PM eager to boost intra-ASEAN trade

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PWSA, PPSP, PEPC, and MJQE gain; GTI, PAS, and CGSM fall On September 6, 2023, the CSX index decreased by 0.19% to 461.9 points. PWSA, PPSP, PEPC, and MJQE all had gains of 0.27%, 0.45%, 10.7%, and 0.48%, respectively. On the other side, GTI, PAS, and CGSM all had decreases of 0.33%, 0.65%, and 0.80%, respectively. The final two main board stocks, PPAP and ABC, showed no change. On the growth board, JSL recovered by 8.39% whilst DBDE fell by 0.92%. 91,300 shares, or KHR 651 million, changed hands, a 12.9% decrease from the prior day's closing volume. (Source: YSC Research)

Economy and Industry

PM eager to boost intra-ASEAN trade Prime Minister Hun Manet has urged ASEAN member countries to improve bilateral trade agreements through inclusive digital transformation within the region's cooperation framework. He emphasized the importance of ASEAN's unity and centrality in advancing the economic community process and promoting intra-ASEAN trade and investment. He also urged members to practice more ASEAN trade in Goods Agreement upgrades and effectively utilize the Regional Comprehensive Economic Partnership Agreement. He also urged ASEAN to become more resilient by accelerating inclusive digital transformation, enhancing participation of Micro, Small and Medium Enterprises (MSMEs) in regional and global supply chains, and adapting to emerging issues like climate change, food security, and pandemic. (Source: Khmer Times)

Cambodia will export rice to Indonesia in the upcoming year Cambodia and Indonesia have agreed to start exporting an annual quota of 250,000 tonnes of milled rice to each other from next year. The agreement, reached in August, will take effect from 2024. The Cambodian government has expressed its support for Indonesia's intention to import rice from the country, and Indonesia will support Cambodia's food security program by providing fertilizers. The memorandum of understanding between the two countries has been renewed, and another rice deal of 125,000 tonnes will be implemented in 2023 by the private sector. The ministry has also encouraged Indonesian investors to invest in Cambodia's rice mills. Cambodia exported 329,633 tonnes of milled rice in the first semester of this year, earning around $229 million in revenue. (Source: Khmer Times)

Kingdom exports to Japan surpass $1 billion Cambodia exported $1.09 billion worth of goods to Japan in the first seven months of this year, a 4.3% increase from the previous year, according to a report by the Japan External Trade Organization (JETRO). From January to July, Cambodia imported goods worth $296 million from Japan, a 1.2% decrease from the same period last year. The main exports to Japan are garments, bags, footwear, furniture, cosmetics, paper and office supplies, and leather goods, while the main imports are machinery, automobiles, electronics, furniture, fabrics, and plastics. Cambodia has always considered Japan as a prioritized trade partner and recently launched talks on a bilateral free trade agreement (FTA). Establishing more FTAs with main trading partners will help Cambodian products gain market access, contribute to economic development, and generate income and jobs for local people. (Source: Khmer Times)

Corporate News

The taxi-hailing app in Laos Loca intends to expand in Cambodia Loca, Laos' largest ride-hailing platform, is planning to expand its operations to Cambodia. The company has partnered with Phnom Penh-based firm Confluences to assist foreign businesses in entering the local market. The Cambodian expansion follows the launch of Loca Pay, a digital payment service. Confluences will assist Loca in setting up a presence in Cambodia with its innovative products and services, including its electric vehicle taxi fleet and Loca Pay payment platform. Loca's CEO, Souliyo Vongdala, believes Cambodia presents tremendous opportunities due to the government's support for sustainable, eco-friendly products and services. Loca, established five years ago, is the leading taxi service in the country with a fleet of over 700 cars and a user base of 100,000. (Source: Khmer Times)

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