mn) in 2011; +7.4% in local currency terms and +8.9% in US dollar terms. Local currency forecast down moderately from Q111 due to exchange rate factors.
* Healthcare: KHR3,037bn (US$725mn) in 2010 to KHR3,256bn (US$789mn) in 2011; +7.2% in local currency terms and +8.8% in US dollar terms. Local currency forecast down moderately from Q111 due to exchange rate factors.
* Medical devices: KHR47.2bn (US$11mn) in 2010 to KHR50.1bn (US$12mn) in 2011; +6.2% in local currency terms and +7.7% in US dollar terms. Forecast lowered through analyst intervention.
Business Environment Rating: In our latest quarterly Pharmaceuticals & Healthcare Business Environment Ratings (BER) for the Asia Pacific, Cambodia's score remained the same. The country, therefore, again ranks last of the 17 pharmaceutical markets surveyed in the region, with its situation unlikely to improve in the coming months. Failure to address issues such as widespread corruption will bode poorly for long-term growth and development. The low per capita spending on pharmaceuticals will also continue to be a major stumbling block, especially as the government's involvement in healthcare funding is considerably lower than the role played by out-of-pocket payments.
Key Trends & Developments
* The Cambodian health ministry has increased surveillance and seizure efforts to fight substandard and counterfeit medicines in the country. The move came after the identification of fake products carrying package labels from Thailand and China, according to a statement from the US Pharmacopeial Convention (USP), made in February 2011.
BMI Economic View: We believe that the impressive rebound in Cambodian trade exports following the global financial crisis will fade going into 2011. Cambodia's heavy reliance on US and EU demand indicates a vulnerable trade structure that will be susceptible to a slowdown in external demand in 2011. As such, we are forecasting a slowdown in trade export growth. We also expect trade imports growth to slow, resulting in a widening of the trade deficit from an expected 21.3% of GDP in 2010 to 23.4% of GDP in 2011. On a more positive note, the Cambodian government is fully aware that further diversification of the country's trade structure will help reduce the volatility of trade exports over the coming years, although actual changes in this direction may take some time to implement.
BMI Political View: A military conflict caused by border disputes between Cambodia and Thailand is putting bilateral relations and regional security in a delicate situation. Although we believe that the conflict is unlikely to escalate into an all-out war, we note that a resolution on territorial disputes is unlikely to be achieved in the short to medium term. Moreover, a prolonged military conflict will have a detrimental impact on Cambodia's tourism sector (which is being heavily promoted by the government) and the economy, as well as specifically on its investment attractiveness to foreign companies. On a positive note, a series of bilateral meetings were held recently between officials from Cambodia and Vietnam, with the intention of boosting cooperative ties between the two countries, especially in fields such as trade, education and training, security and defence, politics and diplomacy.
For more information or to purchase this report, go to:
- www.fastmr.com/prod/152553_cambodia_pharmaceuticals_healthcare_r ..
About Business Monitor International
Business Monitor International (BMI) offers a comprehensive range of products and services designed to help senior executives, analysts and researchers assess and better manage operating risks, and exploit business opportunities, across 175 markets. BMI offers three main areas of expertise: Country Risk BMI's country risk and macroeconomic forecast portfolio includes weekly financial market reports, monthly regional Monitors, and in-depth quarterly Business Forecast Reports. Industry Analysis BMI covers a total of 17 industry verticals through a portfolio of services, including in-depth quarterly Country Forecast Reports. View more research from Business Monitor International at www.fastmr.com/catalog/publishers.aspx?pubid=1010
About Fast Market Research
Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available.
For more information about these or related research reports, please visit our website at www.fastmr.com or call us at 1.800.844.8156.
Fast Market Research recommends "Cambodia Pharmaceuticals & Healthcare Report Q2 2011" from Business Monitor International, now available
BMI View: Cambodia will remain one of the world's marginally important regional pharmaceutical markets, not least due to widespread corruption and recently heightened political tensions. Poor infrastructure and the lack of public funding for healthcare and pharmaceuticals also combine with low per capita incomes and the challenging intellectual property (IP) environment to create a largely unattractive pharmaceutical market for most foreign players. Counterfeiting, despite being addressed by the authorities, will remain a major issue and will stop multinationals entering the market, even though pharmaceutical sales values are expected to continue posting steady growth in the coming years.
Headline Expenditure Projections
* Pharmaceuticals: KHR812.3bn (US$194mn) in 2010 to KHR872.2bn (US$211mn) in 2011; +7.4% in local currency terms and +8.9% in US dollar terms. Local currency forecast down moderately from Q111 due to exchange rate factors.
