Japanese Aeon Mall Company To Invest $6 Million To Build A Shopping Center in Phnom PenhJapanese Aeon Mall Company To Invest $6 Million To Build A Shopping Center in Phnom Penh

Japanese AEON Mall Co., Ltd will build a shopping center in Cham Kar Mon district of Phnom Penh to serve the Khmer residents and non-resident clients in the city, an official said on November 17. The announcement was made after the meeting between Samdech PM Hun Sen and Mr. Soichi Okazaki, Chief Executive Officer of the Japan-basedAEON Mall Co., Ltd at the peace palace in Phnom Penh.

Samdech PM Hun Sen ( right) shakes hands with Mr. Soichi Okazaki at Peace palace

The Japanese Ambassador to Cambodia, H.E Kuroki Masafumi, also was at the meeting.

“AEON Mall Co. Ltd will invest around $6 million US dollars to build a shopping center in Phnom Penh and it also will create from 1,500 to 2,500 jobs for Khmers,” Eang Sophallet, a personal assistant to Samdech PM Hun Sen, told reporters. “The company also plans to build the shopping malls at provinces too,” Eang added. “Mr. Soichi Okazaki told Samdech PM

Hun Sen that his company also plans to construct one more school building in the country.

Currently, the company has already helped to build 149 schools in the kingdom and the company has been present in the country since 1998. Samdech PM Hun Sen thanked the company and expressed the support for future investment in Cambodia, Eang said, adding that AEON Mall Company is the largest firm in terms of business properties and financial services.

A previous report said: AEON will build the shopping center near Koh Pich conference hall and is merely a three –minute walk from the Naga world casino and hotel. The location of the mall reveals a nice view of the Mekong River too.

Source: The Southeast Asia Weekly, November 13-19, 2011, Vol. 5, Issue 46, Page 3

48 Cambodian Officials to train in Japan

By Sok Lak

48 Cambodian Officials will be dispatched for training in Japan under the JICA Training Program for Young Leaders 2011 from November 21 to December 8, 2011.

“The Pre-Departure Orientation Seminar aimed at providing the participants with some lectures related to their specialized fields, the training program in Japan, and some useful information for their predeparture preparation and the comfortable conditions in Japan,” Mr. Hirat Hitoshi, Senior Representative of JICA said.

He added that 48 participants will consist of three groups in which 16 participants will be dispatched to Fukuoka for the group course of “Economic Administration (Industrial Development and Promotion)”, and 16 participants for the group course of “Science and Mathematics in Basic Education” will be sent to Hiroshima, and another 16 participants will attend the training course on “Community Tourism Promotion Course” in Tohoku.

H.E. Phan Phalla, Deputy Secretary General of Supreme National Economic Council, said that all participates will understand the development of Cambodia and the cooperation between Japan and Cambodia, especially on the economic sector and privates as well in order to be better understand the development and culture in Japan meant to boost the Cambodian economy in the future.

H.E. Kousoum Saroeuth, Secretary of State of Ministry of Tourism, said that community tourism is a trend in an attempt to foster progression and to develop the country’s economy so that this training course will be important for training young leaders in order to better understand the importance of the tourism community and the need for development of their community in order to develop country. “This training will be a new injection of capital for young leaders in gaining experience from Japan which will develop tourism as Cambodia integrates into ASEAN in 2015.”

Cambodia has taken part in this program since 1995. Up to now, there are 749 Cambodian young officials who have participated in this program in different fields in Japan.

Source: The Southeast Asia Weekly, November 13-19, 2011, Vol. 5, Issue 46, Page 2

Cambodia Boosts Milled Rice Product’s Export To The Middle East

Cambodian Commerce Minister, Cham Prasidh, said on November 6 that Cambodia is trying to boost the exporting of milled rice products to Saudi Arabia that has expressed a desire and reveals a high demand for the milled rice market to supply to other countries in the gulf region.

The announcement was made after his return from Dubai, where he met on talks of bilateral cooperation with Saudi Arabia’s foreign trade minister and attended the milled rice forum there. Cambodia also dispatched its milled rice products division and involved companies to join the rice forum in Dubai. He noted that Dubai is the biggest place for milled rice distribution in the Middle East.

The business of the milled rice product in Dubai is valued at about $1.4 billion dollars, partnering with other countries in the gulf region. We need to look at the Middle East in order to expand milled rice production there. “Saudi Arabic Foreign trade minister will pay a visit to Cambodia early in 2012 to expand bilateral cooperation and discuss the milled rice trade with Cambodia,” the minister stressed.

