Former Cambodia PM calls for enhanced relations with Thailand

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CSX index inches down, main board sees mixed performance On March 25, 2024, the CSX index concluded at 458.2 points, indicating a decline of 0.64% from the previous day's close. Notable movements were seen across the main board, with PPSP (+0.48%) and GTI (+0.36%) showing positive growth. Conversely, PEPC (-2.73%), ABC (-0.82%), CGSM (-0.78%), and PAS (-0.16%) experienced declines. PWSA, PPAP, and MJQE maintained their opening prices. On the growth board, DBDE and JSL saw decreases of 1.42% and 4.50%, respectively. Trading activity for the day involved 80,212 shares exchanged, totaling a cumulative trading value of KHR 366 million. (Source: YSC Research)

Economy and Industry

Former Cambodia PM calls for enhanced relations with Thailand Former PM Hun Sen advocated for strengthening Cambodia-Thailand relations by elevating the current Strategic Partnership to a Comprehensive Strategic Partnership during a meeting with Wanmuhamadnoor Matha, President of the National Assembly and Speaker of the House of Representatives of Thailand. The call for heightened ties comes amidst discussions to resume joint exploration of oil and gas reserves in the Gulf of Thailand's Overlapping Claims Area (OCA). A Comprehensive Strategic Partnership entails extensive bilateral cooperation across various sectors, while a Strategic Partnership focuses on specific strategic areas. Hun Sen also expressed gratitude for Thailand's attention to Cambodian migrant workers and emphasized the importance of regional cooperation within ASEAN, ACMECS, and GMS frameworks. Thailand, Cambodia's second-largest trade partner in ASEAN, aims to boost trade volume to $15 billion by 2025, focusing on exports such as textiles, agricultural products, and gems. Discussions regarding the OCA issue and potential revenue sharing models continue, with experts suggesting a Joint Development Area as a viable solution beneficial for both countries' economic growth. (Source: Khmer Times)

Cambodia's investment potential highlighted at Singapore seminar In a business seminar hosted in Singapore, Hem Vanndy, Minister of Industry, Science, Technology, and Innovation, emphasized the country's new investment law, tax incentives for foreign investments and advantageous trade agreements as key incentives for foreign corporations to set up shop in Cambodia. The minister highlighted the potential of the Cambodian market given its size of its informal economy. Furthermore, as more SMEs and MSMEs join the formal sector, the formalization will further increase the country's GDP, increasing the population's current income level. Minister Vanndy mentioned recent economic reform and structural reform that focused on digitalization, ease of doing business, and improved coordination between private and public sector. Michael Tan, CEO of Acquarii BD, spoke about the potential size of the economy to double in 10 years if the country grows at an annual average of 7%. Mr. Tan also noted Cambodia's remarkable economic growth, youthful demographic, green initiatives, and rapid digitalization make Cambodia an attractive investment destination despite global economic challenges. (Source: Khmer Times)

SSEZ reports significant surge in trade activity In the first two months of 2024, the Sihanoukville Special Economic Zone (SSEZ) experienced a significant surge in imports and exports, totaling $628 million, marking a 38.3% increase from the same period in 2023. The zone, which hosts 188 businesses from various countries, particularly focuses on attracting investments in machinery, automobile accessories, tires, and photovoltaic materials. This growth is attributed to factors such as increased international orders, expanded production capacities, a skilled labor force, and advantageous trade agreements. Despite global economic challenges post-2020, the SSEZ continues to attract new investments, particularly in sea freight, with most companies originating from China and producing items such as furniture, cosmetic cabinets, tables, plywoods, and electronics for export to the EU. In 2023, the SSEZ contributed $3.36 billion to Cambodia's trade volume, a 34.86% increase compared to 2022, accounting for 7.18% of the country’s total trade volume of $46.83 billion. (Source: Phnom Penh Times)

Corporate News

Cambodia Angkor Air to launch direct flights to India Cambodia Angkor Air is set to inaugurate its India flight on June 16, connecting Phnom Penh and New Delhi with four flights per week, as announced by the airline. Amid the Cambodia-India Tourism Year 2024 campaign, the direct route is expected to attract more tourists and business travelers, contributing to the development of both countries' tourism and economic sectors. With India and China being Cambodia's main tourism targets, the direct flights are anticipated to attract more Indian tourists to Cambodia, according to Tourism Minister Sok Soken. Additionally, IndiGo Airlines has reportedly received approval to operate flights between New Delhi and Siem Reap, further enhancing connectivity and tourism prospects. Cambodia witnessed a significant surge in international tourist arrivals and revenue in 2023, with India emerging as one of the key contributing markets as Cambodia welcomed over 68,000 Indian guests last year an increase of 102% from 2022. (Source: Khmer Times)

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