Italy support Cambodia’s Sport Field

By Sok Lak                                                                                                  

President of the Association Olympic Aid and Sport Promotion Project in Italy provided aid US$5,000 to support and glorify sport sector in Cambodia as well as the attending 2012 Olympic Games in London.

The ceremony is held on 26 July at National Olympic Committee of Cambodia (NOCC) between H.E. Thong Khon, Minister of Ministry of Tourism and President of NOCC, Stefano Podini, President of the Association Olympic Aid and Sport Promotion Project.

During the meeting, H.E. Thong Khon told Mr. Podini about sport situation in Cambodia as well as the leadership and management. The development of sport met a lot of obstacles during the country was not yet fully receive peace. But now the sport sector on progress of development, Cambodian athletes also walked on the international stage and brought medals to country consequently.

He also introduced the sports which will participate in the 2012 Olympic Games in London such as taekwondo, wrestling, boxing, athletics and tennis.

In reply, Mr. Podini promised to help Cambodia’s athletes training for the 2012 Olympic Games.

As sport sector in Cambodia is on the progress of development and engage many activities in sport, so he decide to help Cambodia.

He also said that Cambodia become second hometown since he used to live in Cambodia for eight years, so he really wants to help Cambodia. Nowadays, his association has a plan to support Olympic movement, so it is an idea to support Olympic movement in Cambodia.

Currently, there is a project called “School with Sport”, so he want to bring this project to Cambodia. This project is aim to bring all children back from provinces to cities to school with sport.  “Because we think education is very important for every child to have good future and every girl and boy needs good education, that’s a way we want to support Cambodia,” he stressed.

Vath Chamroeun, Secretary General of the National Olympic Committee of Cambodia, said that this aid is the beginning agreement between Cambodia and Italy Olympic. There will be more project to support sport sector in Cambodia such as training course, support on felicities and assistance for preparation to attend international games.

Source: The Southeast Asia Weekly, July 31-August 6, 2011, Vol. 5, Issue 31, Page 12

National Sport Lottery re-operates

By Sok Lak

Through the marketing strategy plan and sport industrial of National Olympic Committee of Cambodia in seeking money to support and enhance Olympic movement activities and sport activities for all sport federations, the Cambodia National Sports Lottery will officially operate again from August 7 and release first time result at Wat Phnom.

Vath Chamroeun, Secretary General of the National Olympic Committee of Cambodia, announced at a press conference on June 26 in Phnom Penh, that after a period of adjustment, the national sport lottery will operate again next month and he believe that public would support it.

Even though sport lottery is fail in operation and lose in one year, but it contributed many sport activities such as contribute a part to send athlete to attend SEA Games in China, launch Khmer cheese competition, organize many sport activities and also donate some part to military at Peach Vihear temple, he mentioned.

As the important of national sport lottery in supporting sport activities in Cambodia, the Royal Government of Cambodia premised National sport fund of National Olympic Committee of Cambodia cooperates with Private Company under direct checking from Financial Industry Department of Ministry of Economy and Finance to operate national sport lottery again.

With the reform, the lottery sales management will control by more than ten years experience Chinese company and the result of lottery draw will release four times a week (Tuesday, Thursday, Saturday, and Sunday) at 6pm at Wat Phnom, he stressed.

The income earn from National Sport lottery will divided three parts as 65% for prize, 10% for tax and 25% for company fund and support sport activities. “25% of the ratio is small, but if more people participate, it will be a lot of money for supporting sport activities,” Chamroeun emphasized.

According to Director of Sport Lottery Company said that company plan to lose for two years as he prepared five million dollars for lose and 2.5 million deposited money with more than 20 million dollars investments. “It is a happy thing if it lose for developing sport sector and it is better to lose because of playing games”

From July 27 to 30, company distributed 180,000 free lucky draw which amounted US$20,000 to public and 100 agencies in Phnom Penh can sell lottery to all people from 31 July 2011.

Source: The Southeast Asia Weekly, July 31-August 6, 2011, Vol. 5, Issue 31, Page 12

Reform Financial Sector in Cambodia

By Sok Lak

To develop a competitive, integrated and efficient financial system that is regulated and supervised and efficiently mobilizes savings to finance and also support private sector growth, the workshop on “Financial Sector Development Strategy 2011-2020” launched on July 29^th in Phnom Penh in order to achieve recent financial reforms.

H.E. Keat Chhon, Deputy Prime Minister and Minister of Economy and Finance (MEF) and Chairman of the Economic and Finacial Policy Committee, said that last decade the financial sector in Cambodia, especially banking sector, has developed and is standing firmly even though it was hard hit by the pressure of the World Financial crisis in 2008-2009.  “These successes have been quickly expanding the scope of the sector with high speed of diversification with larger scale.” At the same time, the non-banking sector including insurance, securities and pensions is also progressing faster than expected, he added.

The Royal government has launched the Public Financial Reform Program with an object to build budge credibility through the issuance of effective management of public debts, expansion of spending; strengthening good governance, and management of financial risks, so the practical and responsive of this new strategy might take place in the future.

H.E. Chea Chanto, Governor of the National Bank of Cambodia (NBC) and Chairman of the Financial Sector Development Steering Committee, said that the government recognized the need to update the “financial sector development strategy” once again due to the rapid growth of the current financial sector and based on new experience, challenges and lessons in the region and the world.

“A series of active consultations between Asian Development Bank (ADB)’s experts and relevant line ministries and agencies especially the Ministry of Economy and Finance, the Ministry of Commerce (MOC), the NBC and the Securities and Exchange Commission of Cambodia (SECC) were conducted while NBC play a facilitating role,” he stressed.