Cambodia has a surplus in the amount of 2.4 million tons of milled rice products in 2011 that could allow the country to export the product to foreign markets. “Therefore, Dubai will be a big market for our product,” he added. Even the flood that has devastated the kingdom in Southeast Asia, 10 per cent of total rice paddies have been affected this year. Cambodia needs about one billion US dollars to finance the buying of milled rice products from local farmers as the government plans to export the milled rice products at a rate of one million tons by 2015. Kuwait, and the United Arab Emirates are involved in talks to expand milled rice investment and trade with Cambodia.

Source: The Southeast Asia Weekly, November 13-19, 2011, Vol. 5, Issue 46, Page 3

First French Eyeglass Company Invests on Eye Care Sector

By Sok Lak

Essilor, a French eyeglass company, which is the world’s leading provider of ophthalmic eyeglass lenses such as Transitions photo chromic lens, and Varilux, the world’s first progressive lenses this week opened its office in Phnom Penh and plans to set up lab or small factory.

“The company is studying its capacity to operate and manufacture in Cambodia and plans to set up a lab in Cambodia the beginning of next year,” Jayanth Bhuvaraghan, President of South Asia, ASEAN, and the Middle East, South Africa, and East Africa said.

Essilor will spend around one to one and half million US dollars to invest in its first step to set up lab in Phnom Penh which can absorb 30 to 50 workers in Cambodia.

However, the company also plans to set up a factory in Cambodia as now the company finds it possible to wait for growing demand. “Cambodia will be one of the candidates we are assessing in future plans to build a factory and the first place we will look will be in Asia with new demand coming,” he mentioned.

As the growth of the economies in the Southeast Asia region is occurring so fast and impacts some 500 populations, the potential and opportunity for companies to invest is enhanced.

“Cambodia is one of the Southeast Asian countries which has seen rapid economic growth making for a good investment environment, political stability, and is full of energetic young people willing to work. All these factors make Cambodia the best choice for companies to invest,” he stressed. The company promises to bring high quality products and best services to the Cambodian market.

Thissadee Tulyaanukij, General Manager of Essilor Distribution Thailand, Cambodia, Vietnam, Laos and Myanmar, said that around the world, there are 4 billion people that need eye vision, but only 1.6 billion people wear eyeglasses. There is still a remaining 2.4 billion people who are unable to access services. Among this 2.4 billion, 1.8 billion are located in the Asia-Pacific rim.

H.E. Keat Chhon, Minister of Ministry of Economy and Finance, said that the presence of Essilor here will contribute to addressing and improving ophthalmic health, or so-called eye vision of Cambodia, through using high quality and reasonable prices of Essilor products.

Moreover, the presence of Essilor in Cambodia reflects the confidence of the company and the confidence of investors around the world who recognize the Kingdom as a peaceful place with macroeconomic stability and a favorable investment climate. “It also underlines the attention the Royal Government is getting in a focus on its private sector development, which has been a priority,” he added.

Essilor is France’s biggest company among the total of 40 big French companies which sets its shares at the securities market in Paris. It is equipped to deliver supplies and services related to eye healthcare as well. In 2010, the income of the company reached up to 3.9 billion euro and will reach to 4 billion euro. Moreover, Essilor has 14 manufactures around the world and can produce 240 million pair eyeglass per year with 332 laboratories and 42,700 workers, it added.

Source: The Southeast Asia Weekly, November 13-19, 2011, Vol. 5, Issue 46, Page 5

U.S. Provides US$20.3 million for Economic Growth, Food Security and Global Climate Change in Cambodia

By Sok Lak

The Royal Government of Cambodia and the United Stated Government on November 2 signed an amendment to bilateral agreement that provided US$20.3 support Cambodian priories economic growth, food security, and global climate change. Under the amendment, the Royal Government will provide US$425,000 in-kind support.

The Amendment to the Assistance Agreement signed by the U.S. Charge d’Affaires, a.i., Jeff Daigle and Deputy Prime Minister Sok An, and USAID Mission Director Flynn Fuller.

H.E. Sok An, Deputy Prime Minister and Minister in charge of the Office of the Council of Ministers, said that the signing thus far of the original agreement, amendment number one, number two and now number three not only demonstrates unwavering commitments of the Government of United States of America to contributing to the achievement of economic growth in Cambodia, but also reflects a more satisfactory outcome of cooperation between the Kingdom of Cambodia and the United State of America. This will help to strength the bilateral relations between two countries, especially at the government-to-government level in field of economic cooperation.

“Today’s signing of the Amendment to the Assistance Agreement will increase the additional fund of around US20 million for 2011-2012 program with a greater emphasis on the agriculture and environmental sectors,” H.E. Sok An stressed.

The program of ‘Helping Address Rural Vulnerabilities and Ecosystem Stability (HARVEST)”, which is currently the prime focus of the Assistant Agreement, will seek to help increase agriculture production and productivity, foster the adoption of sustainable approaches to natural resources management and increase Cambodia’s resilience to climate change, he added. “It fit to the needs of agricultural development and natural resources management for ensuring food security, improving livelihoods of the people in rural areas and sustaining economic growth.”

