Cambodian Garment Sector to Reach US$5 billion

The Cambodian garment and textile industry continues its upward momentum and exports are expected to reach about US$5 billion this year, Commerce Minister Cham Prasidh said at an opening ceremony of gems and jewelry, textiles, and mineral testing on March 5 in Phnom Penh.

The value of the country’s garment and textile sector was US$4.24 billion last year, making up 87 percent of the country’s total exports, valued at some US$5 billion. “Garment and textile is the leading sector in Cambodia and its outlook this year is very optimistic,” he said. “The potential to expand capacity means we expect exports to hit US$5 billion this year.”

In 2010, the Kingdom’s garment and textile exports grew by 25 percent over the previous year.

A new textile testing laboratory, which will be run by Intertek, which tests various materials in countries around the world, will ensure that Cambodian products meet international standards, which the country hopes will make them more attractive on the international market.

To be continued...

Source:  Economics Today, Issue 111, March 12-18
Link: http://www.etmcambodia.com/blog.php?article=287

Oji Paper to Establish Second Plant in Cambodia

Due to the rapid growth of the Cambodian economy and increasing need for corrugated boxes, Japan’s Oji Paper Company, Ltd. has said it will establish a new company incorporated in Cambodia and build a plant in the southeastern city of Sihanoukville, its second factory in the country. The company made the announcement on February 28 at a board of directors meeting, saying production capacity at its facility established in Phnom Penh in 2004, which makes both boxes and plastic bags, had almost been fully reached.

The company will invest 1.2 billion yen (approximately US$14.8 million) under the name of Ojitex Harta Packaging (Sihanoukville) Ltd. The facility will be set up in the Sihanoukville Port Special Economic Zone and is set to start operation in early 2013. Production capacity is estimated at 67 million square meters annually.

The new factory in Cambodia will bring the number of corrugated box plants the company has in Southeast Asia to 15.

To be continued...

Source: Economics Today, Issue 111, March 12-18
Link: http://www.etmcambodia.com/blog.php?article=291

Maybank Upgrades its Banking Products

Cambodia is a growing market that’s currently experiencing remarkable economic growth, and is expected to grow by 6.5 percent this year.

Amid the overall positive outlook of the country, there are a growing number of affluent and high-income customers as well as professionals. In response, Maybank is upgrading its banking products to serve its widening range of customers, both foreign corporations and local businesses to contribute to the progress of Cambodia’s economy. As the effort of innovation to develop a banking solution to meet financial challenges in Cambodia, Maybank is launching the Maybank Premier Current Account for Cambodian entrepreneurs and professionals as part of its continuing effort to offer customers value added and innovative banking products.

Jubely Pa, Maybank Cambodia Country Head, noted Maybank was first established in Cambodia in 1993 with the goal to serve the banking needs of Singaporean and Malaysian ventures in Cambodia for infrastructure, manufacturing and services. As Maybank intends to play a bigger role in Cambodia’s economy, it’s necessary to expand its network and offer a wider range of services in an overall attempt to secure a larger customer base in the Kingdom.

To be continued...

Source: Economics Today, Issue 110, March 05-11
Link: http://www.etmcambodia.com/blog.php?article=261

Cambodia’s 1st IPO Will Start Trading in Mid April

The Phnom Penh Water Supply Authority (PPWSA) began its book building process on Feb 29 with about 13 million shares to prepare for its Initial Public Offering (IPO), which aims to list on the Cambodia Stock Exchange (CSX) on April 18 this year.

PPWSA’s IPO will be the first IPO in Cambodia and also the first in Cambodia’s history of it’s soon-to-open security market.

Dong Hyuk Yoon, Representative of Yong Yang Securities, said that PPWSA has issued 13,045,975 shares as its IPO with 1,000 riel or US$ 0.25 of par value and the offering price is between 4,050 riel to 6,350 riel (US$1-1.57) as total value is 52.8 billion to 82.8 billion (US$13-20.4 million).

About 70 percent of 13 million shares have been sold during the book building process while another 30 percent will sell during the subscription period, which runs from March 29 to Apr 4 for the unsuccessful bids and for those who did not participate in the book building.

For the book building process, investors have to book 10 percent of the amount which requirement of a minimum of 1,000 shares.

To be continued...

