The China National Food Industry (Group) and Cambodia’s Le Ye Rubber on August 13th signed a Memorandum of Understanding on a cooperation agreement to acquire one million cassava product exports from Cambodia to China… Cai Yong Feng [President of China National Food Industry Group] said: “Cambodia-China bilateral cooperation in cassava is highly complementary. China is the biggest consumer of cassava which imported more than 8 million tons last year including 6.5 million tons from Thailand and 1.6 million from Vietnam, but has no importing form Cambodia. The company hopes to cooperate with Cambodia’s exports to break the record in Cambodia.”… Continue »
The relations between People’s Republic of China and Cambodia have become closer in the way of culture, in which China is the most important strategic development partner in improving Cambodia’s economic growth through both financial and technical grant aids,” Mr. Eang Sophalet, assistant to Samdech Prime Minister Hun Sen said after a meeting between H.E. Zhou Kang, a member of standing committee of Chinese Communist Party and Samdech Hun Sen at a Peace Building on 20 August, 2011…
At the same time, Cambodia and China also inked 29 documents of agreements for strengthening counterpart ties in all fields, namely economic and technical cooperation, agriculture, building construction, industry, water resource, irrigation system and road restoration… Continue »
A new high-end private hospital in Phnom Penh, a collaboration between Cambodia’s Sokimex and Ho Chi Minh City’s well-known Cho-Ray Hospital, is set to hire 280 Cambodian health care workers in the next year, according to a Sunday satatement posted on the City Hall website. The $42 million Cho-Ray Phnom Penh Hospital, under construction in Phnom Pehn’s Meanchey district, is expected to begin operations in September 2012, and will employ 100 Cambodian doctors and 180 nurses who will work alongside Vietnamese counterparts.
Energy planners are pushing the revival of talks with Cambodia on the oil-rich overlapping claims area (OCA) between the two countries to ensure energy security. They also urge all parties not to turn it into a political issue so that the talks stand a chance of getting off the ground. In recent years, less-than-smooth relations between the two countries have prevented the issue from being raised.
“In principle, energy planners are eager to see progress, as we’re all aware our gas reserves are going to be depleted over the next 15-18 years,” said an Energy Ministry source. “Without prior preparation for new petroleum reserves, Thailand will likely be in trouble, given the growing rate of consumption.” Continue »
PHNOM PENH — The U.S. Export-Import Bank ( Exim Bank) and the Cambodia Chamber of Commerce (CCC) inked the Memorandum of Understanding on trade loan guarantees to boost trade between the U.S. and ASEAN member countries, according to a statement released by the U.S. embassy here on Thursday.
The MoU was signed between the U.S. Ambassador to Cambodia, Carol A. Rodley and Kith Meng, the CCC’s president, earlier this week.
The agreement between the two entities reflects an initiative under the U.S.-ASEAN Trade and Investment Framework Arrangement ( TIFA), said the statement. Continue »
Cambodian exports increased 45.9 percent to $2.15 billion in the first six months of the year compared to the same period in 2010, according to figures released by the Ministry of Commerce yesterday. Of the total value of exports, 80 percent, or $1.74 billion, were garments, while $123.1 million worth of shoes was also exported in the same period, an increase of 76.7 percent compared to the first six months in 2010. Continue »
PHNOM PENH– The China-made Sanya-branded motorcycles have officially entered Cambodian market on Wednesday to compete in the country’s crowded motorcycle market.
Pan Sorasak, Secretary of State for the Ministry of Commerce, expressed congratulations to the SCI Company Limited for being selected to be the exclusive distributor of Sanya Motors in Cambodia.
“As I know, Sanya-branded motorcycles are the most famous brand in China,” he said during the grand opening of Sanya Motorcycle showroom on Russian Boulevard in Phnom Penh. “I hope that with its high quality, good designs and competitive price, the Sanya motorcycles will gain popularity among Cambodian people very soon.” Continue »
Ha Noi–The Vietnamese Government would do its best to work with the Cambodian Government to raise bilateral ties to a more effective and fruitful level, said Prime Minister Nguyen Tan Dung in Ha Noi yesterday.
