Cambodia sees rapid growth in Electric Vehicle adoption

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March 04, 2024 - Marginal increase with main board fluctuations  On March 04, 2024, the CSX index concluded at 462.8 points, marking a marginal 0.05% increase from the previous day. Notable fluctuations were observed across the main board, with gains seen in GTI (+0.72%), PAS (+0.64%), MJQE (+0.48%), and CGSM (+0.39%), while declines were seen in PEPC (-1.45%), PPSP (-0.93%), PPAP (-0.87%), and ABC (-0.41%). However, PWSA maintained its opening prices. On the growth board, DBDE and JSL rose by 0.47% and 2.76%, respectively. Trading activity for the day involved 49,909 shares, with a cumulative trading value reaching KHR 368 million. (Source: YSC Research)

Economy and Industry

Cambodia sees rapid growth in Electric Vehicle adoption Cambodia recorded a substantial increase in electric vehicle (EV) adoption, registering 604 new EVs in 2023, bringing the total to 1,335 in the country. The Ministry of Public Works and Transport's report highlighted the growing momentum of EVs in Cambodia, with only five EVs in 2020, 63 in 2021, and 663 in 2022. Currently, there are 18 EV charging stations across the country. The Cambodian government actively promotes the use of EVs and electric motorcycles for their environmental benefits and cost savings. With increased consumer awareness, sales of EVs, both small and large-scale, have seen significant support. The government aims for 40% EV cars and 70% electric motorbikes by 2050 to reduce carbon emissions, with import duty reductions on EVs since 2021 to incentivize adoption. (Source: Khmer Times)

Indonesia-Cambodia business matching event aims to boost economic cooperation The Indonesian Ministry of Trade, in collaboration with the Indonesian Embassy in Phnom Penh, organized a business matching event aimed at enhancing economic cooperation between Indonesia and Cambodia. The event brought together 23 entrepreneurs from Cambodia Youth Entrepreneurs Association for Development (CYEAD). The Indonesian Ambassador to Cambodia, Snato Darmosumarto, emphasized the untapped potential for business cooperation between the two nations, in particular the vital role young entrepreneurs play in each economy. The business matching session aimed to explore trade and investment opportunities. Bilateral trade between Cambodia and Indonesia in 2023 reached $961.2 million, representing a 21.9% increase from the previous year. The Indonesian Embassy seeks to diversify export products through such events, moving beyond coal exports. (Source: Khmer Times)

PM Hun Manet discusses potential investment with FreshStart Energy On March 2, 2024, Prime Minister Hun Manet engaged in a courtesy call and discussion with Mario Vecchio, the Chief Executive Officer and President of FreshStart Energy, during the ASEAN-Australia Special Summit. Vecchio expressed gratitude to PM Hun Manet for the opportunity to discuss business matters and provided an overview of FreshStart Energy's progress. The company, a subsidiary of FreshStart, operates in Australia, Singapore, and Thailand, utilizing advanced technology to manage electricity consumption in institutions such as schools, hospitals, and gas stations. Vecchio expressed the company's interest in investing in Cambodia and implementing their technology for efficient and economical electricity use. Prime Minister Hun Manet welcomed the intention to invest in Cambodia, emphasizing the country's commitment to strengthening ties between the public and private sectors. He highlighted the global focus on transforming the energy sector and encouraged companies to explore investment opportunities in Cambodia, offering support and facilitation through collaboration with relevant government institutions. (Source: Khmer Times)

Corporate News

Sihanoukville Autonomous Port records 8.5% increase in TEUs in 2023 The state-owned port and CSX-listed company, Sihanoukville Autonomous Port (PAS) handled 79,778 twenty-foot-equivalent units (TEU) of standard-sized container, representing an 8.5 percent increase compared to the year before according to the report released at the ministry's annual conference. PAS has enhanced business and service operations and built additional infrastructure to meet the increasing demand of the growing economy. The kingdom's largest seaport accounts for about 60% of the country's import-exports goods - container exports to the US accounted for 37% of total TEU exports while container imports from China accounted for 66% of total TEU imports. The completion of the first phase of the PAS expansion project, including a new container terminal, is expected to be completed by 2025. The ensuing phases - slated for completion by 2028 and 2029 - aim to increase the container capacity of the port and expand shipping network to ship directly to the US and EU without transits at other ports. (Source: Khmer Times)

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