U.S. Charge d’Affaires, a.i., Jeff Daigle, said that with the signing of this agreement, U.S. development assistance to Cambodia for economic growth since 2008 totals 52.76 million.

“The United States is pleased to continue supporting the Cambodia government’s effort to improve the business climate, both to attract investment from abroad and to ensure that domestic firms reach their full competitive potential.”

He added that the Micro, Small and Medium Enterprise 2 Program (MSME) is now entering its fourth and final year and will continue to assist farmers and small business owners to take advantage of business opportunities and increase their household incomes. To date, MSME 2 has helped over 6,000 entrepreneurs increase their sales by 100 percent-340 percent, allowing families to access better health care, educate their children, and expand their businesses. In addition, the HARVEST will continue to support the Royal Government of Cambodia’s national development strategy by improving agricultural production and post-harvest management, increasing access to food, and adapting to climate change.

In term of economic growth, food security and global climate change, the United States support a broad range of programs designed to benefit all Cambodians, including combating trafficking in persons. USAID expected to provide a total of 64.87 million in assistance to Cambodia in 2011.

Cambodia to establish National Port Policy and Administration System

By Sok Lak

The ministry of transportation and public work on November 3 debated the draft law on national port policy and administration system to get more the major inputs among stakeholders in the field of maritime and port sectors in order to establish law on national port policy and administration system in Cambodia.

The project of Establishment of National Port Policy and Administration System in Cambodia was started in March 2009 and completed in November 2011, which has the goal to contribute to capacity development for Cambodia officials in planning the nationa port policy and administration system, to propose the draft national port policy, to develop the framework on collection of port statistics, and to prepare a daft of port law and related regulations including road map for enactment.

H.E. Tram Iv Tek, Minister of Ministry of Public Works and Transport, said that if Cambodia has proper national port policy and administration system, sustainable port development will be improved and water transportation will be easier which lead to reduce unnecessary cost for products transportation.

“The establishing daft policy and port regulation will support economic development activities, to promote international trade, to ensure behavior of port development, to provide easy way to port users and ensure of security, safety and environmental protection,” Minister stressed. “Regulation is soft infrastructure of society which equal value to hard infrastructure.

“If there is no soft infrastructure, the hard infrastructure will not effectively process. The developing and using port effective if there is port policy and port regulation to lead port sector progressing,” Minister stressed.

H.E. Yasujiro Suzuki, Chife Representative of JICA Cambodia Office, said that the daft “Port Act and Related Regulations”,

“National Port Policy” were developed, Pilot project for Port Statistics was successfully conducted, and “Roadmap for Establishment of Port Act and Related Regulations” are prepared. “It is crucial to implement the proper and sound national port policy by utilizing outputs and to respect the port act and related regulations rather than to just prepare the good drat papers,” he added.

Cambodia possesses enormous potential for further economic development and expect to have better services and lower prices for logistics while Cambodia located on the Southern Economic Corridor in the Mekong Region, connecting Ho Chi Minh City in Vietnam , Phnon Penh and Sihanoukville in Cambodia and Bangkok in Thailand .“I believe that the establishment of national port policy and promulgation of the port act and regulations will harmonize better administration, management and operation and stimulate intra-regional logistics and trades,” H.E. Yasujiro expressed his believed.

H.E. Leng Thu Yuthea, Under Secretary of State of Ministry of Public Works and Transport, said the national port policy is to support country’s economic development and establishing competitive ports as well as promoting international gateway ports with providing greater convenience to port users while daft of port act and related regulations is to establish a rational system, to maintain orderly port development, to provide convenient and efficient port services, to ensure the safety and security of ports and environmental protection.

However, the national port also face some challenges such as the opening of Cai Mep-Thi Vai Port which possible to change in cargo flow and maintaining maritime network of seaport, private port development.

Source: The Southeast Asia Weekly, November 6-12, 2011, Vol. 5, Issue 45, Page 3

Vietnam’s Military Materials Display in EXPO in Cambodia to Boost Trade

By Sok Lak

Vietnam is displaying its military material’s product in an expo in Phnom Penh to foster the trade volume for neighboring countries. The event of Expo is under the theme “Friendship, cooperation and development” and organized by the Ministry of Defense in coordination with the Ministry of Industry and Trade and Ministry of Commerce, Ministry of Defense which held from 1 to five November, 2011 at Koh Pich Expo Center.

The product combined from military uniform to materials for soldiers. Speaking at the opening ceremony, Mr. Phat Vet Thich, deputy director general of logistic and economy department of Vietnam’s defense ministry said this is 4th exhibition while the last time held in 2007, 2009, and 2010.