Source: Economics Today, Issue 111, March 05-11
Link: http://www.etmcambodia.com/blog.php?article=268

ADB to Discuss on Global Economic Crisis at Annual Meeting

At the 45th Asian Development Bank (ADB) Annual meeting, which takes place in Manila, Philippines from May 2-5 this year, the governors’ seminar will focus on Asia’s response to the global economic crisis, according to an ADB press release.

“Good governance is essential for ensuring sustained, inclusive growth and creating an environment for a competitive private sector. The mutual commitment of both the Government and ADB to good governance is reflected in the theme of this year’s Annual Meeting,“Inclusive Growth through Better Governance and Partnerships,” and several of its seminars and knowledge sharing events are dedicated to discussing this issue,” President Haruhiko Kuroda, President of ADB said during meeting with Philippines’s President Benigno S. Aquino III and Finance Secretary Cesar Purisima on March 1 as the part of preparations for the organization’s Annual Meeting.

To be continued...

Source: Economics Today, Issue 110, March 05-11
Link: http://www.etmcambodia.com/blog.php?article=272

Brazil Forges Closer Links with Cambodia

Brazil is promoting bilateral cooperation with the Cambodia in the areas of politics, agriculture, trade, investment and other fields.

Both countries on March 2 signed a Memorandum of Understanding (MOU) between Ouch Borith, Secretary of State of the Ministry of Foreign Affairs and International Cooperation and Maria Edileuza Fontenelle Reis, Undersecretary-general for Asia of the Brazilian External Relations Ministry, with the aim of boosting bilateral cooperation between two countries.

Brazil, the largest economy in South America, not only expects to expand its cooperation with Cambodia, but also with other countries in Southeast Asia.

“The MOU aims to promote bilateral cooperation between Cambodia and Brazil in all fields, especially in politics, agriculture, trade and investment,” Ouch Borith said after signing ceremony.

To be continued...

Source: http://www.etmcambodia.com/blog.php?article=273

Nokia Asha 302 Arrives in Cambodia

Nokia’s new Asha 302 smartphone has arrived in Cambodia. The new smartphone is well suited for developing countries like Cambodia, given that its’s selling for roughly US$155.

It comes in three colors: dark grey, white and red. The Nokia Asha 302 is powered by 1 GHz processor, which works fast and is difficult to find in other QWERTY devices offered in the current market.

It is the first of a series of 40 phones to support mail for exchange, which lets the user access mails, contacts, and calendars on an exchange server, which is a significant step in helping families, friends and businesses connect with each other while achieving productivity and employee satisfaction as a result of greater mobility.

To be continued...

Source: http://www.etmcambodia.com/blog.php?article=279

Phnom Penh Hosts 2nd ASEAN-EU Business Summit

Cambodia’s Ministry of Commerce, the EU Delegation to Cambodia, Eurocham Cambodia and the Cambodian Chamber of Commerce are organizing the 2nd ASEANEU Business Summit (AEBS), which will take place in Phnom Penh on Apr 1.

About 300 international business leaders are slated to convene during a day of meetings, discussions and closed door sessions on how to improve business in the most relevant trade and investment sectors. It will also bring together entrepreneurs, private investors and public policy-makers from both the EU and ASEAN to address important issues concerned with EU-ASEAN trade relations, while identifying new business and investment opportunities on both sides.

The event will provide participants from the EU and ASEAN private sector with an opportunity to exchange views and voice their concerns on ASEAN-EU trade and investment relations directly with the ASEAN Economic Ministers (AEM) and the EU Commissioner for Trade, Karel De Gucht.

To be continued....

Source: http://www.etmcambodia.com/blog.php?article=280

Cambodia’s First Ever IPO

The Phnom Penh Water Supply Authority (PPWSA) has announced it will be starting its book building process to determine the stock pricing for its Initial Public Offering (IPO) with the aim of being listed on the Cambodia Securities Exchange (CSX). The final offering price will be announced after getting approval from the CSX and the Securities and Exchange Commission of Cambodia (SECC).

It will be the first Initial Public Offering in Cambodia, and the first in the history of Cambodia’s stock market, which is slated to start trading in the near future.

Book building is essentially a process used by a company which wants to raise capital through an Initial Public Offering (IPO) and a Follow-on Public Offering (FPO) to aid the price and demand discovery.