* Healthcare: KHR3,037bn (US$725mn) in 2010 to KHR3,256bn (US$789mn) in 2011; +7.2% in local currency terms and +8.8% in US dollar terms. Local currency forecast down moderately from Q111 due to exchange rate factors.
* Medical devices: KHR47.2bn (US$11mn) in 2010 to KHR50.1bn (US$12mn) in 2011; +6.2% in local currency terms and +7.7% in US dollar terms. Forecast lowered through analyst intervention.
Business Environment Rating: In our latest quarterly Pharmaceuticals & Healthcare Business Environment Ratings (BER) for the Asia Pacific, Cambodia's score remained the same. The country, therefore, again ranks last of the 17 pharmaceutical markets surveyed in the region, with its situation unlikely to improve in the coming months. Failure to address issues such as widespread corruption will bode poorly for long-term growth and development. The low per capita spending on pharmaceuticals will also continue to be a major stumbling block, especially as the government's involvement in healthcare funding is considerably lower than the role played by out-of-pocket payments.
Key Trends & Developments
* The Cambodian health ministry has increased surveillance and seizure efforts to fight substandard and counterfeit medicines in the country. The move came after the identification of fake products carrying package labels from Thailand and China, according to a statement from the US Pharmacopeial Convention (USP), made in February 2011.
BMI Economic View: We believe that the impressive rebound in Cambodian trade exports following the global financial crisis will fade going into 2011. Cambodia's heavy reliance on US and EU demand indicates a vulnerable trade structure that will be susceptible to a slowdown in external demand in 2011. As such, we are forecasting a slowdown in trade export growth. We also expect trade imports growth to slow, resulting in a widening of the trade deficit from an expected 21.3% of GDP in 2010 to 23.4% of GDP in 2011. On a more positive note, the Cambodian government is fully aware that further diversification of the country's trade structure will help reduce the volatility of trade exports over the coming years, although actual changes in this direction may take some time to implement.
BMI Political View: A military conflict caused by border disputes between Cambodia and Thailand is putting bilateral relations and regional security in a delicate situation. Although we believe that the conflict is unlikely to escalate into an all-out war, we note that a resolution on territorial disputes is unlikely to be achieved in the short to medium term. Moreover, a prolonged military conflict will have a detrimental impact on Cambodia's tourism sector (which is being heavily promoted by the government) and the economy, as well as specifically on its investment attractiveness to foreign companies. On a positive note, a series of bilateral meetings were held recently between officials from Cambodia and Vietnam, with the intention of boosting cooperative ties between the two countries, especially in fields such as trade, education and training, security and defence, politics and diplomacy.
For more information or to purchase this report, go to:
- www.fastmr.com/prod/152553_cambodia_pharmaceuticals_healthcare_r ..
About Business Monitor International
Business Monitor International (BMI) offers a comprehensive range of products and services designed to help senior executives, analysts and researchers assess and better manage operating risks, and exploit business opportunities, across 175 markets. BMI offers three main areas of expertise: Country Risk BMI's country risk and macroeconomic forecast portfolio includes weekly financial market reports, monthly regional Monitors, and in-depth quarterly Business Forecast Reports. Industry Analysis BMI covers a total of 17 industry verticals through a portfolio of services, including in-depth quarterly Country Forecast Reports. View more research from Business Monitor International at www.fastmr.com/catalog/publishers.aspx?pubid=1010
About Fast Market Research
Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available.
For more information about these or related research reports, please visit our website at www.fastmr.com or call us at 1.800.844.8156.
New market study, "Cambodia Power Report Q2 2011", has been published
[PR-INSIDE]
Recently published research from Business Monitor International, "Cambodia Power Report Q2 2011", is now available at Fast Market Research
The new Cambodia Power Report from BMI forecasts that the country will account for just 0.05% of Asia Pacific regional power generation by 2015, with a supply shortfall that may provide the need for imports from neighbouring countries. BMI's Asia Pacific power generation assumption for 2010 is 7,761 terawatt hours (TWh), representing an increase of 5.1% over the previous year.
We are forecasting a rise in regional generation to 9,901TWh by 2015, representing growth of 21.2% in 2011-2015.
In 2010, Asia Pacific thermal power generation will have totalled an estimated 6,189TWh, accounting for 79.7% of the total electricity supplied in the region. Our forecast for 2015 is 7,704TWh, implying 18.6% growth that reduces the market share of thermal generation to 77.8%. This is thanks largely to environmental concerns promoting renewable sources, hydro-electricity and nuclear generation. Cambodia's thermal generation in 2010 will have been an estimated 1.8TWh, or 0.03% of the regional total. By 2015 the country is expected to account for 0.04% of thermal generation in the region.