Dung told the Cambodian Deputy Prime Minister and Minister of Foreign Affairs and International Co-operation Hor Namhong there was huge potential for further co-operation between the two nations, particularly in the areas of trade, investment, tourism, education and training and cross-border links.Continue »
Japan on August 15th loaned Cambodia a package of US$ 53.3 million for the West Tonle Sap Irrigation and Drainage Improvement and a grant aid of US$ 0.7 million to improve education equipment of the Department of Geo-Resources and Geotechnical Engineering of the Institute of Technology of Cambodia (ITC)…The fund assistances were the response to Cambodia’s requests and with a view to strengthening friendly and cooperative relations between Japan and Cambodia and also to promote economic development efforts of Cambodia, the press release issued by the Embassy of Japan stated. Continue »
The timing couldn’t have been better. After a week in which one NGO was suspended and others warned to “readjust their work,” and the World Bank was finally forced to reveal that it had stopped loaning to Cambodia, the government announced over the weekend that China would be sinking hundreds of millions of dollars into trade and aid…
Foreign Affairs have not shared details on the 29 deals signed with Beijing, the timing of the agreements is nonetheless symbolic. with that single signing ceremony on Saturday, the government has demonstrated to its Untac-ear development partners that times have certainly changed in Phnom Penh. After years of rapid expansion here on all fronts, China is now poised to be the country’s largest “development” partner… Continue »
According to the statement from the national bank of Cambodia (NBC), the country’s international reserves increased by 2.912 million US dollars so far this year with guaranteeing to import for four months. “For the management of the international reserves, we have implemented the policy with strict foundation and are being cautious to have safety” H.E. Chea Chantho, general governor of the central bank said in the statement, adding that for 2011, “We expect that the economic growth of the country will be 6-7 per cent after the growth of agriculture, tourism, the garment industry and direct foreign investment.”…Chea Chanto said: “The economy’s situation generally in the country is in good health and in the first semester of 2011, the world economic growth is positively increasing, while the Asian economy rises up, mainly leading countries of China, India and Indonesia,” he said (p 2).
City officials said yesterday that an offer of land to people living near Boeung Kak lake would not force residents to relocate, following concerns about how the city would implement Prime Minister Hun Sen’s order.
Villagers won 12.44 hectares of land for on-site housing at the lakeside in an August 11 sub-decree signed by the premier, but the directive did not specify where the land would be located or how it would be divided among residents.
Phnom Penh Governor Kep Chuktema announced last week that 756 residents would receive land titles. He also claimed, however, that people living in Village 1 fell outside the project’s area and would not be part of the deal offered by Hun Sen.
GOVERNMENT-approved construction projects soared 84 percent year-on-year through July to US$747.7 million, which officials called the biggest jump since the property market bust three years ago.
The number of approved projects for the period reached 1,279, a decline from the 1,344 projects greenlighted in the first seven months of 2010. However, construction during the period last year totalled only $405.8 million, which accounted for the increase in value for 2011.
CAMBODIA’S prices were 7 percent higher at the end of June compared to the month in 2010, according to National Institute of Statistics official Sim Ly yesterday. Although the organisation was still preparing to release the official figures, Sim Ly said the figures would also show a month-on-month increase from May to June of about half a percent.
“It’s not too bad [a level] for us,” he said, “It’s just seasonal effects.”
The increase in Cambodia’s prices was caused mainly by increases in oil and food costs globally, he said. Some experts said they were concerned particularly about possible food inflation in the Kingdom.
CAMBODIA’S total food and beverage imports jumped 28 percent year-on-year through June to US$74 million, as domestic demand continued to outpace the Kingdom’s production capacity. The demand comes as Cambodia’s economy regains momentum following the global financial crisis, said officials at the Ministry of Commerce, who released the figures late last week. Now the country is looking to regional partners such as Vietnam, Thailand, China and South Korea for supply, officials said. Continue »
Municipal officials began accepting applications for land titles from Boeng Kak lake residents yesterday, but the exact location of the 12.44 hectares granted to the residents remains unclear, community respresentatives said yesterday. Boenk Kak community representatives met with Srah Chak commune chief Chhay Thirith and the deputy director of the department of land management for Phnom Penh municipality, Chea Srun, seeking clarity on the issue of their land. “He [Mr Srun] has told us that our 12.44 hectares is located at our current locations, behind the Ministry of Information, Calmette Hospital and the French Embassy,” community representative Tep Vanny told a news conference. However, she added that even if the residents are granted title to their current locations, they may still be at risk of eviction.
It is unclear if the Phnom Penh Water Supply Authority will be ready to launch its initial public offering on Nov 11 as planned, the managing director of Tong Yang Securities, the firm preparing the IPO, said yesterday. “Everyone in this IPO are working very hard to meet the deadline of 11/11, but it might be more realistic that we may look at before the end of this year,” said Han Kyung-tae, managing directory of Tong Yang Securities.
A fleet of bulldozers owned by an unknown company and accompanied by armed RCAF soldiers began razing some 300 hectares of contested farmland in Oddor Meanchey’s Anlong Veng district yesterday, village representatives said. “There were four soldiers with RCAF uniforms and AK-47s and every bulldozer driver had one weapon with him,” said Veng Phan, a representative of Anlong Veng commune’s Ou Tameng village. According to Mr Phan, six bulldozers began destroying the and early yesterday morning, stopping after three hours when local reporters arrived and began photographing the scene.
Inflation reached 7.1 percent in June compared to the same month last year as consumer prices continued to rise in Cambodia, an official at the Ministry for Planning said yesterday. The release of the inflation figure comes after officials and the ministry said earlier this month that data on consumer prices had been delayed due to problems with the ministry’s computer systems. Continue »
The government has postponed a top-level meeting with its foreign donors scheduled for November, a move that comes just over a week after a displeased World Bank revealed its decision to freeze all future loans to Cambodia. In an Aug 17 letter to World Bank country manager Qimiao Fan, Finance Minister Keat Chhon asked the Bank to inform the country’s donors that the Cambodia Development Cooperation Forum would be postponed indefinitely. Continue »