To be continued...

Source: http://www.etmcambodia.com/blog.php?article=242

Japan Provides Assistance to Build Taches Rivers Wharf

The Government of Japan is providing US$102,805 to the Taches Commune Council at Kampong Trakacg District in Kampong Chhnang province to construct a wharf on the Taches River Wharf.

The grant contract was signed on Feb 22 between Kawamura Hiroshi, Deputy Chief of Mission/Minister of the Japanese Embassy in Cambodia, and Suos Siphay, Chief of Taches Commune Council, at the Embassy of Japan in Phnom Penh.

Kawamura Hiroshi said that the grant will enable the Taches commune council in Kampong Chhnang Province to construct a concrete river wharf and pontoons along the Tonle Sap River as replacement for a wooden facility that was in poor condition.

“With this new wharf, 28,720 people from four communes will be able to cross the Tonle Sap River safely throughout a year and they will face no difficulty to access schools and clinics,” he said.

To be continued...

Source: http://www.etmcambodia.com/blog.php?article=243

ADB Provides Cambodia US$69 Million to Improve Provincial Roads

The Asian Development Bank (ADB) is providing a US$69 million loan/grant package to the Cambodian government for the purpose of improving provincial roads. The loan agreement was signed on Feb 21 by ADB Vice-President Stephen P. Groff and the Minister of Economy and Finance Keat Chhon.

Of the US$69 million for Project, US$52 million comes from the ADB’s Special Funds and US$17 million is a grant from the Pilot Program for Climate Resilience (PPCR). The money will be used to rehabilitate about 150 kilometers of unpaved provincial roads in Kampong Chhnang, Kampong Speu, Prey Veng and Svay Rieng provinces, home to a large number of the country’s rural poor.

Furthermore, the projects will also address climate change challenges and growing road safety by providing communitybased road safety awareness programs for staff and agencies engaged in planning, managing and maintaining roads.

To be continued...

Source: http://www.etmcambodia.com/blog.php?article=244

Japan Provides US$97,435 for Two School Buildings

The Government of Japan is providing US$97,435 to the Life With Dignity NGO to construct two school buildings at Anheases Primary School and Piem Primary School in Thpong District in Kampong Speu Province.

The grant contract was signed on Feb 20 between Kawamura Hiroshi, Deputy Chief of Mission of the Japanese Embassy in Cambodia, and Sam Inn, Executive Director of Life With Dignity at the Japanese Embassy in Phnom Penh.

Education and human resources development are the foundation for the future development of Cambodia, Hiroshi said. The grant assistance to Life With Dignity is to construct four- and five-room concrete school buildings and to improve the sanitation facilities for Anheases Primary and Piem Primary schools.

The Thpong District has seven villages consisting of 56,352 people, including 16,630 children and teens aged from 6-17, according to the National Committee for Sub-National Democratic Development.

To be continued...

Source: http://www.etmcambodia.com/blog.php?article=245

Cambodia Targets 1 Million Chinese Tourists by 2020

China is Cambodia’s third largest tourism market and most of the world’s travelers will come from China in 2020. And Cambodia is hoping to cash in on that market by setting a target for 1 million Chinese tourists to come to the Kingdom by 2020.

According to the Tourism Development Strategic Plan 2010-2020, Cambodia is targeting to receive approximately 4.5 million visitors, including 0.6 million Chinese visitors, by 2015, and approximately 7 million, including one million Chinese visitors, by 2020. That would generate national revenue of approximately of US$5 billion, contributing to around 10 percent of GDP and creating around 80,000 to 1 million jobs.

To achieve this target, Keat Chhon, Minister of Economy and Finance outlined what Cambodia needs to do when he spoke at a workshop on “Tourism Strategic Development Plan 2011-2020 and National Eco-Tourism Policy” in November.

Cambodia needs to double efforts in the continued development of coastal areas, connecting flights and transport in the region and the world, continued development of ecotourism areas surrounding Tonle Sap Lake and the triangle development areas in the north-east provinces of Cambodia (Cambodia-Laos-Vietnam triangle development area), he said.

To be continued...