“We want to show our product and strengthen cooperation with Cambodia and it will help enhance trade volume for the countries,” he added. So far, there were 17 contracts signed over 30 agreements and memorandum of the company between Cambodia and Vietnam.

Keo Soknay, secretary of state for commerce ministry of Cambodia said in early 2011 Cambodia-Vietnam trade increased noticeably to an unprecedented level. Apart from the excellent performance of the investment cooperation, trade between Cambodia and Vietnam has also tremendously increased during the last few years.

“Trade volume for two countries was worth US$2.074 billion while Vietnamese products cost US$1.73 billion into Cambodia for third quarters for 2011. In 2010, trade between the two countries approximately reached 1.828 billion, an increase about 25 percent compare to year 2009. With the total amount, Vietnam exported goods to Cambodia totally worth US$1.551 billion,” Soknay added.

The building of connectivity between Cambodia and Vietnam will further develop the required synergies to promote a win-win solution for both countries while Cambodia consider Vietnam as a strong neighboring country trading partner for Cambodia, he stressed.

He added today event has 150 companies with 275 booths and the products are construction materials, cosmetics, consumer goods and good stuffs, clothes, textiles, household utensils, stationery, school materials, medicine, handicraft and art products, production materials, cultural products and various kinds of goods.

Vietnam Trade Fair 2011 in Cambodia is once of activities in national trade promotion program of Vietnam Government, to support the Vietnam enterprises to export products and services market for Cambodia and the ASEAN countries, creating favorable conditions for businesses to strengthen the trade promotion, investment and business cooperation. The fair highlighted various activities such as exhibition, Fair Park, sales promotion activities, product introduction, cultural and art activities and activities for examination and treatment which from 175 military hospital of Vietnam and 179 hospital of Royal Cambodian Armey in 200 policy object of examination and surgery cataract.

Source: The Southeast Asia Weekly, November 6-12, 2011, Vol. 5, Issue 45, Page 5

By Sok Lak

Myanmar Airway International (MAI)’s plane touched down at Cambodia’s Phnom Penh Airport at 12.50am on November 2, to connect Cambodia’s Phnom Penh and Myanmar’s Yangon as it is first flight service to boost tourism industry between the countries and facilitate the air passengers. A MAI Plane contains eight businesses and 149 economic seats under welcoming ceremony from tourism ministry of Cambodia.

H.E. So Mara (right)

Actually, The MAI already operated direct flights from Myanmar to Cambodia through the way from Yangon to Siem Reap in February this year. After increasing number of passengers, both sides urged to have the flights between Phnom Penh and Yangon which will operate twice a week on Wednesday and Saturday with Airbus 320 aircraft.

Speaking the ceremony, H.E. So Mara, Secretary of State of Ministry of Tourism, said that the new airline of Myanmar, MAI served as a direct fight to connect Myanmar’s capital, Yangon to Cambodia’s capital, Phnom Penh and to Siem Reap. “The flight connection shows close connection between the two countries and it promote the tourism industry for the two countries.” He said. “This connection will add more potential for Cambodia and Myanmar to exchange on tourism, economy, and Culture,” he said.

For 10 month of this year, there were 3,000 tourists from Myanmar coming to visit the country. “It is a small number as it is the beginning.

But if we see the percentage, it is highly increased about 74 percent if comparing to last year in the same period and it will rapidly increase further because many Cambodians want to travel Myanmar’s tourism resorts. Businesspeople could expand their trade,” H.E. So Mara added.

Beside Philippine and Indonesia, all ASEAN countries already have direct fly to Cambodia, He mentioned.

Mr.Win Phone Nyun, Assistant General Manager of MAI, said that since the airway operated its flight in Siem Reap province, the company set plan to operate in Phnom Penh. In the next six month, the company will seek for new destination in Cambodia.

“As the good relationship between Cambodia and Myanmar’s government, we could expand flights.” He said, adding that this time is highseason for passengers to Cambodia.

“I believe that the company can operate successfully and get more passengers,” he stressed.

He added: MAI flies to Singapore, Malaysia’s Kuala Lumpur, China’s Guangzhou, and Thailand’s Bangkok and it planned to expand its flights to India’s Gaya, Korea’s Seoul, and Japan’s Tokyo.

Both countries is in ACMECS region and they are on the move to use one single visa.

To increase tourists in region, ASEAN countries set up many strategies to boost tourism among them like the ASEAN Tourism Strategic Plan (ATSP) 2011-2015. The governments expect that it will contribute economic integration in region and to contribute creating ASEAN community in 2015. To expand its flight in region, it will facilitate the tourists to see the region as the ASEAN want to be a tourism destination in the world.

Previously, ASEAN tourism said: In 2010, around 73 million tourists from intra-ASEAN travel visited ASEAN countries and in 2009, there were about 65 million tourists.

