Cambodian trade of garment exports to fell $0.5 billion from $3.1 billion in 2008 to $2.6 billion in 2009 according to the Cambodian Commerce Ministry as reported by the Xinhua News Agency.
In addition, the Garment Manufacturers Association of Cambodia ( GMAC) stated that they did not expect Cambodian trade of garment exports to pick up in 2010 either as the impact of the global financial crisis continues to dose US and EU demand.
One bright spot to the poor Cambodia trade news is that Cambodian exports to Asian countries, including Japan, were up $233 million in 2009 from $178 million in 2008.
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Tags: Cambodia Trade
Cambodian tycoon, Kith Thieng, has announced he will invest in Cambodia $100 million to open a casino complex according to Reuters.
The casino, named The Titan King Casino, will be located on the Cambodian Vietnam border and will employ 6,000 people helping drive the Cambodian economy as it intends to attract foreign tourists.
While no revenue targets from the Cambodian investment were disclosed, Cambodian casino revenue from the existing 29 casinos reached $19 million in 2008.
Cambodia Foreign Direct Investment cambodian economy cambodia investment invest in cambodia
Tags: Cambodia Foreign Direct Investment
The Cambodian government announced three firms that might be the first listed on the new Cambodian stock market according to Reuters.
Sihanoukville Autonomous Port, Electricite du Cambodge and the Phnom Penh Water Supply Authority have all been identified as candidates by Prime Minister Hun Sen and could be listed on the Cambodian stock exchange as early as this month.
Initially, the new Cambodian stock exchange was set up open in September of 2009. [Read more →]
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Tags: Cambodia Economy
Malaysian based QSR Brands Bhd has announced it will further invest in the Cambodia by opening five new Kentucky Fried Chicken (KFC) locations and a Pizza Hut in 2010 according to TheStar.
QSR Brands first Cambodian investment was back in April of 2008 and this new venture brings its number of Cambodian KFC outlets to 12.
The value of the new Cambodian investment is estimated at $1.4 million.
QSR first ventured into the Cambodian fast-food business in April 2008. [Read more →]
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Tags: Cambodia Foreign Direct Investment
Cambodian exports dropped as much as 18 percent in 2009 compared to 2008 according to Xinhua.
A key driver of Cambodian trade is the garment sector which was down by $716 million. This is compared to the decline of $88 million in other other products that make up Cambodian trade exported.
The governor of National Bank of Cambodia blamed the significant decline in Cambodian exports on the global economic crisis. [Read more →]
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Tags: Cambodia Trade
Malayan Banking Bhd known as Maybank announced it with further invest in Cambodia according to Bernama.
The Malaysian banking firm plans to add an additional branch located in the Toul Kork District in Phnom Penh and will make the Cambodian investment the seventh location to date.
Maybank currently has over 1,750 offices international and open its first Cambodian branch in 1993. [Read more →]
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Tags: Cambodia Foreign Direct Investment
The International Monetary Fund (IMF) has asked the Cambodian government to strengthen the countries banking system in order to avoid further erosion of the Cambodian economy according to AFP.
The IMF projection is for a decline in the Cambodia economy of 2.7 percent this year but with a return to positive growth of 4.3 percent in 2010.
Without increased strict banking supervision and enforcement of the new asset classification regime, development of a comprehensive restructured bank framework, etc. the IMF fears that the Cambodian economy is at risk since the pace of global economic recovery is still uncertain. [Read more →]
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Tags: Cambodia Economy
Domestic rubber prices in the Cambodia economy rose 44 percent in 2009 according to Xinhua.
The key driver to the rubber price increase is less production and higher demand for tires as the global vehicle industry continues to grow especially in China.
Cambodia is a member of the Association of Natural Rubber Producing Countries (ANRPC) a trade group that has seen rubber production fall by 5.1 percent this year. [Read more →]
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Vietnam investors have poured as much as $1.5 billion into Cambodia investments over the last three years according to the Asia News Network.
Key sectors that are attractive as Cambodian investment include banking, construction and agriculture.
Other key Vietnam investments in Cambodia include Viettel’s interest in entering the Cambodian mobile market as well as a proposed joint venture Cambodian investment in Cambodian National Airline to launch Cambodia Angkor Air. [Read more →]
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The Cambodian economy shed as many as twenty thousand garment worker jobs in 2009 according to AFP.
The key driver to the decline in garment employment in the Cambodian economy is a result of the closer of 77 factories as global demand waned due to the global recession.
The US is the largest importer of Cambodia made garments so the Cambodia government has made a pledge to attract Asian and European interest to help diversity sources of demand generation. [Read more →]
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Tags: Cambodia Economy
September 24th, 2009 · No Comments
The International Monetary Fund (IMF) expects the Cambodian economy to decline by 2.75 percent in 2009 according to Bloomberg.