Source: http://www.etmcambodia.com/blog.php?article=249

French Government Provides US$4.5 million to Support Rice Trade

The Royal Government of Cambodia and the French Government signed a partnership agreement on Feb 22 that provided 3.5 million euro (equal to roughly US$4.5 million) to support the trade of Cambodia’s rice. The agreement aims to maximize the incomes of the producers as part of the national strategy to boost rice exports.

The grant aid was signed by Aun Porn Moniroth, Economic Adviser to Prime Minister Hun Sen and Secretary of State of the Ministry of Economy and Finance, French Ambassador Christian Connan and Andre Pouilles-Duplaix, Director of French Development Agency (AFD) in Cambodia.

Aun Porn Moniroth said that the project will be implemented from 2012-2015 in an attempt to improve people’s livelihoods in rural areas through the development of the rice trade. It will contribute to the rice sector’s development in Cambodia through organizing exporters’ structures, capacity-building of the relevant players, setting up and developing quality standards on the international market, promoting contract farming, and building the capacity of the Rural Development Bank, which allows it to fully play its role as a financial intermediary and answer to the financial needs of the rice sector.

To be continued...

Source: http://www.etmcambodia.com/blog.php?cat=1&page=10

Beeline Arena Opens its Doors

The brand new Beeline Arena in Phnom Penh officially opened its doors at its grand opening on Feb 4 with an audience of 1,500 in attendance.

The new facility that will be used for sports and entertainment events was inaugurated by Sok Chenda Sopea, General Secretary of the Council for the Development of Cambodia.

It is an initiative by the Banzai Company, which has a management arrangement with Beeline to operate the facility.

Located at Sangkat Chroy Changvar, Khan Russei Keo, the Beeline Arena was constructed at a width of 21 meters, a length of 36 meters and a height of 16 meters. The arena was built to international standards.

The Beeline Arena is a significant contribution to Phnom Penh’s overall infrastructure and will become a landmark for Cambodia and soon become one of the country’s national icons, said Gael Campan, General Director of Sotelco.

“The Beeline Arena will support the development of international sport events and foster the recognition and participation of Cambodian athletes and sport federations to more international competitions,” he said.

To be continued...

Source: http://www.etmcambodia.com/blog.php?article=224

Japan Provides US$74,333 to Eight Health Centers in Takeo

The Japanese government has provided U$$74,333 to the People in Need NGO for a project that will extend delivery rooms at eight health centers in Takeo Province.

The grant contract was signed on Feb 8 between Kuroki Masafumi, Japanese Ambassador to Cambodia, and Schmied Petr, head of the People in Need mission in Cambodia, at the Embassy of Japan.

The People in Need project extended the pre/post delivery rooms in order to improve maternal and child services. At least 1,800 mothers receive proper medical care before and after delivery through the project and it’s expected to contribute to the reduction of maternal and infant mortality rates in Cambodia.

Every year, about 12,000 women deliver babies in Takeo province. However, 308 per 100,000 babies delivered died after delivery, according to Commune Database Online.

Kuroki said that the project will improve the conditions for delivery and health care service both before and after childbirth for mothers and children. “It also facilitates their families to stay at the health centers for taking care of them, which will encourage pregnant women to have deliveries in health centers.”

The cooperation will promote safe deliveries and appropriate health care services at the health centers and contribute to the reduction of the maternal and child mortality rate, which is still high in rural areas, he said.

Petr said that many health centers in Cambodia have no delivery rooms for women to deliver their babies.

Since 1991, the Government of Japan has provided US$47 million under Japan’s KUSANONE grant assistance for local authorities and non-government organizations to implement 461 projects throughout the country.

Source: http://www.etmcambodia.com/blog.php?article=225

Toll Free System Officially Launched in Cambodia

Toll Free Telecom (Cambodia) Co. Ltd officially launched its new toll free system and service in Cambodia on Feb 15 in a ceremony in Phnom Penh presided over by Lor Narath, Secretary of State of Ministry of Posts and Telecommunications.

Mol Sakanak, General Manager of Toll Free Telecom (Cambodia), said that toll free system and service is a new service for Cambodia and comes with the latest technology. The service has a successful track record and is well-used in both the public and private sector for businesses and charities in the United States, Europe, Asia and elsewhere around the world.

The toll free service is essentially a customer service that automatically reverses all callers’ charges to the service subscribers.