For Cambodia, the direct burning of wood and other organic fuels will have accounted for an estimated 74.7% of 2010 PED, followed by oil at 25.1%. Hydro makes a very small contribution, while coal and gas do not yet feature in the energy mix. Regional energy demand is forecast to reach 5,508mn toe by 2015, representing 20.0% growth from the estimated 2011 level. Cambodia's estimated 2010 market share of 0.15% is set to rise to 0.18% by 2015. Cambodia's share of hydro generation is expected to rise to 0.11% by 2015.
Cambodia is ranked 16th and last, behind even Taiwan, in BMI's updated Power Business Environment Ratings, thanks largely to the growth potential of power consumption and energy demand, offset by low scores in several other categories. It has the long-term potential to overtake Taiwan and Singapore above it.
BMI forecasts Cambodian real GDP growth averaging 6.74% a year in 2011-2015, with the 2011 assumption being an increase of 3.70%. The population is expected to expand from 15.1mn to 16.4mn by 2015, with per capita GDP and electricity consumption set to increase 60% and 81% respectively. Electricity consumption is expected to increase from an estimated 2.1TWh in 2010 to 4.8TWh in 2015. After power industry usage and system losses, we see a possible shortfall in 2015 supply of 1.1TWh, if generation grows at no more than our assumed average annual rate (2011-2015) of 19.08%. There is a clear risk of electricity shortages if the power industry cannot deliver adequate new capacity as demand soars.
In 2011-2020 we forecast an increase in Cambodian electricity generation of 436.5%, which is top of the range for the Asia Pacific region. This equates to 159.2% in 2015-2020, up from 107.0% in 2010-2015. PED growth in 2015-2020 is set to be 53.9%, up from the assumed 41.2% in 2011-2015, representing 117.2% for the entire forecast period. Hydro consumption is expected to rise from virtually zero to 7.6TWh between 2011 and 2020, with thermal power generation forecast to increase by 90.5% over the same period. More detailed long-term power forecasts can be found later in this report.
For more information or to purchase this report, go to:
- www.fastmr.com/prod/152554_cambodia_power_report_q2_2011.aspx
Report Table of Contents:
Industry Overview
- Global
- Table: Global Summary, 2008-2015
- Asia Pacific Region
- Table: Asia Pacific Power Generation, 2008-2015 (TWh)
- Table: Asia Pacific Thermal Power Generation, 2008-2015 (TWh)
- Table: Asia Pacific Primary Energy Demand, 2008-2015 (mn toe)
- Table: Asia Pacific Gas Consumption, 2008-2015 (bcm)
- Table: Asia Pacific Coal Consumption, 2008-2015 (mn toe)
- Table: Asia Pacific Nuclear Energy Consumption, 2008-2015 (TWh)
Market Overview - Cambodia
- Primary Energy Demand
- Power Generation
- Power Consumption
- Regulation And Competition
- Pricing
- Power Transmission
Business Environment
- Asia Pacific Power Business Environment Ratings
- Table: Asia Regional Power Business Environment Ratings
- Cambodia's Power Rating Overview
Business Environment
Industry Forecast Scenario
- Cambodia's Power Outlook
- Generation
- Gas-Fired
- Oil-Fired
- Coal-Fired
- Nuclear Energy
- Hydro-Electric
- Renewable Energy
- Power Costs
- Transmission
- Table: Cambodia's Power Sector, 2008-2015
- Table: Cambodia's Thermal Power Sector, 2008-2015
- Table: Cambodia's Non-Thermal Power Sector, 2008-2015
- Table: Cambodia's Costs, 2008-2015
- Assumptions And Methodology
- Key Risks To BMI's Forecast Scenario
- Long-Term Power Outlook
- Macroeconomic Outlook
- Table: Cambodia - Economic Activity
Power Outlook: Long-Term Forecasts
- Global Snapshot
- Table: Global Summary, 2013-2020
- Regional Outlook
- Table: Asia Pacific Electricity Generation, 2013-2020 (TWh)
- Table: Asia Pacific Primary Energy Demand, 2013-2020 (mn toe)
- Table: Asia Pacific Thermal Power Generation, 2013-2020 (TWh)
- Table: Asia Pacific Hydro-Electric Generation, 2013-2020 (TWh)
Table: Asia Pacific Nuclear Generation, 2013-2020 (TWh)
- Cambodia Country Overview
- Methodology And Risks To Forecasts
Competitive Landscape
BMI Methodology
- How We Generate Our Industry Forecasts
- Power Industry
- Cross-Checks
- Sources
About Business Monitor International
Business Monitor International (BMI) offers a comprehensive range of products and services designed to help senior executives, analysts and researchers assess and better manage operating risks, and exploit business opportunities, across 175 markets. BMI offers three main areas of expertise: Country Risk BMI's country risk and macroeconomic forecast portfolio includes weekly financial market reports, monthly regional Monitors, and in-depth quarterly Business Forecast Reports. Industry Analysis BMI covers a total of 17 industry verticals through a portfolio of services, including in-depth quarterly Country Forecast Reports. View more research from Business Monitor International at www.fastmr.com/catalog/publishers.aspx?pubid=1010
About Fast Market Research
Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available.