Source: The Southeast Asia Weekly, November 6-12, 2011, Vol. 5, Issue 45, Page 9

South Korean Companies Boost Investment and Trade in Cambodia

By Tim Vutha

Business delegation from the South Korea’ Changwon City , on November 2 explored business opportunity with Cambodian counterparts through a trade mission mainly on auto- spare part industries. Speaking at the trade talk in Phnom Penh, Director-General for Economic Affairs from Changwon City and head of the delegation, Dr. Jung ky-Bang said:

“So far Cambodia-Changwon have not traded much yet, but he expressed his optimism in expanding trade after this business talk especially on auto trading.

He said: “this business visit focuses on seeking the business partners on auto- spare parts production,”. “I also will consider opening factories in Cambodia if the necessary needs.”. “I notice Phnom Penh is now an emerging industrial city, where no heavy industries have not installed yet, so Changwon’ Industries is pleased to guide it,” he reveals. That is the reason that Changwon business delegates have arrived Cambodia. the trade talk attended by seven Korean companies, and dozen of Cambodian businesspeople, the trade mission linked Korean producers with Cambodian buyers, wholesalers, and retailers on materials related to auto-spare parts, electronics, ICT, and textile.

Changwon is one of the South Korea’s main industry zone where is habituated by about 3,800 factories ranking from the producers of Ceramic tools, ICT apparatus, steels, mechanics, vehicle spare part to heaviest industries, according to Dr. Bang.

‘It is now the 6th time that this business talk was hosted in Phnom Penh since 2007, and such business talks will be organized next years between Cambodia and Changwon, ” said Choun Selarith, representative of JS Global (Cambodia), a Korean company that initiated the event an created in Phnom Penh since 2007.

The report from event stated those Korean investors have considered their investments in the fields of construction like Skyscrapers, Apartments, Condominiums, and Commercial Apartments, infrastructures, manufacturing, IT, national resources, tourism, Hotel, Restaurant, agro-industrial and agricultural sector.

“Cambodia-Korea Trade volume has continuously increased in the past few years. For eight months of 2011, Cambodia’s exporting to Korea valued $50.7 million with an increase of 21 percent, and Korea ’s importing to Cambodia was worth USD332, 998 million as soaring up of 140 percent if comparing to 2010, according to report from the Embassy of the Kingdom of Cambodia in South Korea . “In 2010, there were 272,000 South Korean visitors seeing Cambodia . In 2011, it is hoped around 38% increases if comparing to 2010,” the report noted.

Source: The Southeast Asia Weekly, November 6-12, 2011, Vol. 5, Issue 45, Page 10

Cambodia Airports increase flights in 2012

By Sok Lak

Cambodia’s Airport this week predicted that the air passengers would increase about 10.4 percent while the number of flights will increase 7.7 percent as they expect to receive 4 million passengers a year.

The announcement was made during the Cambodian Airport launch Winter Season flights scheduled from October 30, 2011 to March 24, 2012 to increase flight activities as well as the Airport services to meet the demands of passengers.

 

“It is a big season in Cambodia, so there will be a lot of tourists coming into Cambodia. For the coming winter season, the total of weekly flights to and from Phnom Penh international will increase to 209 while at Siem Reap international the increase will be 218,”

Emmanuel Menanteau, Chief Executive Officer of SCA, airport management services said at a press conference on October 28 at Cambodia’s Airport.

“The two airlines will operate flights to Cambodia in this season as well. They are Tiger Airway of Singapore that will start its daily flights between Singapore and Phnom Penh with daily flights between Singapore and Siem Reap using an A 320 (180 Seats), and Easter Jet from Korea will start its operations for weekly flights between Korea, Seoul, and Siem Reap will use a B-737 (149 seats),” Emmanuel Menanteau added.

Another two routes have also been added to match the schedule of flights. One of them is Cambodia Angkor Air which will start operating thrice weekly between Sihanoukville and Siem Reap from December 14 using an ATR70-65 seat. One more route is made by Myanmar Airways International which will launch a triangular flight between Siem Reap, Phnom Penh and Yangoon from November 2 using a A320-162 seats.

“The frequency of flights also increased Asiana Airlines has reported as well as China Southern Airline, Korean Air, Lao Airlines, Malaysia Airlines and Vietnam Airline,” He stressed.

At the same time, the Aircraft type is upgrading in which Air France will operate 309-seat B777 for route Paris- Phnom Penh, Bangkok Airways will operate a 120-seat A319 and a 162-seat A320 for routes running between Bangkok-Phnom Penh, and Korean Air will operate a 280-seat A330 for routes between Seoul and Phnom Penh.

Emmanuel Menanteau stressed that, overall, and against the backdrop of the significant growth of Cambodia’s economy, the region’s steady rise of traffic should be carried out throughout the year 2012.