He mentioned that the implementation so far has indicated that financial sector development is an important tool that make financial sector reform a priority of the government in the country’s poverty reduction and development efforts.

The Financial Sector Development Strategy 2011-2011 is developed by the technical working group led MEF, NBC, SECC, MOC and close cooperation with ADB while the Economic and Financial Policy Committee has made decision by asking the Steering Committee of Financial Sector Development to update “The Financial Sector Development Strategy 2006-2015”.

According to NBC showing that the first financial sector development strategy was being prepared in 2000 which it was still in infant stage of development with 12.5% as ratio of broad money (M2) to Gross Domestic Product (GDP). During the update of the FSDS 2006-2015 in 2006, the ratio increased to 20.5%. Currently the ratio increased to 34.3%, tripled that of the ratio in year 2000. This indicator reflects the scale of progress as well as deepening of financial sector in the Cambodian Economy.

Source: The Southeast Asia Weekly, July 24-30, 2011, Vol. 5, Issue 30, Page 2

45 Cambodian Students Award Chinese Scholarship

By Sok Lak

45 Cambodian students awarded Chinese sponsored scholarship and will prepare to leave Cambodia for their new class in September 2011.

He Leping, a representative of the Chinese embassy in Cambodia and Secretary of State for Cambodian Ministry of Education, Youth and Sports Ministry State Secretary, H.E. Mak Vann, attended the ceremony with Cambodia alumni student who studied in China along with scholarship students.

He Leping, political counselor of Chinese Embassy, said there are 45 Cambodian students that have the opportunity to pursue their study at University in China this year. “We welcome to all Cambodian students for 2011-2012 academic year and congratulation to all Cambodian outstanding students.” If compared to last year, the major subjects cover more extensive areas of expertise, and it is not only for popular major such as trade, computer, engineering, but also for basic development of the country, which is a major combining such as agriculture management, education, art and so on.

He added that after new class begin in September this year, Cambodian students who study in China will reach 130 students. Till now, the total number of Cambodian students goes to study in China is about 450 students. “China paid attention to human resources training in Cambodia and willing to continue to build human resource for Cambodia. I believed that more and more young Cambodian officials and students will go to China to pursue advanced studies,” he said.

He stressed that all of students are carefully selected to obtain opportunity to study in China and they will turn a new chapter in their life. “I hope all students will make an effort in order to adapt to the study life in China and overcome language barrier to take advantage of this opportunity to study hard and making friends. After studying, all students can use their skills to promote economic development and national construction in country so that they can promote Cambodia-China friendship between two nations.”

H.E. Mak Vann expressed thanks to China which has helped Cambodia to develop human resource. 21^th century is the era of integration in which political, economic and culture exchange in the world are becoming ever more frequent and more challenge for many things around the world. Therefore, human resource building can enhance the competitiveness of developing countries.

He emphasized that Cambodian government fosters the development of human resource as one of four priority sector in development of the country. At the same time, Mak Vann also showed that Cambodia receive 19 Chinese students, most of them are female students study in Phnom Penh.

Long Geklourng, a student from University of Cambodia student, who received scholarship to study in China, said that she feel excited when she got scholarship to study in China for majoring in master degree of education.

She added, China is super power country in the world so that she can expand her knowledge and experience about such a super country to be easy to take knowledge back in order to develop her own country. After she graduated, she wants to be a professor in university.

“During study, I am not only study hard, but also try to show Cambodia culture as well as Khmer language for Chinese people to be well-informed Cambodia,” she added.

Source: The Southeast Asia Weekly, July 24-30, 2011, Vol. 5, Issue 30, Page 8

Cambodia-Vietnam trade increase 56% in half year of 2011

By Sok Lak

Cambodia and Vietnam’s bilateral trade has grew by about 56.72% in first half of 2011, which from $US800 million last year to $US1.3 billion increasing over the same period this year, according to the report from Vietnam Trade Office (VTO) data in Phnom Penh.

The report also pointed out that, bilateral trade between Cambodia and Vietnam this year is expected to be achieved an amount of $2 billion, which is the goal by both government.

The total exports value of Cambodia to Vietnam has grow 84 percent so far this year with an increase from $US134 million to $US247 million if comparing to the same period last year. At the same time, total value of Vietnam’s export to Cambodia increased by 52% in which is a figure that raised from $US728 million to $US1.1 billion.

The main products that Cambodia exported to Vietnam are seafood, corn, tobacco, rubber and cashew nuts. But the Vietnam's exports to Cambodia's products are including fertilizer, cloth, steel, machinery and plastic products.

Source: The Southeast Asia Weekly, July 24-30, 2011, Vol. 5, Issue 30, Page 2

Cambodia Provides About 6000 Scholarships to Students

By Sok Lak

The press release from the Education Ministry announced this week that in 2011, Cambodia will provide about 6000 scholarships to all students both who pass the national exam for exam for high school both at public universities and private universities.

“Ministry will provide 5924 scholarship placements for Cambodian students who graduated from high school to continue at higher education at 38 Universities both public and private universities for 2011-2012 academic year,” it said.

The scholarship is divided into types with one of them being a public university scholarship for 4,924 placements, including 739 scholarships for female, 739 scholarships for poor family students and 492 scholarships for remote areas students.

Another type is Private University scholarship for 1,000 placements and those students will receive allowance fee for amount US$70 per month for students who are studying in Phnom Penh and US$50 for students who are studying in provinces.

Source: The Southeast Asia Weekly, July 24-30, 2011/Vol. 5, Issue 30, Page 2