The company operates its toll-free telephone systems and service as 1-800-22 and 1-800-21 numbers in Cambodia, Mol Sakanak said. The service will give business enterprises more opportunities to enhance their products and services for all customers for free when ordering products or consulting services from those company.

According to the United States Toll Free survey, top 500 companies use toll free numbers and on average there was a 600 percent increase in advertising responses compared to companies that don’t use toll free numbers.

To be continued...

Source: Economics Today, Issue 108, Feb 20-26, 2012

Link: http://www.etmcambodia.com/blog.php?article=226

Chinese Government Provides US$302 Million Loan to Cambodia

The Royal Government of Cambodia and the Chinese Government signed an amendment to a bilateral agreement on Feb 2 to provide a US$302 million concessionary loan assistance package for three infrastructure projects: two projects for roads and bridges, and one for an irrigation project.

The amendment to the three project assistance agreements was signed by Deputy Prime Minister Keat Chhon, Minister of Economy and Finance and Chairman and President Export-Import Bank of China Li Ruogu at the ceremony that was presided over by Chinese Ambassador Pan Guangxue.

The three project assistance agreements totaled US$302,018,275, which equal 95 percent of US$317,914,051 for the total value of the three infrastructure projects. The three projects amount to US$113,441,800 for the construction of a total length of 141.7 km bridge at National Road 214 across the Mekong River, US$89,273,400 for the construction of a 171.78 km road on National Road 76 from Sen Monorom to Taoung, and US$99,303,000 for the first phase of irrigation projects in Prey Veng province.

To be continued...

Source: Economics Today, Issue 108, Feb 20-26, 2012

Link: http://www.etmcambodia.com/blog.php?article=229

45th ADB Annual Meeting to be held in the Philippines

About 4,000 participants from all over the world including finance ministers, central bank governors, senior government officials, and representatives from the private sector, academia, the media, and civil society are expected to attend the Asian Development Bank (ADB)’s 45th Annual Meeting from May 2-5 this year at the Philippines International Convention Center in Manila, Philippines.

ADB's annual meeting will gather the ADB Board of Governors and other delegates, including finance ministers and key policymakers, business leaders, civil society representatives and academics to discuss a wide range of issues related to economic and social progress for Asia and the Pacific, said Putu M. Kamayana, ADB Country Director for the Cambodia Resident Mission.

He added that themes that will be tentatively discussed at this year's meeting include water challenges in Asian cities, urban disaster risk management, postfinancial crisis development, financial safety nets for the poor, and climate change.

To be continued...

Source Economics Today

Clean Water Network Extension Underway in Kampong Thom Province

Clean water is very important for sustaining a healthy quality of life. The Royal Government of Cambodia has set the country’s Cambodian Millennium Development Goals which are in line with world MDGs. Water supply and sanitation are part of the CMDGs as the they clearly state that at least 80 percent of the urban population will have a clean water supply and 74 percent will have sanitation facilities by 2015.

In Kampong Thom province, there are three water supply authorities: Kampong Thom Water authority, and water supply authorities in Stoung and Taing Krasaing districts.

Currently, the Kampong Thom Water Supply Authority’s coverage of its area is 40 percent; the water supply authority in Stoung district’s coverage is 63 percent; and the water supply authority in Taing Krasaing has coverage of 32 percent.

According to Gnek Kuthea, who’s with the Kampong Thom Provincial Department of Industry, Mines and Energy, one of big challenges for the water supply in that province is the water network needs to be extended to areas with the highest demand for water, especially in the downtown area.

To be continued...

Source: Economics Today, Feb 20-26, 2012

Link: http://www.etmcambodia.com/blog.php?article=236

Furniture Business on the Rise

More people are buying furniture thanks to a growing construction sector and solid economic growth.

Cambodia’s economy grew by 6.9 percent in 2011 and is expected to grow by 6.5 percent for the next two years, according to the Ministry of Economy and Finance. Meanwhile, the construction sector is recovering with US$1.7 billion in total investment, and has increased by 102 percent year-on-year in 2011, according to the Ministry of Land Management, Urban Planning and Construction. And last year, the ministry granted licenses to 2,129 construction projects nationwide, only a slight decrease from 2,149 projects in 2010.

While Cambodia’s economy is growing, people’s living standards are improving and along with the growth in the construction sector, a wide range of fine furniture from foreign companies becoming popular with Cambodians.