“However, a few uncertainties regarding worldwide business climate may impact the demand of air transport such as the economic situation in Europe regarding the issue of sovereign debts and the extent of the spill-over onto the worldwide economy plus the slowdown of the US economy and the volatility of fuel costs.”

The airlines operating at Cambodia International Airport are up to 23 in which 19 use Phnom Penh International Airport and 16 operate at Siem Reap international airport and one operates at Sihanouk International airport, Emmanuel Menanteau mentioned. There are three Cambodia airlines: Cambodia Angkor Air, Tonlesap Airlines and Skywings Asia Airlines. Samork Sreng, a Commercial Director of Cambodia Airport said that the Phnom Penh International Airport had received 1.469 million passengers in the first ten months of this year with an increase of 11 percent if comparing to the same period last year.

“We expected to receive up to 1.8 million passengers at the end of this year while the Siem Reap International Airport got 1.396 million passengers with an increase of 14 percent and is expected to receive up to 1.7 million at the end of this year.”

He added: “The capacity of the Siem Reap airport supports 6 million passengers 6 million while Sihanouk International Airport can receive to 10 million if Sihanouk International Airport is expanded, so there will be no problem for Cambodia to host the ASEAN summit next year.”

Source: The Southeast Asia Weekly, October 30-November 5, 2011, Vol. 5, Issue 44, Page 1

New Era of Trade Fair 2011 with ACMECS in Cambodia

By Sok Lak

“Cambodia will organize one province one product fair in mid-December to boost economic growth and promote products in the kingdom as the agricultural products like rice is potential sources, the commerce minister said.

He added: “this event will held from 15 to 18 December this year at Koh Pich in Phnom Penh. As the 6^th consecutive year of Cambodia trade fair, the Cambodia Import-Export and One Province One Product Exhibition 2011 is entering a new era with the inclusion of the  “Ayeyawady-Chao Phraya-Mekong Economic Cooperation Strategy (ACMECS)”.

The Ministry of Commerce organized the Cambodia Import-Export and One Province One Product Exhibition in Penh Penh as Trade fair has become a basic foundation in the agenda of the country’s development program and a lot of initiatives have been put into implementation by the Ministry of Commerce and other relevant ministries, as well as many international communities, to jointly formulate policies and strategies to help investment and to promote economic growth and generating employment for people and reducing poverty.

“This year, the fair is different from other year.” It noted.

“This is an initiative first proposed during the 4th ACMECS summit held in Phenh Penh on November 2010 where joint campaigns in areas of trade fairs promotion among the ACMECS countries, Cambodia, Lao PDR, Myanmar, Thailand and Vietnam are recommended to be further enhanced,” Senior Minister Cham Prasidh, Minister of Commerce said.

The formation of ACMECS was aimed at bridging the economic gap among the member countries and to promote prosperity in the sub-region in a sustainable manner. “Sub prosperity will not only benefit the five, but also add value to ASEAN and its solidarity,” he stressed. The emphasis of ACMECS economic growth cooperation framework is on using self-help and partnership to achieve sustainable development, including poverty reduction, in line with the United Nation Millennium Development Goals.

“The inclusion of ACMECS in the 6th Cambodia Import-Export and One Province One Product Exhibition 2011 is also timely with the new formation of the China ASEAN Free Area (CAFTA) in 2010 which the new free trade area has brought together developing countries in the region with a combined population of 1.9 billion, a combined gross domestic product (GDP) of up to US$6 trillion and total volume of US$4.5 trillion,” he mentioned.

In the 5th Cambodia Import-Export and One Province One Product Exhibition 2010, there were 252 companies from both aboard and local with 326 exhibiting booths. In the 4 days event, approximately 54,000 visitors have participated to visit different kinds of international and national products in the event.

In conjunction with the fair, there are other four events such as investment and business forum, business activation promotion workshop, business meeting, and investment and business singing contact. In the year 2010, the import and export sector in Cambodia attained double-digit progress as the total import and export volume increase 26.6 percent from US$6.53 billion in 2009 to US$8.27 billion in 2010 in which total import rose from US$3.47 billion to US$4.78 billion and total export rose from US$2.79 billion to US$3.49 billion.

Source: The Southeast Asia Weekly, October 30-November 5, 2011, Vol. 5, Issue 44, Page 9

ACLEDA Bank cooperates with Yong Yang Securities

By Sok Lak

ACLEDA Bank, a leading commercial bank for all sectors, and its subsidiary, ACLEDA Securities, the first securities company, received its license from the SECC to carry out a brokerage business, and Tong Yang Securities (TYS) Securities Company in Cambodia, on October 26, singed a Memorandum of Understanding (MOU) on Cooperation between three companies in a move to strengthen partnership for the upcoming stock exchange in the country.

