PM says Preah Sihanouk province will soon receive a special investment package

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CSX index inches up 0.03%: PEPC and PPAP gain, PPSP declines On January 9, 2024, the CSX index closed at 469.5 points, marking a 0.03% increase from the previous day. Notable movements on the main board included gains for PEPC (+1.13%) and PPAP (+0.87%), whereas PPSP (-0.46%) experienced a decline. PWSA, GTI, PAS, ABC, MJQE, and CGSM maintained their prices. On the growth board, DBDE remained unchanged, while JSL witnessed a 1.41% decrease. The total trading activity involved 25,279 shares, with a total trading value reaching KHR 202 million. (Source: YSC Research)

Economy and Industry

PM says Preah Sihanouk province will soon receive a special investment package Prime Minister Hun Manet is slated to unveil an investment promotion initiative for Preah Sihanouk province on January 25, aiming to address construction challenges. Following a successful model used in November to attract tourists to Siem Reap province, the program now shifts its focus to woo potential investors. Aligned with the pentagonal strategy, the initiative prioritizes economic development, sustainability, job creation, poverty reduction, and administrative efficiency. Preah Sihanouk holds strategic economic importance in the Kingdom, featuring a burgeoning skyline akin to Phnom Penh. Recognized for its achievements, the province surpassed 24 other provincial capitals to clinch the "Best Countdown City of the Year" award. During the countdown period from December 30, 2023, to January 1, 2024, Preah Sihanouk drew over 3.28 million tourists, with a notable influx of 472,697 visitors, including 8,597 foreign nationals. The province secured the second spot in the most-visited city category, with Kampot ranking third at 427,495 tourists. (Source: Khmer Times)

Taxes on capital gains and transfers are exempt until the end of 2024 Cambodia's Ministry of Economy and Finance (MEF) has affirmed the extension of the capital gains tax exemption until the close of 2024, along with various other tax breaks, reliefs, and suspensions applicable to the real estate and construction sector. The recent 'Notification on Continuation of Tax Exemption Principles, Additional Tax Relief, and Delay and Suspension of Tax Enforcement for Real Estate Sector' from MEF aims to bolster the recovery of the national real estate market by alleviating tax burdens for both buyers and developers. The MEF has specified that any previously registered immovable property with inaccuracies in valuation, declared for property tax, may be exempted from tax reassessment and associated administrative penalties from the year of tax implementation until 2023. The exemption on transfer tax for borey property buyers has been prolonged until the conclusion of 2024, and the suspension of unused land taxes is also extended until the close of 2024. (Source: Khmer Times)

In 2023, 656,000 tonnes of cashew were exported by Cambodia, bringing in $837 million In 2023, Cambodia recorded a total export value of $837 million for raw cashew nuts, reflecting a year-on-year decline of 16.9%, as reported by the Cashew Nut Association of Cambodia. The country exported 656,000 tonnes of cashew nuts during the year, representing a 7.6% decrease in volume. Notably, 94.2% of this commodity, equivalent to 618,000 tonnes, was shipped to neighboring Vietnam. The decline in exports is viewed positively for Cambodia's cashew processing industry, indicating a rise in the number of domestic processing enterprises. This shift has led to a reduction in the export of raw cashew nuts to Vietnam, highlighting a growing trend of local processing. Cashew, alongside other potential cash crops like rice, rubber, cassava, palm oil, bananas, mangoes, longans, and pepper, contributes to Cambodia's agricultural landscape, with around 700,000 hectares dedicated to cashew plantations across 10 provinces, according to the association. (Source: Khmer Times)

Corporate News

First-ever digital asset exchange in Cambodia begins The Royal Group Exchange (RGX) has introduced Cambodia's inaugural blockchain-based trading platform, marking a significant advancement in the nation's financial landscape. This pioneering platform offers a secure, transparent, and efficient environment for trading digital securities products. RGX enables users to engage in the buying and selling of over 100 digital assets, including popular cryptocurrencies like Bitcoin and Ethereum, and provides both spot and futures trading options. Leveraging technology from X-Codes Solutions, the platform prioritizes security by storing user data on Cambodian servers, facilitated by Ezecom. Notable figures attending the launch included Sou Socheat, Delegate of the Royal Government overseeing the Securities and Exchange Regulator of Cambodia, and Kith Meng, Chairman, and CEO of Royal Group. RGX's mission is to foster financial inclusion, empowering all community members to access opportunities within the digital economy. (Source: Khmer Times)

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