A key driver of the the revised International Monetary Fund (IMF) outlook for the Cambodia economy is concern over global demand for Cambodian produced garments, Cambodian tourism and a drop in domestic demand.
The 2010 growth expectation by the International Monetary Fund (IMF) for the Cambodia economy is now 4.25 percent. [Read more →]
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September 23rd, 2009 · No Comments
The International Monetary Fund (IMF) expects the Cambodian economy to growth 4.25 percent in 2010 according to Xinhua.
The growth expectation is a stark contrast to the negative 2.75 percent growth that is expected for the Cambodian economy in 2009.
While the International Monetary Fund (IMF) projections for the Cambodian economy are positive, global demand is a key driver of Cambodian economic growth so any softening of the current developed world recovery could stipple any Cambodian economic growth expectations for 2010. [Read more →]
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Tags: Cambodia Economy
September 14th, 2009 · No Comments
Inflation in the Cambodian economy dropped by 2.9 percent in August according to Xinhua.
Gradual declines in Cambodian inflation is welcome by the Cambodian government as the inflation rate in the Cambodian economy hit a record high of 25.7 percent in May of last year.
Key drivers of the stabilization in Cambodia inflation rate are a decline in global food and oil prices. [Read more →]
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Tags: Cambodia Economy
US based hotel chain Marriott International Inc. has announced it will invest in Cambodia over the next few years according to Dow Jones.
The Cambodian investment is part of a regional play that will place the Marriot footprint in others Asian countries such as China, India, Philippines and Thailand.
All in, Marriott plans to open 21 new hotels in the region by 2013 in combination with the 37 hotels previously announced.
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Tags: Cambodia Foreign Direct Investment
MoneyGram International Inc., US based money transfer service company, announced it will invest in Cambodia according to AP.
The Cambodia investment is part of a partnership with Advanced Bank of Asia and will place MoneyGram’s transfer service in all Advanced Bank of Asia locations.
The MoneyGram Cambodian investment adds to the more than 190 country footprint of as many as 180,000 agent locations. [Read more →]
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Tags: Cambodia Foreign Direct Investment
Luxembourg based Millicom International Cellular has announced it will sell it’s Cambodian investment to The Royal Group according to Dow Jones.
The Cambodian investment will sell for $346 million and is part of a regional divestiture by Millicom to move out of Asia and focus on Latin America and Africa.
The key driver of the divesting strategy is Millicom believes they do not have enough critical mass to operate a viable prepaid celluar business in the region; therefore, the Cambodian investment is a prime target to sell. [Read more →]
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Foreign Direct Investment (FDI) in Cambodia are down by as much as 73 percent according to Xinhua.
The Cambodian investment figure comes from the Council for the Development of Cambodia (CDC) which approved $4.3 billion in Cambodian investment through Cambodia Foreign Direct Investment (FDI) for 2008 as compared to $1.2 billion in Cambodian investment through Cambodia Foreign Direct Investment (FDI) for 2009.
The key driver the the decline in Cambodia investment is the impact the global recession. [Read more →]
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Tags: Cambodia Foreign Direct Investment
Leader Universal Holdings, Southeast Asia’s biggest cable and wire group based in Malaysia, has announced it will invest in Cambodia $160 million according to Reuters.
The Cambodia investment will go towards the development of a coal-fired power plant in the coastal province of Sihanoukville in southern Cambodia.
The Leader Universal investment in Cambodia is part of a Cambodian government plan to attract as much as $3 billion in foreign direct investment to build a coal power plant and six hydro power plants by 2018 as energy demand in Cambodia continues to rise. [Read more →]
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Cambodian trade of garments slid 27 percent in January as the global economic crisis continues to take hold in emerging economies according to Business News.
The Cambodian trade decline accounts for a loss of $69 million as Cambodian exports of garments accounted for $246 million in January 2008 but only $177 million in January 2009.
The World Bank has estimated that the decline in Cambodian trade of garments has cost the Cambodian economy as many as 30,000 factory worker jobs. [Read more →]
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Tags: Cambodia Trade
The US government will continue to invest in Cambodia in 2009 with a similar amount to that of 2008 according to Xinhua.
The US Cambodian investment for 2008 amounted to $5.6 million in aid and according to the US Ambassador to ASEAN the Cambodian investment for 2009 is expected to match at a minimum.
The key areas of focus for the US investment in Cambodia include health, trade and the Cambodian economy. [Read more →]
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The Cambodia government plans to launch the Cambodian stock market may be delayed as the global economic crisis continues to take hold of the Cambodian economy according to Xinhua.