“By signing this MOU, the three companies can provide access to a complete range of financial services and expertise for clients and investors throughout Cambodia in which clearly identified synergy effects afforded by the strengths and expertise of all three parties.” The joint statement from companies said.

“By gathering together all the complementary offerings, the resulting entity will benefit clients with accessibility, efficiency and consistency of a consolidated infrastructure. In particular, TYS and ACLEDA will provide a convenient and streamlined process for security transactions for the first IPOs on the Cambodia Securities Exchange,” it noted.

“This MOU will combine the 49 year-experience of TYS as one of the leading securities firms with a long history in the securities market in South Korea with ACLEDA bank to apply experience and expertise in the provision of financial and advisory services and the arrangement of financing for public offering and stock exchange listings,” said Mr. In Channy, President and CEO of ACLEDA Bank.

Mr. Chhay Soeun, Chairman of BOD of ACLEDA Securities said that it is a new opportunity for more investors, especially retail investors, to invest in the Cambodia Securities Exchange from the IPO stage through ACLEDA Securities. “Investor and public are being able to access broader research report and financial information.”

The partnership between the three parties will create the real synergy for each party’s growth by putting each other’s expertise and strength together, said Mr. You Joon Royeol, President and CEO of TYS. “With ACLEDA’s prominent name as a leading local financial institution in Cambodia, it will make us easy to reach mass investors, both local and foreign for every IPO deal we undertake and it will surely enable ACLEDA to have a greater access to a wider range of investing community and corporate clients which enhance bank’s current and future businesses,” he stressed.

He added that TYS is pleased to help ACLEDA bank in its preparation of the plan of execution of the bank’s IPO in the future. “To put everything in a nutshell, this will please both IPO client and investors in this financial frontier, resulting a clear competitive advantage for the alliance.”

Han Kyang Tae, Chairman of TYS said that this cooperation involved three strong companies in the business area. By putting the expertise of each company together, it can combine services to clients and investors.

“We expected that the first IPO will occur later this year and the beginning of next year as we talk to government.”

Currently, IYS is working on two IPO from government (Water Supply and Telecom Company) and another two private companies.

Source: The Southeast Asia Weekly, October 30-November 5, 2011, Vol. 5, Issue 44, Page 3

ASEAN Fun Run for Greener Space Hosts in Phnom Penh

By Sok Lak

Environmental issue have became a common problem around the world since recently, ASEAN has called for “a clean and green” ASEAN with fully established mechanisms for sustainable development to ensure the protection of the region’s environment, the sustainability of its natural resources and the high quality of life of its people as it is ASEAN’s vision for 2020. To contribute to protecting the environment and to commemorate the establishment of ASEAN, 433 students from various universities in Phnom Penh participate in the ASEAN Fun-Run for a greener space hosted by a group around 50 students comes from University of Cambodia (UC) mostly in College of Management leading by Lecturer Gina Lopz.

The ASEAN Fun-Run was held under the theme: “We Run For A Greener Space” on October 23 at Diamond Island in Phnom Penh. Saya Molika, a team leader of the ASEAN Fun-Run Committee said: “It is very great to see a lot of people join this event. It allowed them to learn how to serve the needs of the community and society and serve each other among the team by directly involving them and carry out the intention of the program.

H.E. Kao Kim Hourn, President of UC, said: “The event is important not only to ensure a healthy life for participants, but also to expand the knowledge of people to understand deeply in ASEAN since in the next year, Cambodia will be the chairman of ASEAN.”

“One more important thing is that the event will work in conjunction with the ASEAN vision 2020: a clean and green ASEAN and allow public people as well as students to understand more about environmental issues.”

Yun Davy, one organizer in charge of external relations in the ASEAN Fun Run said: “To celebrate the ASEAN Fun Run is the hope of alerting the public with awareness on the environment issue which is one of the hot issues that happens not only in Cambodia or ASEAN, but across the whole world.”

There are 12 sponsoring companies including Rattanak hospital supporting ambulance servicing, nurses, and doctors, KSK (Khemserei Italian Jewelry) with support from hand sanitizer-600 bottles, United Pharma giving US$500 cash and US$527 in products, Yamaha giving US$800, Canadia Bank giving US$600, Smart Mobile for 100 T-shirts, 600 key chains and 100 caps, Eurotech for 75 boxes of pure drinking water, PBC for US$125 in cash and 20 packages of products, DBD Engineering giving 200$ in cash, Bacchus Energy drink giving 500 cans, Amret Microfinance Institute giving 100 T-shirts and 100 caps, and Koh Pich providing the Venue for the event.

“As we are students of the University of Cambodia would like to say thank to all participants, especially to all the main sponsors who support us for both financial and help with social events. If we do not have all of these sponsors, this event could not happen as well,” the statement from the organizer said.