“The rapidly growing construction sector in Cambodia, including hotels, department, house, restaurant, and other buildings have led to a high demand in the furniture market,” said Chumteav Tang Gech Lieng, Director of furniture store, D’Furniture.

To be continued...

Source: Economics Today, Issue 105-106, Jan 30-Feb 12, 2012

Link: http://www.etmcambodia.com/blog.php?article=197

ACMES to Boost Trade Activity in Region

In an attempt at promoting trade within the region to strengthen trade cooperation as well as achieve the goal of establishing the ASEAN Economic Community in 2015, Ayeyawady Chao Phraya Mekong Economic Cooperation Strategy (ACMES) is trying to boost trade activity in the region.

ACMES consists of five ASEAN member countries Cambodia, Laos, Myanmar, Thailand and Vietnam. The aim is to bridge the economic gap among the member countries, and to promote prosperity in the sub-region in a sustainable manner. “Such prosperity will not only benefit the five countries, but also add value to ASEAN and its solidarity,” said Commerce Minister Cham Prasidh, Cambodian Minister of Ministry of Commerce.

The economic cooperation framework the “ACMECS” was originally established in November 2003 in Bagan, Myanmar where leaders from Cambodia, Laos, Myanmar and Thailand adopted the Bagan Declaration to affirm the commitment to cooperate in five priority areas of cooperation, and endorsed the Economic Cooperation Strategy Plan of Action, under which 46 common projects and 224 bilateral projects were listed for implementation over 10 years.

To be continued...

Source: Economics Today, Issue 105-106, Jan 30-Feb 12, 2012

Link: http://www.etmcambodia.com/blog.php?article=200

300 Cambodian Students to Study in Australia

About 300 Cambodian students including 160 self-funded students departed to study in Australia in 2011. As Australia has become a popular destination for Cambodian students, the numbers of private-funded Cambodian students rapidly increase over the last five years.

“This signification increase is a result of many reasons including the high quality of Australian education, a globally recognized and respected qualification, the friendliness of Australia’s multicultural society, the geographic to Cambodia, it moderate climate and its safe environment,” H.E. Penny Richards, Australian Ambassador to Cambodia.

The National Survey of International Students Studying in Australia showed that the majority of international students were either satisfied with living and study experience in Australia as the reasons: the quality of teaching, reputation of qualification, personal safety and reputation of institution.

More than 85 percent of the students surveyed were also satisfied with the level of support on their arrival, confirming Australia’s reputation as a country that welcomes international students.

The increasing students to study in Australia, both Cambodia and Australia receive enormous benefit. “Cambodia is able to increase the pool of talented human resources who can drive Cambodia’s continued economic development,” Richard stressed.

Cambodian graduates from Australian educational institutions now work in diverse fields, including health, gender and development, social services, agriculture, fisheries, environmental management, rural development, urban development, law and justice, public financial management, banking, information technology, and infrastructure.

The notable of increasing private-funded Cambodian students to Australia since 2005, but it signification increase last five year as three fold increase, Heang Chanveasna, Deputy Office Manager of IDP (Education) Cambodia said. “Last year, most of Cambodian students went to study in high school level in Australia while some of them also study short course, bachelor degree, master degree and doctor degree.” The payment is depend on level, areas, and school they study as studying bachelor degree in Australia need to spend average around US$15,000-20,000 for school fees and other US$15,000-20,000 for living, he added.

U.S assists Cambodia to ensure the successful of ASEAN Series Meeting

As Cambodia will rotating to be chairman of ASEAN this year, United Stated Agency for International Development (USAID) has been prepared to provide technical assistance to Cambodia and organized “ASEAN Economic Community Workshop: From Indonesia 2011 to Cambodia 2012” on January 9-10 in Phnom Penh.

U.S. Charge d’Affaires, a.i Jeff Daigle said the United State is pleased to be working closely with ASEAN member states to advance ASEAN’s economics integration goal, to facilitate trade with ASEAN’s external partners, and to boost investment, capacity, and economic development throughout the region.

As President Obama and ASEAN leaders noted in third annual meeting in Bali last November, ASEAN and the United Stated are partners in driving global economic growth. “Our closer economics ties are important both to us and the rest of the world.”