For more information about these or related research reports, please visit our website at www.fastmr.com or call us at 1.800.844.8156.
Recently published research from Business Monitor International, "Cambodia Power Report Q2 2011", is now available at Fast Market Research
The new Cambodia Power Report from BMI forecasts that the country will account for just 0.05% of Asia Pacific regional power generation by 2015, with a supply shortfall that may provide the need for imports from neighbouring countries. BMI's Asia Pacific power generation assumption for 2010 is 7,761 terawatt hours (TWh), representing an increase of 5.1% over the previous year.
We are forecasting a rise in regional generation to 9,901TWh by 2015, representing growth of 21.2% in 2011-2015.
In 2010, Asia Pacific thermal power generation will have totalled an estimated 6,189TWh, accounting for 79.7% of the total electricity supplied in the region. Our forecast for 2015 is 7,704TWh, implying 18.6% growth that reduces the market share of thermal generation to 77.8%. This is thanks largely to environmental concerns promoting renewable sources, hydro-electricity and nuclear generation. Cambodia's thermal generation in 2010 will have been an estimated 1.8TWh, or 0.03% of the regional total. By 2015 the country is expected to account for 0.04% of thermal generation in the region.
For Cambodia, the direct burning of wood and other organic fuels will have accounted for an estimated 74.7% of 2010 PED, followed by oil at 25.1%. Hydro makes a very small contribution, while coal and gas do not yet feature in the energy mix. Regional energy demand is forecast to reach 5,508mn toe by 2015, representing 20.0% growth from the estimated 2011 level. Cambodia's estimated 2010 market share of 0.15% is set to rise to 0.18% by 2015. Cambodia's share of hydro generation is expected to rise to 0.11% by 2015.
Cambodia is ranked 16th and last, behind even Taiwan, in BMI's updated Power Business Environment Ratings, thanks largely to the growth potential of power consumption and energy demand, offset by low scores in several other categories. It has the long-term potential to overtake Taiwan and Singapore above it.
BMI forecasts Cambodian real GDP growth averaging 6.74% a year in 2011-2015, with the 2011 assumption being an increase of 3.70%. The population is expected to expand from 15.1mn to 16.4mn by 2015, with per capita GDP and electricity consumption set to increase 60% and 81% respectively. Electricity consumption is expected to increase from an estimated 2.1TWh in 2010 to 4.8TWh in 2015. After power industry usage and system losses, we see a possible shortfall in 2015 supply of 1.1TWh, if generation grows at no more than our assumed average annual rate (2011-2015) of 19.08%. There is a clear risk of electricity shortages if the power industry cannot deliver adequate new capacity as demand soars.
In 2011-2020 we forecast an increase in Cambodian electricity generation of 436.5%, which is top of the range for the Asia Pacific region. This equates to 159.2% in 2015-2020, up from 107.0% in 2010-2015. PED growth in 2015-2020 is set to be 53.9%, up from the assumed 41.2% in 2011-2015, representing 117.2% for the entire forecast period. Hydro consumption is expected to rise from virtually zero to 7.6TWh between 2011 and 2020, with thermal power generation forecast to increase by 90.5% over the same period. More detailed long-term power forecasts can be found later in this report.