As the result of the ASEAN Fun-Run, there are six winners which divided into two categories, male and female. In the male categories, Sok Mongdara achieved 17:14:25 and won first place in the race and won a gold medal with some gifts from sponsors.

Ung SokKhim achieved 17:58:10 and got a silver medal with some gifts from sponsors and Srun Panhavoat achieved 19:01:00 and got a bronze medal for third place and some gifts from sponsors.

For the female categories, Chea Sophanha achieved 30:10:00 to be first place and won a gold medal and some gifts, Yous Somnith achieved 30:11:06 with a second place finish, winning a silver medal and some gifts, and Pich Bopha achieved 32:20:00 winning third place with a bronze medal and some gifts.

“I am very excited and unbelievably became the winner of the ASEAN Fun-Run. As I have liked running since I was child, I hope everyone else will also like running and joining social activities like this,” said Chea Sopanha, 18, a female student who studies at institute of foreign language in Phnom Penh “This event is not only for health but also supports the sports sector in Cambodia, reminds us to protect the environment,” she stressed. “I like to join this kind of event and do it not only to make me happy, but also, I can contribute to the effort to help society as well as protect the environment,” Ung Sokkim, 22, a male student from UC said.

Source: The Southeast Asia Weekly, October 30-November 5, 2011, Vol. 5, Issue 44, Page 12

Japanese Aid Contributes development in Cambodia

By Sok Lak

The Embassy of Japan in cooperate with the Japan International Cooperation Agency (JICA) Cambodia Office recently organized the Official Development Assistant (ODA) Press Tour program to Battambang and Pursat province in aiming at introducing and promoting the Japan ODA performance in Cambodia amidst the local media to spread the news of projects in two provinces.

Matsuo Hideaki (Right),
Head of Counselor and Economic of Japanese embassy

Around 30 media both international and national including television, newspaper, magazine and radio come from different organizations to attend ODA Press Tour Program to visit several project sites such as Kampang Irrigation Rehabilitation project site in Pursat, Agriculture Productivity Promotion Project (APPP) in West Tonle Sap, the project for Constructing a Science Laboratory at Battambang Provincial Teacher Training Center, and Fresh Water Aquaculture Project in Thmor Korl District, Battambang province.

Mr. Matsuo Hideaki, Head of Counselor and Economic of Japanese embassy said that up to fiscal year of 2010, Japanese government assisted Cambodia 240 billion yen including 31.29 billion yen of ODA yen, 149 billion yen of Grant Aid and 59.52 billion yen of Technical Cooperation.

Japan is known as the biggest donor of Cambodia. “Japan has assisted Cambodia through its ODA since 1991 after the end of two decades of the civil war in the country. Japan has contributed to Cambodia’s effort to reconstruct the nation and restoring peace.

“Japan has been actively assisting Cambodia, remaining as the largest donor,” he stressed.

In fiscal year of 2009, Japanese ODA loans was extended to help Sihanoukville Port’s Multipurpose Terminal Development Project which has 7,176 million yen (US$72 million) to construct a multipurpose terminal in Shihanoukville Port. “We hope it will enhance the capacity of freight, leading to the development of economic infrastructure in Cambodia and its economic growth,” he mentioned.

Moreover, Japanese Grant Aid was also extended to Cambodia in fiscal year of 2010 which focus on areas such as infrastructure development, mine clearance, environment, climate change and so on. “Japanese also provided Grant Assistance for Grassroots Human Security Projects which total worth 10.67 billion yen as the whole,” Mr. Matsuo Hideaki stressed.

Media attended ODA Press Tour

There are four major project assisted from Japanese Grant Aid including the project for construction of Neak Loeung Bridge which is worth 11.94 billion yen, the Project for Improvement of Equipment for Demining Activities (Phase VI) which is worth 1,298 billion yen, the Project for Replacement and Expansion of Water Distribution System in Provincial Capitals for 2.76 billion yen and the Project for Flood Protection and Drainage Improvement in the Phnom Penh Capital City (Phase III) for 3.70 billion yen.

In the same time, Japanese Technical Cooperation was also extended to wide areas, ranging from basic human needs to human resource development for the market-oriented economic reforms, by means of training, and dispatching advisors as well as Japan Overseas Volunteers.

“Several projects have newly started such as “Project for Enhancing the Investment-related Service of Council for the Development of Cambodia”, “Agricultural Productivity Promotion Project in West Tonle Sap”, “The Project for Strengthening Human Resource Development System of Co-medicals”, He highlighted.

The Japan’s ODA focused on four main areas: realization of sustainable economic growth and a stable society, support for the society vulnerable, addressing global issues and redressing intra-ASEAN disparities.

Source: http://thesoutheastasiaweekly.com/?p=2113