Cambodia’s International Reserves Increase to Nearly $3 Billion
August 23rd, 2011, The Southeast Asia Weekly, Economics
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).
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South Korea Will Help Restore Ancient Khmer Temple
August 20th, 2011, The Southeast Asia Weekly, Business & Commercial Development, Industry
South Korea plans to restore the ancient Khmer temple, Preah Pitou at western Baray and other temples in Siem Reap, home of a world-class tourism destination. The restoration project was announced after the meeting between Deputy Prime Minister Dr. Sok An, Minister in charge of the Council of Ministers and Mr. Par Yung Keun, Director General of Heritage Promotion Bureau, Culture heritage administration of The Republic of Korea. “Both sides will ink the agreement on the restoration project of Preah Pitu temple in the near future,” Ek Tha spokesman of Office of the Council of Ministers said… Read more
(Chhorng Longheng, p 10)
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Japan Loans over $53 Million to Improve Agriculture and Education
August 20th, 2011, The Southeast Asia Weekly, Business & Commercial Development, Economics, Extractive Industries, Technical Assistance
Cambodia will receive a concessional loan package of $53.3 million US dollars from Japan to restore the irrigation canal system and another $700,000 dollars grant aid to enhance education materials for minerals resources and topology department of the Institute of Technology of Cambodia (ITC), the media release from the Foreign Ministry of Cambodia said last week. Read more
(Tim Vutha, p 3)
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Cambodia Will Host Forum of Rice Product to Boost Rice Export
August 20th, 2011, The Southeast Asia Weekly, Agriculture & Agri-business, Business & Commercial Development
The league of Association of Small and Medium Enterprises of Cambodia will conduct a forum on rice products in 17 October at Koh Pich center to boost the export of milled rice product to one million tons by 2015 as guided by the government. Cambodia exported about 100,000 tons of milled product for the first semester of this year; rice dealers said in the press conference this week…Cambodia needs capital resources, investment, new markets, good quality of rice, techniques, and facilitation of procedures of rice product exports that will assist to reach the target of one millions tons by 2015 (p 2).
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Comprehensive Land Policy Is Under Construction
August 15th, 2011, The Southeast Asia Weekly, Extractive Industries
In response to the vision of land policy in Cambodia, which is to administer, manage, use and distribute land in an equitable, transparent, efficient, and sustainable manner in order to contribute to achieving national goals of poverty alleviation, ensuring food security, national resources and environmental protection, national defense and socio-economic development in the context of market economy, Council for Land Policy hosted the discussion meeting on creating the Land White Book on August 4, 2011 in Phnom Pneh to find out insufficient points and fill in the gaps in the Comprehensive Land Policy…The Books is the essential document to show and track the implementation of land policy and land law, especially to make a survey of land usage and future situations…all ministries involved and institutions should provide information regarding land use in their mandatory administration.
(Leang Phannara, p 5)
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Australia helps safer roads in Cambodia
August 6th, 2011, The Southeast Asia Weekly
H.E. Tram Iv Tek, Minister for Pulic Works and Transport this week hosted a ceremony in Kampong Chhnang to inaugurate the completion on 87 kilometers of maintenance on National Road 5 between Phnom Penh and Kampong Chhnang under the joing Road Asset Management Project. The Minister will also mark the commencement of the next phase of 80 kilometers, from Kampong Chhnang to Pursat. The Road Asset Management Project is assisting the Ministry of Public Works and transport with periodic maintenance of approximately 950 km of Cambodia’s roads and is working with the Ministry to improve the management of these key assets (p 9). http://thesoutheastasiaweekly.com/
MEKONG ENVIRONMENT MINISTERS TALK ON SUSTAINABLE ECONOMIC DEVELOPMENT
August 6th, 2011, The Southeast Asia Weekly, Agriculture & Agri-business, Banking & Finance, Business & Commercial Development, Environment & Natural Resources
Cambodia on July 28th hosted the 3rd Greater Mekong Sub- Region Environment Ministers to look forward to sustainable economic development in the region and
to talk about current projects to reduce harm for regions and also to minimize several environmental challenges affecting natural resources, forest and biodiversity, water resources, food security, energy and climate change. Prime Minister Hun Sen told environmentalists and foreign diplomats at the Greater Mekong Sub-region
(GMS) environment ministers’ meeting on Thursday that Cambodia is committed to compling with environmental regulations in development. At the same time, greater cooperation is needed for the benefit of the people in the GMS.
(Khem Sovannara and Chhorng Long Heng, p 7)
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CAMBODIA HOSTED 7TH ASIA ECONOMIC FORUM
August 6th, 2011, The Southeast Asia Weekly, Business & Commercial Development
Cambodia, on Saturday, hosted the 7th Asia Economic Forum ( AEF) under theme of “The Asian Century in the Making: Achievements, Challenges and Future Trends” while highlighting the majority of the region’s demonstrated remarkable resilience against the global economic and financial crises, while major superpowers including the United States and much of Europe- continue to claw out of debt. Smaller Asian economies are bouncing back to positive territories with signs of rapid recovery and progress. Read more
(Tim Vutha and Chhorng Long Heng, p 1)
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Cambodia-China trade increases to $912 Million for first half of 2011
August 3rd, 2011, The Southeast Asia Weekly, Agriculture & Agri-business, Business & Commercial Development, Extractive Industries, Industry
“Bilateral trade between Cambodia and China grew about 82 percent in the first half of 2011 if comparing with the same period for last year while the two countries are trying to boost the trade ties to achieve US $2.5 billion in 2012,” Ministry of Commerce said this week. According to the report from the ministry, bilateral trade volume between Cambodia and China in the first half of 2011 reached US$912.76 million increasing over the same period with last year, which was valued at US$501 million. The total exports of Cambodia to china has grown 275 percent so far in this year with an increase from US $17.68 million to US$ 66.13 million if comparing to the same period last year. At the same time, the total export of China to Cambodia increased by 75 percent which rose from US$ 483.37 million to US$ 846.45 million).
(LeangPhannara, p 3)
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CAMBODIA-NORTH KOREA UPDATE BILATERAL AGREEMENTS
August 3rd, 2011, The Southeast Asia Weekly, Agriculture & Agri-business, Business & Commercial Development, Extractive Industries
Cambodia and Democratic People’s Republic of Korea (DPRK) have inked the agreements to expand bilateral trade, technologies, agriculture, industry, investment
and the health sector, and both sides also are trying to boost close ties for mutual benefits while both nations’ trading has been reported to be almost at a zero point although diplomatic relations have existed for years.
The agreement was signed by H.E. Ouch Borith, Secretary of State for Cambodia’s Ministry of Foreign Affairs and International Cooperation, and visiting H.E. Ri Myong San Trade Vice-Minister of DPRK during the Cambodia-North Korea Joint Commission (JC) meeting conducted at the Kingdom’s Foreign Affairs
Ministry on July 27. After the signing to review, the last seven sectors on Cambodia-North Korea agreement made in 1993, H.E. Ouch Borith, told members of media that “both parties have agreed for the technology exchange in the agricultural sector.”
(Tim Vutha, p 3)
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