“The United State to support many of important efforts including the launch of the ASEAN Single Window pilot project, significant movement on the ASEAN Trade Repository, and the first ever dialogue between ASEAN trade and environment officials to promote green growth in the region,” he stressed.

In 2007, United Sated created ADVANCE program to support ASEAN vision for integration, peace and harmony in Southeast Asia in order to strengthen security, politic, society and culture.

“We were please to promote the establishment of an ASEAN public Private Sector Dialogue on food security, which highlighted how critical regional trade efficiency is in ensuring that the people of the region have adequate access to food at all the times.”  

Senior Minister Cham Prasidh, Minister of Commerce, thanked the initiate of this meeting.

Minister hoped that Cambodia officials can absorb more experience and response their roles to run successfully ASEAN series meeting and the vision of ASEAN.

In the workshop, it focuses on the experience, development and faced problem of ASEAN in 2011 and the challenges of ASEAN in 2012.

Golden Fortune (Cambodia) Securities Launched

Golden Fortune (Cambodia) Securities Plc (GFS), one among two securities dealers obtained license from Securities and Exchange Commission of Cambodia (SECC) is officially inaugurate its operation in Cambodia in late December, 2011. It is a join-venture company between Chinese and Cambodia with total capital of 10 million dollars.

Its ceremony and the inaugurations of various securities firms licensed as underwriter, dealer and securities broker are evidence of readiness of securities intermediaries which is a key infrastructure to support the success of launching the securities market project in Cambodia in future, Deputy Prime Minister Keat Chhon, Minister of Ministry of Economy and Finance said during ceremony.

Securities Dealers play a significant role in trading of securities in secondary market through Cambodia Securities Exchange (CSX)’s trading system to provide not only brokerage service to public investors, but also in trading in their own account assuming all the risks themselves. Moreover, securities dealers are important mainstays in daily trading operation in the market to provide dynamic trading activities and increase liquidity.

Mr. Zhang Yun Feng, Chairman of Golden Fortune, said that the firm has experience more than 10 years and also experience with beginning of Chinese security market with a strong basic security business skill and well communication network.

“We are commit in participating in the development of Cambodia securities market from the beginning by ways of investing, setting up relevant necessary infrastructure and made effort in finding partners, and skilled and experienced management from overseas in particular skilled staffs who had experience in developing securities market in China,” according to Mr. Zhang.

Currently, SECC provide license to 15 securities firms including 7 underwriter, 2 dealers, 4 brokers and 2 investment advisers, H.E. Ming Bankosal, Director General of Securities and Exchange Commission of Cambodia said after ceremony.

All securities already put into operation and ready for security trading even through they are not yet inaugurate such as SBI security, Kosal mentioned.

In November 2010, SECC granted licenses for fifteen securities firms: 7 underwriters, 2 dealers, 4 brokers and 2 investment advisers to conduct securities businesses.

As the trading of securities in future, three state-owned enterprises, Sihanoukville Autonomous Port, Phnom Penh Water Supply Authority, and Telecom Cambodia are preparing Initial Public Offerings (IPO) to ensure the trading of Cambodia security.

"The process in upcoming securities market are comply with rules and regulation and operate with transparency, accountability, efficiency, fair and protecting public investors and to provide fruitful outcome for developing financial sector as well as real economy,” Keat Chhoun said.

                                                                                                                                       

The delay in putting securities market into operation because it need to be careful arrangement and consideration all aspect in Cambodia security market to be success, He stressed.

Cambodia Cassava Dramatic increase in recent year

Cambodia exported about 0.24 million tons of cassava in the first 11 month of 2011, an increase 84 percent from the same period the year before.

According to a report from Ministry of Commerce, cassava exports were valued US$11.27 million at the first 11 month of 2011, compare to $US4 million last year at the same period .

In 2010, Cambodia’s cassava exports amounted 0.13 million tons. However, with the big demand of neighboring countries and international market, it contributed the growth of cassava export in Cambodia as the first 11 months of 2011, soared 84 percent from 131,311 tones to 241,274 tones.

The Ministry of Commerce official said that under the impetus of rising demand and prices in cassava, the planning areas have increased in the last two years from 160,000 to 190,000 hectares. In 2010, Cambodia cultivated cassava in 194,000 hectares with a yield of around 3.78 million tons of fresh cassava.