While the delay is disappointing, it does make sense as a launch of a Cambodian stock market, considering the current economic conditions, could severely negatively impact equity prices and essential damage the Cambodian economy.
For more on the Cambodia stock market see:
Cambodia Set to Open Cambodia Stock Exchange in 2009
Cambodia Not Ready for Cambodia Stock Market [Read more →]
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Tags: Cambodia Economy
The International Monetary Fund (IMF) warned that the Cambodian economy faces serious challenges in the wake of the global economic crises according to Reuters.
More specifically the IMF stated that the Cambodia economy would suffer a severe decline in capital inflows and economic activity along with a possible shock to the banking system.
IMF recommendations to the Cambodian government include continued spending on social and infrastructure projects as well as greater flexibility in its exchange rate policy. [Read more →]
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Tags: Cambodia Economy
Cambodia trade of rubber has declined by 15.2 percent in 2008 according to Xinhua.
The key drivers of the decline in Cambodian exports of rubber point to a fierce competition and falling demand in bigger markets for Cambodian trade such as Malaysia, Vietnam and China.
Cambodia exports of rubber only accounted for an estimated value of 43.2 million in 2008. [Read more →]
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Cambodia plans to open its first stock exchange by April of this year to open up the country to further Cambodian investment according to Bloomberg.
The Cambodian government and the Ministry of Economy and Finance have identified approximately twenty companies to list on the Cambodia stock exchange and to allow for Cambodian investment beyond that of Cambodian foreign direct investment.
A few of the companies identified include Acleda Bank and Sokimex Group the countries largest bank and petroleum company respectively.
Cambodia is currently the second poorest country in Southeast Asia.
For more on the Cambodia stock exchange see:
Cambodia Partners with South Korea to set up Cambodia Stock Exchange
Cambodia Passes Law to Open Cambodia Stock Exchange in 2009
Cambodia Government Eyes Stock Exchange as a Means to Boost Cambodia Foreign Direct Investment (FDI)
Cambodia Set to Open Cambodia Stock Exchange in 2009 [Read more →]
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Tags: Cambodia Foreign Direct Investment
The World Bank projects foreign direct investment in Cambodia will come in dramatically lower 2008 according to Reuters.
While there is some discrepancy between the World Banks forecast and the Council for the Development of Cambodia (CDC), the World Bank does expect Cambodian investment of FDI inflows for 2008 to come in around $800 million with a further fall to $600 million in 2009.
According to World Bank spokesperson Huot Chea, the key driver of the drop in foreign direct investment in Cambodian is the global economic slowdown as opposed to political risk. [Read more →]
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Tags: Cambodia Foreign Direct Investment
Both Russia and the International Monetary Fund (IMF) have both agreed to write off large portions of Cambodian debt according to Xinhua.
The relief on the Cambodian economy accounts for 70 percent of its $1.5 billion debt to Russia and $82 million of debt own to the IMF.
The debt relief will help the Cambodian economy significantly as emerging markets continue to battle the global economic downturn.
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Tags: Cambodia Government
The Cambodian economy saw inflation decline in October after hitting a high of 22 percent in August according to Xinhua.
While still in the double digits, Cambodia’s consumer price index only grew by just over 18 percent showing an over decline that it is likely a direct result of the current global economic crisis.
From 2005 up until 2008 the Cambodian economy experienced double-digit growth which has lead to high inflation. [Read more →]
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The IMF expects the Cambodian economy to slow to just over 4 percent in 2009 according to AP.
These expectations are significantly lower then what the Cambodian government is forecasting for the Cambodian economy which is forecast at 7.2 percent.
Nonetheless, the Cambodian economy grew an average of over 11 percent between the years of 2004 and 2007. [Read more →]
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September 29th, 2008 · No Comments
The Cambodian government has enacted new building regulations that could severely limit the attractiveness of Cambodia investment by foreign firms interested in real estate development according to ABC.
While the Cambodian government says the laws are imperative to control the mainly unregulated construction sector, foreign firms see the move as a hindrance to growth.
The new Cambodia investment laws require builders to apply for numerous additional licenses as well as deposit large sums of cash with the Cambodian government before starting a project. [Read more →]
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Tags: Cambodia Foreign Direct Investment
September 11th, 2008 · No Comments
John Negroponte, US Deputy Secretary of State, is planning to sign a Cambodia trade deal on his visit to the country next week according to Xinhua News.
The focus of the Cambodia trade agreement with the US is agriculture and industry.
Official statistics indicate that Cambodia trade with the US is up in the first half of 2008 with apparel exports totaling $1.16 billion up from last years $1.3 billion. [Read more →]
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Tags: Cambodia Trade