Cambodia and Hong Kong foster trade and investment relations

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CSX index inches up, main board sees mixed gains On March 21, 2024, the CSX index concluded at 459.5 points, showcasing a slight uptick of 0.15% from the previous day's close. Noteworthy movements were witnessed across the main board, with PEPC leading the gains at +4.78%, followed by PWSA (+0.83%), GTI (+0.72%), PPAP (+0.60%), PPSP (+0.48%), and PAS (+0.16%), all registering positive growth. Interestingly, there were no declines recorded among the main board, while ABC, MJQE, and CGSM maintained their opening prices. On the growth board, JSL remained unchanged, whereas DBDE experienced a modest increase of 0.47%. Trading activity for the day saw 22,089 shares exchanged, with a cumulative trading value of KHR 102 million. (Source: YSC Research)

Economy and Industry

Cambodia and Hong Kong foster trade and investment relations Cambodia and the Hong Kong Special Administrative Region (SAR) are intensifying efforts to enhance their relationship, particularly in trade and investment domains. During a meeting in Hong Kong on March 19, Sok Sopheak, Secretary of State at the Ministry of Commerce, engaged with Ms. Agnes Chan, Deputy Chairman of the Hong Kong General Chamber of Commerce (HKGCC), along with leaders of private enterprises from Hong Kong. Sopheak highlighted Cambodia's achievements, including the implementation of the New Investment Law, bilateral and multilateral FTAs, and initiatives promoting digitalization and investment in Preah Sihanouk Province. Discussions also revolved around strengthening ties between HKGCC and the Cambodia Chamber of Commerce. Additionally, Sopheak met with Stephen Wong of the Chief Executive’s Policy Unit (CEPU) and Desmond Hou of the Office of Government Economist (OGE) to explore collaboration opportunities in public policy, startups, and economic resilience, underlining the significance of the Belt and Road Initiative (BRI) and innovative transformations in both regions. (Source: Khmer Times)

Cambodia promotes green investment amidst climate concerns  The Council for the Development of Cambodia (CDC) convened a meeting aimed at fostering green investment in response to escalating climate change concerns and growing investor interest in environmentally sustainable ventures. Led by Sun Chanthol, Deputy Prime Minister and Vice President of the Cambodia Development Council, the meeting engaged companies, including members of the Association of Enterprise to Protect the Environment in Cambodia. Among the participants were notable firms like Golden Integrity International Investment Group and King City International Investment, signaling a keen interest in Cambodia's green sector. The meeting emphasized Cambodia's commitment to incentivizing investments in priority areas such as green initiatives and infrastructure development, aligning with its aspiration to contribute to a "green ASEAN" and achieve carbon neutrality. Cambodia's strategic post-COVID policy, termed 3Rs (Recovery, Reform, and Resilience), underscores its dedication to economic rehabilitation, with a focus on human resource development, SMEs, climate resilience, and green economic growth. (Source: Khmer Times)

Cambodia-China bilateral trade surges The first two months of 2024 witnessed a significant surge in bilateral trade between Cambodia and China, with transactions totaling $2.2 billion, marking a nearly 30% increase compared to the same period in 2023. China remains Cambodia's largest trading partner, with exports to China reaching $227.75 million and imports valued at $1.97 billion, constituting almost 90% of total trade. This exponential growth is attributed to strengthened diplomatic ties and the influence of agreements like the Cambodia-China Free Trade Agreement (CCFTA) and the Regional Comprehensive Economic Partnership Agreement (RCEP). Notably, China's pivotal role as a global supplier of raw materials, particularly in the textile industry, bolsters Cambodia's manufacturing sector. Despite the trade deficit, experts foresee continued growth, underlining China's integral position in Cambodia's economic landscape. (Source: Phnom Penh Post)

Corporate News

Cambodia Malaysia China High-Tech Park to propel industrial growth  A landmark agreement between IQI Global and Cambodia's Premium Housing Group at the Digital Government Forum in Phnom Penh heralds the development of the 'Cambodia Malaysia China High-Tech Park' in Kandal province. With an initial investment of $300 million, covering 100 hectares and expandable to 2,000 hectares, the park aims to foster a cutting-edge industrial ecosystem strategically located near Phnom Penh's central business district. IQI Global envisions the park as a hub for multinational companies, offering modern amenities and vocational education to empower Cambodian workers. Premium Housing Group pledges excellence in project delivery, adhering to environmental and governance standards. As a core marketing partner, IQI Global will facilitate cross-border investment, leveraging its international network and partnership with Juwai IQI. This collaboration signifies a significant step towards elevating Cambodia's industrial landscape and attracting global investment. (Source: Khmer Times)

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