Cambodia ranks 10th among rice producing countries

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Mixed movements on main and growth boards On February 28, 2024, the CSX index concluded at 463.4 points, marking a slight 0.12% gain from the previous day. Notable fluctuations were seen across the main board, with MJQE (+0.48%), PPSP (+0.47%), PAS (+0.32%), PWSA (+0.28%), and ABC (+0.20%) registering gains, while PEPC (-1.41%) and GTI (-0.36%) saw declines. However, PPAP and CGSM held steady at their opening prices. On the growth board, DBDE remained unchanged, while JSL declined by 1.75%. Trading activity for the day involved 60,663 shares, with a cumulative trading value reaching KHR 318 million. (Source: YSC Research)

Economy and Industry

Cambodia ranks 10th among rice producing countries According to the Cambodia Rice Federation (CRF), Cambodia has secured the 10th position among the world's largest rice producers, excelling in both domestic consumption and export. Chan Sokheang, CRF's president, highlighted the country's significant progress, processing nearly six million tons of rice annually. Among all Southeast Asian countries, Indonesia leads the pack and ranks fourth globally in rice production, with 34 million tones, followed by Vietnam with 26.94 million tons. The Ministry of Agriculture, Forestry, and Fisheries aims to enhance rice quality, reduce production costs for farmers, and prioritize both quality and quantity for export. The focus on specific rice varieties, such as Phka Rumduol and Sen Kra'op (SKO), aligns with environmental sustainability and food safety goals. The CRF's recent report details Cambodia's January rice exports, reaching 46,221 tons of milled rice valued at $32.62 million, exported to 42 destinations worldwide. (Source: Khmer Times)

Cambodia plans to issue over $100M in government bonds in 2024 The Ministry of Economy and Finance (MEF) has confirmed its plans to issue government bonds in 2024, aiming to raise over $100 million. The bonds will be issued through the National Bank of Cambodia (NBC), totaling 440 billion riel (about $108 million) to cover the repayment of principal and interest on bonds issued in the previous year, as well as to support various investment projects. The government aims to finance 4.70% of the gross domestic product (GDP) for 2024 through domestic financing via bond issuance and foreign financing, equivalent to over $2billion to stimulate economic development. Director General of CSX H.E. Sou Soucheat mentioned that bond issuance provides a great opportunity for the market to learn and adapt to new financial instruments. The use of government bonds aids the government in raising local capital while reducing reliance on foreign borrowing. (Source: Phnom Penh Post)

Vietnam invests over $3.7 billion in development triangle Vietnam has invested more than $3.7 billion in 110 projects within the Cambodia-Laos-Vietnam (CLV) Development Triangle according to statistics presented at the 13th conference on trade, investment, and tourism promotion for the CLV Development Triangle. The event, held in Laos, brought together officials, authorities, and businesses from the 13 provinces in the triangle. Despite positive results in investment cooperation, participants highlighted untapped potential in areas such as agriculture, clean energy, mining, and tourism. To address existing barriers, the Vietnamese Ministry of Planning and Investment (MPI) suggested that each countries needed to develop specific investment incentives for socio-economic areas, common action plans, and infrastructure enhancements, particularly in transport, electricity, water, and irrigation facilities. (Source: Khmer Times)

Corporate News

Cambodia-Malaysia business forum strengthens bilateral ties and economic cooperation The Cambodia-Malaysia Business Forum 2024 (CMBF has marked a historic milestone in bilateral relations by fostering closer ties and insights between business communities from Cambodia and Malaysia. The forum took place on the official visit of PM H.E. Hun Manet to Malaysia with the goal to strengthen economic, trade, and investment relations. PM Hun Manet expressed optimism about the forum's potential to usher in a new era of success in bilateral trade, highlighting key sectors such as rice, cashew nuts, automotive, electronics, and renewable energy. The event featured the exchange of Memoranda of Understanding between the Cambodia Chamber of Commerce and the Malaysia Business Chamber of Cambodia, further solidifying commitments to collaboration. Neak Oknha Kith Meng, President of the Cambodia Chamber of Commerce, emphasized Cambodia's investment-friendly policies and encouraged Malaysian investors to explore opportunities in key sectors. The forum included insightful discussions and a networking gala dinner, providing a platform for valuable connections and potential partnerships. (Source: Khmer Times)

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