For more information or to purchase this report, go to:
- www.fastmr.com/prod/152554_cambodia_power_report_q2_2011.aspx
Report Table of Contents:
Industry Overview
- Global
- Table: Global Summary, 2008-2015
- Asia Pacific Region
- Table: Asia Pacific Power Generation, 2008-2015 (TWh)
- Table: Asia Pacific Thermal Power Generation, 2008-2015 (TWh)
- Table: Asia Pacific Primary Energy Demand, 2008-2015 (mn toe)
- Table: Asia Pacific Gas Consumption, 2008-2015 (bcm)
- Table: Asia Pacific Coal Consumption, 2008-2015 (mn toe)
- Table: Asia Pacific Nuclear Energy Consumption, 2008-2015 (TWh)
Market Overview - Cambodia
- Primary Energy Demand
- Power Generation
- Power Consumption
- Regulation And Competition
- Pricing
- Power Transmission
Business Environment
- Asia Pacific Power Business Environment Ratings
- Table: Asia Regional Power Business Environment Ratings
- Cambodia's Power Rating Overview
Business Environment
Industry Forecast Scenario
- Cambodia's Power Outlook
- Generation
- Gas-Fired
- Oil-Fired
- Coal-Fired
- Nuclear Energy
- Hydro-Electric
- Renewable Energy
- Power Costs
- Transmission
- Table: Cambodia's Power Sector, 2008-2015
- Table: Cambodia's Thermal Power Sector, 2008-2015
- Table: Cambodia's Non-Thermal Power Sector, 2008-2015
- Table: Cambodia's Costs, 2008-2015
- Assumptions And Methodology
- Key Risks To BMI's Forecast Scenario
- Long-Term Power Outlook
- Macroeconomic Outlook
- Table: Cambodia - Economic Activity
Power Outlook: Long-Term Forecasts
- Global Snapshot
- Table: Global Summary, 2013-2020
- Regional Outlook
- Table: Asia Pacific Electricity Generation, 2013-2020 (TWh)
- Table: Asia Pacific Primary Energy Demand, 2013-2020 (mn toe)
- Table: Asia Pacific Thermal Power Generation, 2013-2020 (TWh)
- Table: Asia Pacific Hydro-Electric Generation, 2013-2020 (TWh)
Table: Asia Pacific Nuclear Generation, 2013-2020 (TWh)
- Cambodia Country Overview
- Methodology And Risks To Forecasts
Competitive Landscape
BMI Methodology
- How We Generate Our Industry Forecasts
- Power Industry
- Cross-Checks
- Sources
About Business Monitor International
Business Monitor International (BMI) offers a comprehensive range of products and services designed to help senior executives, analysts and researchers assess and better manage operating risks, and exploit business opportunities, across 175 markets. BMI offers three main areas of expertise: Country Risk BMI's country risk and macroeconomic forecast portfolio includes weekly financial market reports, monthly regional Monitors, and in-depth quarterly Business Forecast Reports. Industry Analysis BMI covers a total of 17 industry verticals through a portfolio of services, including in-depth quarterly Country Forecast Reports. View more research from Business Monitor International at www.fastmr.com/catalog/publishers.aspx?pubid=1010
About Fast Market Research
Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available.
For more information about these or related research reports, please visit our website at www.fastmr.com or call us at 1.800.844.8156.
April 17, 2011
Cambodia Infrastructure Report Q2 2011
BMI View: The approval of large scale infrastructure projects in
Cambodia over the past quarter is driving up our forecasts for the
country's construction industry. Real growth for the sector was revised
upward to 8.9% in 2011 (previously 6.9%), pushing the nominal industry
value to KHR2.93trn (US$711mn). Although we maintain our bullish outlook
for Cambodia's construction sector over the medium term, the ongoing
border conflict with Thailand and rising inflationary pressures present
pertinent downside risks to our forecast.
Key developments contributing to forecasts included:
Cambodia's business environment has a long way to go before it can compete with regional neighbours, never mind developed countries. There are several major factors holding the country back, not least the poor state of existing infrastructure and regulation. A haphazard financial landscape and widespread corruption impinge on future growth rates. However, the country has improved significantly this quarter rising to 36.1, overtaking Pakistan to be placed second from the bottom in BMI's Asia Pacific Region business environment ratings.
Key developments contributing to forecasts included:
- In December 2010, NSRIA Co. - a joint venture between South Korean companies Lees A&A Co. and Camko Airport Co. - won a US$1bn build-operate-transfer (BOT) concession for the Siem Reap International Airport for a period of 65 years. In addition to an international airport with an annual handling capacity of 15mn passengers, the development will also include a 15.4 square mile city and a 'Special Economic Zone' and dry port, which are expected to be operational by the end of 2015, according to Bloomberg.
- In January 2011, VN International, a subsidiary of state-owned utility Electricity of Vietnam (EVN), received government approval to design and construct one of the largest investments in Cambodia's hydropower sector to date - The US$800mn, 400MW Lower Se San 2 hydropower plant.
Cambodia's business environment has a long way to go before it can compete with regional neighbours, never mind developed countries. There are several major factors holding the country back, not least the poor state of existing infrastructure and regulation. A haphazard financial landscape and widespread corruption impinge on future growth rates. However, the country has improved significantly this quarter rising to 36.1, overtaking Pakistan to be placed second from the bottom in BMI's Asia Pacific Region business environment ratings.
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